EXHIBIT 99.1

Thursday, April 22, 2021

Contact:

Jason Long, CFO and Secretary

(804) 843-2360

C&F Financial Corporation

Announces Record Net Income for First Quarter

Toano, Va., April 22, 2021—C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the one-bank holding company for C&F Bank, today reported record quarterly consolidated net income of $7.2 million for the first quarter of 2021, which represents an increase of $3.5 million, or 97 percent, as compared to the first quarter of 2020 and is the highest reported net income for the first quarter of any year in the Corporation’s history.  Adjusted net income for the first quarter of 2021 was $7.2 million, which represents an increase of $2.7 million, or 62 percent, as compared to the first quarter of 2020.  

Reported

Adjusted1

For The Quarter Ended

For The Quarter Ended

Consolidated Financial Highlights (unaudited)

3/31/21

  

    

3/31/20

  

    

3/31/21

    

3/31/20

Net income (000's)

$

7,165

$

3,639

$

7,165

$

4,424

Earnings per share - basic and diluted

$

1.92

$

0.98

$

1.92

$

1.20

Annualized return on average assets

1.36

%

0.79

%

1.36

%

0.96

%

Annualized return on average equity

15.16

%

8.27

%

15.16

%

10.06

%

________________________

1The Corporation uses non-GAAP measures of financial performance, including adjusted net income, adjusted earnings per share, adjusted annualized return on average assets (ROA) and adjusted annualized return on average equity (ROE), to provide meaningful information about operating performance by excluding the effects of certain items that management does not expect to have an ongoing impact on consolidated net income. Adjusted net income for the first quarter of 2020 excludes the effects of merger related expenses incurred in connection with the acquisition of Peoples. For more information about these 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.

Key highlights for the first quarter of 2021 are as follows.  Comparisons are to the corresponding period in the prior year unless otherwise stated.

Consolidated provision for loan losses was $280,000 in the first quarter of 2021, compared to $2.7 million in the first quarter of 2020, as qualitative adjustments to reserves related to the COVID-19 pandemic increased provision for loan losses  in 2020 and net charge-offs were lower in 2021;
The community banking segment continued assisting businesses in our communities affected by the COVID-19 pandemic through the Paycheck Protection Program (PPP), originating nearly $45.0 million in loans to approximately 600 businesses during the first quarter of 2021, after having originated $89.9 million to over 1,250 businesses during the year ended December 31, 2020;
Average loans outstanding at the community banking segment excluding PPP loans increased 4 percent;
Consolidated annualized net interest margin for the first quarter of 2021 was 4.33 percent, compared to 4.92 percent for the first quarter of 2020 and 4.57 percent for the fourth quarter of 2020.  The decrease compared to the fourth quarter of 2020 was due primarily to higher average balances of excess cash as mortgage loans held for sale decreased;
Mortgage banking segment net income increased 65 percent for the first quarter of 2021 primarily as a result of higher margins on sales of mortgage loans, and mortgage loan originations increased from $260.4 million to $422.5 million;
The consumer finance segment’s net charge-off ratio fell to 0.51 percent for the first quarter of 2021 from 2.81 percent, as borrowers generally benefitted from government stimulus measures related to the COVID-19 pandemic; and
The consumer finance segment’s average loan yield declined due to continued competition for non-prime auto loans and growth in higher quality, lower-yielding loans, including marine and recreational vehicle loans.

1


The following information was filed by C F Financial Corp (CFFI) on Thursday, April 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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