C&f Financial Corporation · NASDAQ:CFFI
C&f Financial — Q1 2025 Earnings Presentation
31 slides from C&f Financial's earnings presentation, May 1, 2025
Slide 1: C&F Financial Corporation First Quarter 2025 Investor Presentation
C&F Financial Corporation NASDAQ: CFFI First Quarter 2025 Investor Presentation
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements. Certain statements in this presentation may constitute “forward-looking statements” within the meaning of federal securities laws. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made
Slide 3: Investment Highlights (as of 3/31/2025)
Investment Highlights (as of 3/31/2025) • Strong community banking funding base with roots in key markets in Virginia • Regional exposure through elite mortgage banking and consumer finance segments • Diverse lines of business with experienced management teams • Top-tier financial performance • Stro
Slide 4: Quarterly Trends: NIM, EPS, ROAA, ROATCE
Net Interest Margin (NIM) (%) Quarterly Trends Earnings per Share (EPS) ($) Return on Average Assets (ROAA) (%) 4 Return on Average Tangible Common Equity (ROATCE) * (%) * Non-GAAP financial measure. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Ap
Slide 5: Our Executive Leadership
Our Executive Leadership • President of C&F Bank • 25+ years in leadership at C&F • 30+ years in financial services industry including leadership experience with the Virginia Bankers Association and PricewaterhouseCoopers Thomas F. Cherry President & CEO C&F Financial Corporation Age: 56 • 10+ years
Slide 6: Awards
Awards CF Regional Awards — fom — to — @ WoRKUFE FLEXIBILITY @ PURPOSE & VALUES
Slide 7: Our Vision and Promise
Our Vision and Promise We want people to think of us when financial needs arise, We promise to focus on the confident that C&F will not only needs and goals of those around get the job done but will also work to build a lasting relationship with them. us, because when they succeed, we all succeed.
Slide 8: Our Lines of Business
Our Lines of Business Community Banking Mortgage Banking Consumer Finance We conduct mortgage banking activities through C&F Mortgage and its 51%-owned subsidiary, C&F Select LLC. C&F Mortgage and C&F Select provide mortgage loan origination services through offices located in Virginia the surroundi
Slide 9: Community Banking
Community Banking Community banking segment • Loans grew $27.6 million, or 7.6% annualized, and $139.9 million, or 10.4%, compared to December 31, 2024 and March 31, 2024, respectively • Strong low-cost (1.81% QTD) deposit base • Opened loan production office in Fredericksburg and new branch in Colo
Slide 10: Community Banking Segment Footprint Demographics
Community banking segment 10 The footprint includes 7 of the top 10 “non-Northern Virginia” counties and cities in 2025 median household income and 4 of the top 10 in projected population growth through 2030 Demographic data is provided by Claritas based primarily on US Census data. For non-census y
Slide 11: Mortgage Banking
Mortgage Banking Mortgage banking segment • Onboarded large group of loan officers on March 31, 2025 who are projected to bring in new mortgage loan originations of approx. $100-125 million on an annual basis • Division to provide mortgage loan origination as a service • Originations concentrated in
Slide 12: Mortgage Banking Segment: Lender Solutions
Mortgage banking segment Lender Solutions is a growing division of C&F’s mortgage banking segment that provides mortgage loan origination as a service to community financial institutions As of both March 31, 2025 and December 31, 2024, Lender Solutions active clientele included 22 community financia
Slide 13: Consumer Finance
Consumer finance segment Consumer Finance • Unique indirect automobile financing franchise with a regional presence • Delinquency and loss rates have generally returned to pre-pandemic levels • Established in 2002 with the acquisition of an indirect, non-prime auto finance company • Over the past se
Slide 14: Consumer Finance Segment Credit Quality
Consumer finance segment The consumer finance segment made a strategic decision over the past few years to focus on higher credit quality customers. 14 * Refer to the Allowance for Credit Losses footnote in the Corporation’s Annual Report on Form 10-K for a more detailed description of the consumer
Slide 15: Balance Sheet – Corporation
Total Deposits ($bil) Balance Sheet – Corporation Total Assets ($bil) 4.5% CAGR 4.6% CAGR 11.1% CAGR Total Loans HFI Net, excl PPP * ($bil) 15 * Excludes Paycheck Protection Program (PPP) loans of $18 million as of December 2021 and less than $500 thousand for all other periods presented $2.26 $2.33
Slide 16: Net Interest Margin (NIM) - Corporation
Net Interest Margin (NIM) - Corporation Yield, Cost, and NIM (%) 16 4.67 4.63 5.47 5.92 5.95 0.44 0.38 1.23 1.92 1.90 4.26 4.27 4.31 4.12 4.16 2021 2022 2023 2024 Mar-25 QTD Yield on EarningAssets Cost of Funds NIM
