C & F Financial Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>C & F Financial Corp has submitted its annual 10-K filing detailing financial performance and position for the fiscal year ending December 31, 2023.</b>

AI Summary

C & F FINANCIAL CORP (CFFI) filed a Annual Report (10-K) with the SEC on February 27, 2024. C & F Financial Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Virginia (VA) and operates within the State Commercial Banks sector (SIC 6022). The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Key financial statement items such as Retained Earnings, Noncontrolling Interest, Common Stock, and Additional Paid-In Capital are detailed for these periods. Information regarding Federal Reserve Bank Advances and borrowings from third parties as of December 31, 2023, and 2022, is also presented.

Why It Matters

For investors and stakeholders tracking C & F FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of C & F Financial Corp's financial health and operational results for the fiscal year 2023, offering insights into its balance sheet, equity structure, and debt obligations. Investors and analysts can use this report to assess the company's financial stability, growth trends, and compare its performance against previous years and industry benchmarks.

Risk Assessment

Risk Level: low — C & F FINANCIAL CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-K to understand C & F Financial Corp's asset, liability, and equity structure, as well as any changes from the prior year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-27 — Filing Date (Date of submission)
• 154 — Public Document Count (Number of documents in the filing)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks)

Key Players & Entities

• C & F FINANCIAL CORP (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• VA (location) — State of incorporation
• WEST POINT (location) — Business address city
• 8048432360 (phone) — Business phone

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various federal and state banking regulations, which can change and impact operations.
• Economic Conditions [medium — market]: The company's financial performance is subject to general economic conditions, interest rate fluctuations, and credit market risks.
• Operational Risks [medium — operational]: Risks include cybersecurity threats, system failures, and the ability to attract and retain qualified personnel.
• Credit Risk [high — financial]: The risk of loss due to a borrower's failure to repay a loan or meet contractual obligations is a primary concern for financial institutions.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value per share CFFI The NASDAQ
• $10.0 million — were formed for the purpose of issuing $10.0 million each for Trust II and Trust I and $5.0
• $5.0 million — llion each for Trust II and Trust I and $5.0 million for CVBK Trust I of trust preferred cap
• $10.3 million — he principal assets of these trusts are $10.3 million each for Trust II and Trust I and $5.2
• $5.2 million — llion each for Trust II and Trust I and $5.2 million for CVBK Trust I of the Corporation's j
• $2.3 billion — f the community banking segment totaled $2.3 billion. For the year ended December 31, 2023,
• $22.9 million — 23, net income for this segment totaled $22.9 million. Mortgage Banking We conduct mortga
• $22.2 million — of the mortgage banking segment totaled $22.2 million. For the year ended December 31, 2023,
• $465,000 — 23, net income for this segment totaled $465,000. Consumer Finance We conduct consum
• $50,000 — automobile loans, and average less than $50,000. Revenues from consumer finance operati
• $476.7 million — of the consumer finance segment totaled $476.7 million. For the year ended December 31, 2023,
• $2.9 million — 23, net income for this segment totaled $2.9 million. Human Capital Resources The Corpor

Filing Documents

• cffi-20231231x10k.htm (10-K) — 8688KB
• cffi-20231231xex23.htm (EX-23) — 3KB
• cffi-20231231xex31d1.htm (EX-31.1) — 12KB
• cffi-20231231xex31d2.htm (EX-31.2) — 12KB
• cffi-20231231xex32.htm (EX-32) — 9KB
• cffi-20231231xex97.htm (EX-97) — 37KB
• cffi-20231231x10k010.jpg (GRAPHIC) — 70KB
• cffi-20231231xex97001.jpg (GRAPHIC) — 15KB
• 0000913341-24-000009.txt (&nbsp;) — 35439KB
• cffi-20231231.xsd (EX-101.SCH) — 111KB
• cffi-20231231_cal.xml (EX-101.CAL) — 157KB
• cffi-20231231_def.xml (EX-101.DEF) — 572KB
• cffi-20231231_lab.xml (EX-101.LAB) — 1088KB
• cffi-20231231_pre.xml (EX-101.PRE) — 954KB
• cffi-20231231x10k_htm.xml (XML) — 9817KB

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 20 ITEM 1B. UNRESOLVED STAFF COMMENTS 30 ITEM 1C . CYBERSECURITY 30 ITEM 2.

