C&F Financial Corporation (CFFI): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see the actual engine driving C&F Financial Corporation, not just the quarterly headlines. As someone who's spent two decades dissecting these balance sheets, I've mapped out their nine-block Business Model Canvas, showing precisely how they blend relationship-focused community banking with the high-volume, transactional business of indirect consumer finance and mortgage sales. This structure, supporting $2.61 billion in assets as of March 31, 2025, relies on selling off originated residential loans and managing a $1.94 billion loan book while pushing into new Virginia markets like Roanoke. It's a classic regional bank strategy, but with some sharp, modern twists. Check out the breakdown below to see the key activities and revenue streams that define their current play.

C&F Financial Corporation (CFFI) - Canvas Business Model: Key Partnerships

You're looking at the external relationships C&F Financial Corporation relies on to make its business engine run smoothly, especially as of late 2025. These aren't just vendors; they are critical links in the funding and origination chains.

Federal Home Loan Bank (FHLB) for short-term liquidity and funding.

C&F Financial Corporation uses short-term borrowings from the Federal Home Loan Bank of Atlanta (FHLB) to manage day-to-day operations. Total borrowings stood at $146.1 million as of June 30, 2025, up from $122.6 million at the end of 2024, with increased FHLB borrowings being a contributing factor. By September 30, 2025, total borrowings had decreased to $113.4 million.

Third-party service providers for C&F Wealth Management brokerage services.

C&F Wealth Management, Inc., a subsidiary of C&F Bank, offers a full range of securities brokerage, life and health insurance, and investment services. This delivery relies on partnerships with third-party service providers, with services offered primarily at C&F Bank branch locations. The segment saw revenue growth due to a continued shift to an advisory model.

Automobile, marine, and RV dealerships for indirect consumer lending programs.

C&F Finance Company, which handles consumer finance, relies on a franchise of automobile, marine, and recreational vehicle loans secured through indirect lending programs. These programs operate primarily across the Mid-Atlantic, Midwest, and Southern United States.

Secondary market investors for selling originated residential mortgage loans.

The mortgage banking segment originates residential mortgage loans with the intent to sell them to investors in the secondary mortgage market. Mortgage loan originations for the segment reached $213.5 million in the second quarter of 2025. Gains on sales of loans in the secondary market for the second quarter of 2025 were reported as $2,458 (in thousands, based on context).

Here's a quick look at the mortgage banking segment's sales activity:

Metric	Q2 2025 Value	Context
Loan Originations ($mil)	$213.5	Second Quarter 2025
Gains on Sales of Loans ($k)	$2,458	Second Quarter 2025

C&F Select LLC, a 51% owned mortgage origination joint venture.

C&F Mortgage Corporation operates through its 51%-owned subsidiary, C&F Select LLC, which focuses on mortgage loan origination. This division, referred to as Lender Solutions, provides mortgage operations support to other financial institutions for a fee. As of both June 30, 2025, and December 31, 2024, Lender Solutions' active clientele included 22 community financial institutions.

• C&F Select LLC ownership interest: 51% held by C&F Mortgage.
• Active community financial institution clients (Lender Solutions): 22 (as of 6/30/2025).
• C&F Select LLC locations: Two in Richmond, Virginia.

C&F Financial Corporation (CFFI) - Canvas Business Model: Key Activities

You're looking at the core engine of C&F Financial Corporation's operations, the day-to-day work that drives their financial results across their distinct business lines. These activities are where the capital is deployed and the revenue is generated.

The primary activity is core community banking operations, managed through C&F Bank. This involves the essential functions of deposit gathering and commercial lending across its established Virginia footprint. As of the second quarter of 2025, C&F Bank operated 31 banking offices and 5 commercial loan offices throughout Virginia. Deposit gathering showed strength, with deposits increasing $85.5 million, or 7.9 percent annualized, compared to December 31, 2024, as of June 30, 2025. Lending activity in this segment was also robust; community banking segment loans grew $76.7 million, or 10.6 percent annualized, over the same period. This focus on local relationships is key to their stability.

Another major activity is residential mortgage loan origination and subsequent sale to the secondary market, handled by C&F Mortgage and its subsidiary, C&F Select LLC. This business line is highly sensitive to market conditions, but C&F Financial Corporation managed to increase originations despite elevated interest rates. For the second quarter of 2025, mortgage loan originations reached $213.5 million. This was a significant increase of 46.2 percent compared to the second quarter of 2024. For the first nine months of 2025, originations totaled $167.0 million for the third quarter alone.