Slide 17: Noninterest Income
Noninterest Income C&F Financial Corporation Noninterest Income ($mil) 17 Community Banking Noninterest Income (% of total) (YTD March-25) Mortgage Banking Noninterest Income (% of total) (YTD March-25) * * Includes other income (loss), net recorded at the holding company and elimination of intercom
Slide 18: Earnings – Corporation
Return on Average Equity (ROAE) (%) Earnings – Corporation Earnings per Share (EPS) ($) Return on Average Assets (ROAA) (%) 18 Return on Average Tangible Common Equity (ROATCE) * (%) * Non-GAAP financial measure. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP me
Slide 19: Capital – Bank
Capital – Bank 10.1% 10.3% 9.5% 5.0% 4.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2024 Mar-25 Mar-25 w/ AOCI Impact Tier 1 Leverage Ratio 12.3% 12.4% 11.5% 6.5% 4.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2024 Mar-25 Mar-25 w/ AOCI Impact CET 1 Risk-based Capital Ratio 13.5% 13.7% 12.8% 10% 8% 0.0%
Slide 20: Capital – Corporation
Capital – Corporation 9.8% 9.9% 9.2% 4.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2024 Mar-25 Mar-25 w/ AOCI Impact Tier 1 Leverage Ratio 7.89% 8.06% 8.06% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 2024 Mar-25 Mar-25 w/ AOCI Impact TCE Ratio 10.7% 10.8% 9.9% 4.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2024 Ma
Slide 21: Funding Sources – Corporation
Funding Sources – Corporation 21 * The Corporation may rely on brokered deposits on a limited basis as a means of maintaining and diversifying liquidity and funding sources. Internal policy limits brokered deposits to 20 percent of total deposits. Available Used Net Availability March 31, 2025 ($ in
Slide 22: Assets – Corporation
Assets – Corporation Composition (% of Total Assets) (March-25) Yield on Earning Assets (%) Growth by Type ($ mil) 22 7.2% CAGR 12.0% CAGR * Excludes Paycheck Protection Program (PPP) loans of $18 million as of December 2021 and less than $500 thousand for all other periods presented 4.67 4.63 5.47
Slide 23: Loans, HFI – Corporation
Loans, HFI – Corporation Yield (%) 23 11.3% CAGR 7.2% CAGR 12.0% CAGR Growth by Type ($ mil) Commercial & Construction Commercial Concentrations, as of March 31, 2025 Total CRE was 279% of total risk-based capital as of March 31, 2025. The average CRE loan was $875,000 as of March 31, 2025. 5.86 5.8
Slide 24: Asset Quality
Asset Quality Allowance for Credit Losses (ACL) (% of Total Loans) Nonaccruals (% of Total Loans) Net Charge-offs (% of Average Loans) 24 Amendments to ASC 326 (“CECL”) were adopted by the Corporation on January 1, 2023. 0.23 0.01 0.03 0.02 0.08 0.10 0.19 0.19 0.13 0.21 2021 2022 2023 2024 Mar-25 Ba
Slide 25: Securities – Corporation
Securities – Corporation Composition (% of Total Assets) (March-25) Yield (%) Growth by Type ($ mil) 25 U.S. Treasury securities 1% U.S. Government Agencies and corporations 14% Mortgage-backed securities 46% Obligations of states and political subdivision 34% Corporate and other debt securities 5%
Slide 26: Funding – Corporation
Funding – Corporation Composition (% of Total Assets) (March-25) Cost of Funds (%) 26 Total Deposits 84% Borrowings 4% TruPS 1% Equity 9% Other 2% 0.44 0.38 1.23 1.92 1.90 2021 2022 2023 2024 Mar-25 QTD
Slide 27: Deposits
Deposits Cost of Deposits (%) Growth by Type ($ mil) 27 Deposit Mix 0.17 0.23 0.60 0.82 0.89 0.90 0.76 2.79 4.10 3.93 0.30 0.26 1.02 1.80 1.81 2021 2022 2023 2024 Mar-25 QTD Savings and interest bearing Time Total Deposits $582 $907 $426 $605 $1,017 $381 $549 $844 $673 $526 $826 $818 $580 $809 $828
Slide 28: Deposit Trends
1.40% 1.67% 1.79% 1.90% 1.85% 1.81% 0.0% 4.6% 8.9% Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Total Deposits Cost of Deposits Cumulative Deposit Beta Deposit Trends 28 1.93% 2.25% 2.40% 2.54% 2.48% 2.41% 0.0% 5.8% 12.8% Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Interest-Bearing Deposits Cost of Depos
Slide 29: Granular Deposit Base
Granular Deposit Base Consumer Deposits • ~71 thousand accounts • $19,000 average balance Commercial Deposits • ~14 thousand accounts • $60,000 average balance 71% 6% 23% Insured Uninsured, secured Public Funds All other uninsured Total Deposits $2.22 Billion As of 3/31/25 29
Slide 30: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures 30 ($ thousands) 2022 2023 2024 Mar-24 Mar-25 Return on Average Tangible Common Equity Average total equity, as reported 197,876 $ 203,261 $ 220,856 $ 217,063 $ 230,795 $ Average goodwill (25,191) (25,191) (25,191) (25,191) (25,191) Average other intangible ass
Slide 31: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures 31 ` 2022 2023 2024 Mar-25 Tangible Common Equity (TCE) / Tangible Assets (TA) Total equity, as reported 196,233 $ 217,516 $ 226,970 $ 235,271 $ Goodwill (25,191) (25,191) (25,191) (25,191) Other intangible assets (1,679) (1,407) (1,147) (1,084) Noncontrolling