PROPERTIES

PROPERTIES 31 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 4. MINE SAFETY DISCLOSURES 32 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 33 ITEM 6. RESERVED 35 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 76 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 79 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 135 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 135 ITEM 9B. OTHER INFORMATION 138 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 138 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 138 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 138 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 139 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 139 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 139 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 140 ITEM 16. FORM 10-K SUMMARY 142

SIGNATURES

SIGNATURES 143 2 Table of Contents Cautionary Statement Regarding Forward-Looking Statements This report contains statements concerning the Corporation's expectations, plans, objectives or beliefs regarding future financial performance and other statements that are not historical facts, which may constitute "forward-looking statements" as defined by federal securities laws. Forward-looking statements generally can be identified by the use of words such as "believe," "expect," "anticipate," "estimate," "plan," "may," "might," "will," "intend," "target," "should," "could," or similar expressions, are not statements of historical fact, and are based on management's beliefs, assumptions and expectations regarding future events or performance as of the date of this report, taking into account all information currently available. These statements may include, but are not limited to: statements regarding expected future operations and financial performance; expected trends in yields on loans; expected future recovery of investments in debt securities; expected renewal of unsecured federal funds agreements; expected impact of unrealized losses on earnings and regulatory capital of the Corporation or the Bank; future dividend payments; competition; our loan portfolio; our digital services; deposit trends; improving operational efficiencies; retention of qualified loan officers; higher quality automobile loan contracts, marine and RV lending; 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 on mortgage loan originations; technology initiatives; our diversified business strategy; asset quality; credit quality; adequacy of allowances for credit losses and the level of future charge-offs; interest rates and housing inventory and the resulting effects on mortgage loan origination volume; adequacy of the reserve for indemnification lo

BUSINESS

ITEM 1. BUSINESS General C&F Financial Corporation (the Corporation) is a bank holding company that was incorporated in March 1994 under the laws of the Commonwealth of Virginia. The Corporation owns all of the stock of Citizens and Farmers Bank (the Bank or C&F Bank), which is an independent commercial bank chartered under the laws of the Commonwealth of Virginia. C&F Bank originally opened for business under the name Farmers and Mechanics Bank on January 22, 1927. C&F Bank has the following five wholly-owned subsidiaries, all incorporated under the laws of the Commonwealth of Virginia: C&F Mortgage Corporation C&F Finance Company C&F Wealth Management Corporation C&F Insurance Services, Inc. CVB Title Services, Inc. The Corporation operates three principal business segments: (1) community banking through C&F Bank, C&F Wealth Management Corporation (C&F Wealth Management), C&F Insurance Services, Inc. (C&F Insurance) and CVB Title Services, Inc. (CVB Title), (2) mortgage banking through C&F Mortgage Corporation (C&F Mortgage) and (3) consumer finance through C&F Finance Company (C&F Finance). For detailed information about the financial condition and results of operations of these segments, see "Note 20: Business Segments" in Item 8. "Financial Statements and Supplementary Data" in this report. The Corporation also owns three non-operating subsidiaries, C&F Financial Statutory Trust II (Trust II) formed in December 2007, C&F Financial Statutory Trust I (Trust I) formed in July 2005, and Central Virginia Bankshares Statutory Trust I (CVBK Trust I) formed in December 2003. These trusts were formed for the purpose of issuing $10.0 million each for Trust II and Trust I and $5.0 million for CVBK Trust I of trust preferred capital securities in private placements to institutional investors. All three trusts are unconsolidated subsidiaries of the Corporation. The principal assets of these trusts are $10.3 million each for Trust II and Trust I and $5.2 mill

View Full Filing

View this 10-K filing on SEC EDGAR