The third core activity is indirect consumer finance lending, executed by C&F Finance Company. This involves providing financing for non-prime auto, marine, and RV purchases, primarily through indirect lending programs across the Mid-Atlantic, Midwest, and Southern United States. This segment saw a contraction in loan volume; consumer finance segment loans decreased $17.0 million, or 3.5 percent, for the first six months of 2025 compared to June 30, 2024. Still, the activity continues, with net charge-offs annualized at 2.68 percent of average total loans in Q3 2025.

Managing the loan portfolio is a critical, overarching activity that ties all lending segments together. You need to track the total exposure closely. The prompt specifies the figure for managing a loan portfolio with $1.94 billion in loans held for investment as of Q1 2025. This figure represents the core earning assets C&F Financial Corporation is actively managing for credit quality and yield.

Finally, C&F Financial Corporation is actively engaged in strategic expansion into new Virginia markets to grow its commercial banking presence. This involves establishing leadership and building relationships before necessarily building physical branches. This strategic move targets Southwest Virginia, specifically positioning C&F to serve key markets including Roanoke and Lynchburg, alongside Danville, Martinsville, and Blacksburg, as announced in July 2025.

Here's a quick look at the segment performance driving these key activities for the first half of 2025:

Segment Activity Metric	Q1 2025 vs. Dec 31, 2024 (Annualized Growth/Change)	Q2 2025 vs. Q2 2024 (Percentage Change)
Community Banking Segment Loans	+$27.6 million, or 7.6%	N/A
Deposits	+$45.8 million, or 8.4%	N/A
Consumer Finance Segment Loans	-$4.7 million, or 4.0% decrease	N/A
Mortgage Banking Loan Originations	+$19.5 million, or 20.6% (vs Q1 2024)	46.2% increase (Q2 2025)

The execution of these activities is supported by several underlying operational functions:

• Maintaining 31 banking offices and 5 commercial loan offices across Virginia.
• Providing wealth management services through C&F Wealth Management, Inc.
• Managing credit risk, evidenced by the allowance for credit losses as a percentage of total loans decreasing to 1.12 percent at June 30, 2025, from 1.20 percent at December 31, 2024.
• Executing a stock repurchase program authorized for up to $5.0 million through December 31, 2025.

The company's focus on community banking loan growth and increased mortgage originations in the first half of 2025 helped drive consolidated net income to $13.2 million for the first six months of 2025, up 55.4 percent from the first six months of 2024. Finance: draft 13-week cash view by Friday.

C&F Financial Corporation (CFFI) - Canvas Business Model: Key Resources

You're mapping out the core assets C&F Financial Corporation (CFFI) relies on to execute its business strategy. These aren't just things they own; these are the foundational elements that create value across their banking, finance, and mortgage segments.

The sheer scale of the balance sheet is a primary resource. As of March 31, 2025, C&F Financial Corporation reported $2.61 billion in total assets. This asset base supports the lending activities across the entire organization.

Physical presence and geographic reach are critical for the community banking segment. C&F Bank maintains a substantial physical footprint across Virginia, which is a key tangible resource:

• 31 banking offices throughout Virginia.
• 5 commercial loan offices in Virginia.

Capital strength is non-negotiable for a regulated entity like C&F Bank. Strong capitalization provides the capacity for growth and resilience against unexpected economic shifts. C&F Bank maintained its well-capitalized status as of Q2 2025, with a reported Common Equity Tier 1 (CET1) ratio of 13.6%. This significantly exceeds the minimum regulatory requirements, including the capital conservation buffer.

The human capital is another vital, though less tangible, resource. The team's experience drives deal flow and client relationships. C&F Financial Corporation has invested in this area, notably onboarding a large group of experienced loan officers and staff in Q2 2025 to bolster commercial banking operations, specifically targeting expansion into Southwest Virginia markets like Roanoke and Lynchburg.

The specialized technology platform supporting the Consumer Finance Segment is a distinct competitive resource. C&F Finance Company operates a proprietary indirect lending platform. This system allows the company to purchase retail installment sales contracts for automobile, marine, and RV loans from a wide network of dealers across the Mid-Atlantic, Midwest, and Southern United States.

Here's a quick look at how these key resources support the different business lines:

Resource Category	Specific Asset/Metric	Associated Business Segment
Financial Strength	$2.61 billion Total Assets (as of 3/31/2025)	Consolidated
Regulatory Capital	13.6% CET1 Ratio (as of Q2 2025)	C&F Bank
Physical Footprint	31 Banking Offices	C&F Bank (Community Banking)
Physical Footprint	5 Commercial Loan Offices	C&F Bank (Commercial Banking)
Technology/Process	Proprietary Indirect Lending Platform	C&F Finance Company
Human Capital	Large Group Onboarded (Q2 2025)	C&F Bank (Commercial Growth)

The platform itself is designed to efficiently purchase contracts from franchised and independent dealerships, focusing on later model, low-mileage used vehicles, which is a specific underwriting resource embedded in their process.

C&F Financial Corporation (CFFI) - Canvas Business Model: Value Propositions

Full-service, relationship-focused community banking for local businesses and individuals.

C&F Bank provides a full suite of deposit and lending products, fostering long-term relationships within its communities, which are primarily in Virginia. The institution emphasizes local decision-making. As of the third quarter of 2025, the community banking segment showed strong momentum.

• Community banking segment loans grew by $91.4 million, or 8.4% annualized, compared to December 31, 2024.
• Deposits increased by $127.2 million, or 7.8% annualized, over the same period ending Q3 2025.
• C&F Bank operates 31 banking offices and five commercial loan offices throughout Virginia.
• The company expanded its physical presence in Q3 2025 by opening a new loan production office in Southwest Virginia (Roanoke).

The segment's performance contributed significantly to the overall financial health, with Community Banking net income reaching $7.1 million year-over-year in the second quarter of 2025.

Efficient, high-volume residential mortgage origination and processing.

The mortgage banking segment, operating through C&F Mortgage Corporation and C&F Select LLC, focuses on loan origination services in Virginia and surrounding states. This segment showed a rebound in activity through the first three quarters of 2025.

Metric	Q3 2025 Data	Q2 2025 Data
Loan Originations (Q3)	$167.0 million	$213.5 million
Origination Growth (YoY Q3)	6.4% increase	N/A
Segment Net Income (Q3)	$641,000	N/A

For the first quarter of 2025, mortgage banking segment loan originations increased by 20.6% to $113.8 million compared to Q1 2024.

Access to non-prime financing for vehicle purchases through a dealer network.

C&F Finance Company provides automobile, marine, and recreational vehicle (RV) loans through indirect lending programs primarily in the Mid-Atlantic, Midwest, and Southern United States. This segment experienced a slight contraction as of late 2025.

• Consumer finance segment loans decreased by $3.5 million, or 1.0% annualized, compared to December 31, 2024 (as of Q3 2025).
• In the prior quarter (Q2 2025), segment loans had decreased by $5.4 million, or 2.3% annualized, compared to June 30, 2024.

Comprehensive wealth management and financial planning services.

C&F Wealth Management Corporation, a wholly owned subsidiary of Citizens and Farmers Bank, offers a full range of investment services. This service line is designed to help clients with growing, managing, and protecting their wealth.

• C&F Wealth Management has been providing investment services to customers since 1995.
• Services include customized portfolio Investment Management, Retirement Planning, and Education Planning.

Stability and trust as a long-established Virginia-based financial institution.

C&F Financial Corporation, the holding company for C&F Bank, was founded in 1921. The company emphasizes maintaining strong capital and liquidity positions, which supports its commitment to shareholders.

Financial Metric	Value (Latest Reported)
Consolidated Net Income (Q3 2025)	$7.1 million
Total Assets (as of 9/30/2025)	$2.71 billion
Quarterly Cash Dividend (Q3 2025)	46 cents per share
Q3 2025 Dividend Payout Ratio	21.1% of EPS
CET1 Capital Ratio (Q2 2025)	13.6%

The company declared a quarterly cash dividend of 46 cents per share for the third quarter of 2025, which was a 5 percent increase over the prior quarter's dividend of 44 cents per share. The Q3 2025 dividend payout ratio was 21.1% of earnings per share. The bank remains well capitalized, reporting a CET1 ratio of 13.6% and Tier 1 leverage ratio of 11.3% as of the second quarter of 2025. Finance: draft 13-week cash view by Friday.

C&F Financial Corporation (CFFI) - Canvas Business Model: Customer Relationships

You're looking at how C&F Financial Corporation keeps its customers engaged across its diverse service lines. It's a mix of old-school local presence and modern digital tools.

For community banking clients, the relationship is personalized and high-touch. C&F Bank maintains a physical presence with 31 banking offices across eastern and central Virginia. This local approach supports relationship building, which is reflected in the community banking segment's loan growth of $76.7 million (or 10.6% annualized) in the first half of 2025 compared to the end of 2024. The physical footprint is strategically placed, covering markets that include 7 of the top 10 'non-Northern Virginia' counties by 2025 median household income.

Business and real estate clients work directly with dedicated commercial loan officers. This specialized service supports the commercial loan book, which as of June 30, 2025, included significant balances across key areas:

Commercial Segment Detail	Loan Balance (in thousands) as of 6/30/2025
Commercial Real Estate Loans	$763,624
Commercial Business Loans	$110,932

The consumer finance arm, handled by C&F Finance Company, operates on a more transactional, indirect relationship with the end-borrowers, primarily through vehicle loans in the Mid-Atlantic, Midwest, and Southern United States. This segment saw its loan portfolio shrink by $17.0 million (or 3.5%) compared to December 31, 2024, as of June 30, 2025. Furthermore, the annualized net charge-offs for consumer finance stood at 2.68% in the third quarter of 2025.

For wealth management clients, C&F Wealth Management offers advisory and consultative relationships. These services are delivered primarily at C&F Bank branch locations, integrating the advisory service with the core banking relationship. The company has been focusing on a team-based structure to enhance these customer interactions.

To support all segments, C&F Financial Corporation provides digital and online banking tools for self-service transactions. The company leverages its online and mobile banking platforms to extend its reach beyond the physical branches. The consolidated annualized net interest margin for the entire corporation was 4.24% for the third quarter of 2025.

Here are the key customer-facing operational metrics as of mid-2025:

• C&F Bank branch locations: 31.
• C&F commercial loan offices: 5.
• Community banking loan growth (annualized, H1 2025): 10.6%.
• Consumer finance loan decrease (YTD June 30, 2025): $17.0 million.
• Consumer finance net charge-offs (Q3 2025 annualized): 2.68%.

Finance: draft a comparison of Q3 2025 digital transaction volume versus Q3 2024 volume by end of next week.

C&F Financial Corporation (CFFI) - Canvas Business Model: Channels

You're looking at how C&F Financial Corporation (CFFI) gets its value propositions to its customers across its different segments, and honestly, it's a mix of traditional brick-and-mortar and modern digital access points.

C&F Bank's physical branch network across Virginia remains central to its community banking approach. As of mid-2025, C&F Bank operates 31 banking offices spread across the Hampton to Charlottesville corridor and the Northern Neck region of Virginia. This network supports full-service banking for individuals and businesses.

For specialized business lending, C&F Bank also maintains five commercial loan offices throughout Virginia. These offices focus on commercial real estate and other business banking needs, complementing the retail branch structure.

The Indirect lending network of dealerships for C&F Finance Company is a key channel for its consumer finance segment. C&F Finance Company purchases automobile, marine, and recreational vehicle (RV) loans through indirect lending programs. This network operates primarily across the Mid-Atlantic, Midwest, and Southern United States. The company's headquarters for this operation is in Henrico, Virginia.

C&F Mortgage Corporation offices in Virginia and surrounding states provide mortgage origination services. These offices are located in Virginia, Maryland, North Carolina, and West Virginia. The corporate headquarters for C&F Mortgage Corporation is situated at 1400 Alverser Drive, Midlothian, VA 23113.

Digital access is handled through Online and mobile banking platforms for deposits and payments. Customers use the C&F Mobile App to make payments, and online banking portals are available for account management. The community banking segment's total deposits reached $2.22 billion as of the first quarter of 2025.

Here's a quick look at the physical and digital footprint as of the latest reporting periods:

Channel Component	Entity	Count/Scope	Primary State Focus
Physical Banking Offices	C&F Bank	31	Virginia
Commercial Loan Offices	C&F Bank	5	Virginia
Mortgage Origination Offices	C&F Mortgage Corporation	Locations in VA, MD, NC, WV	Virginia and surrounding states
Indirect Lending Network	C&F Finance Company	Dealers across Mid-Atlantic, Midwest, South	Multiple States
Digital Access	C&F Bank/Finance	Mobile App and Online Banking Platforms	All Customers

The mortgage banking segment saw loan originations increase by 20.6 percent year-over-year for the first quarter of 2025. Furthermore, the Lender Solutions division, which provides mortgage loan origination as a service, served 22 community financial institutions as of June 30, 2025.

The primary ways customers interact with C&F Financial Corporation subsidiaries include:

• Visiting a C&F Bank office for in-person service.
• Utilizing C&F Finance Company's indirect dealer network for auto, marine, or RV loans.
• Engaging with C&F Mortgage Corporation loan officers in their regional offices.
• Accessing accounts via the C&F Mobile App for payments.
• Working with commercial loan officers at the five dedicated offices for business lending.

C&F Financial Corporation (CFFI) - Canvas Business Model: Customer Segments

You're looking at the core groups C&F Financial Corporation serves, based on their operations through C&F Bank, C&F Finance, and their mortgage operations as of the middle and third quarters of 2025. The business is clearly segmented by geography and product type, which dictates how they approach each customer group.

Small to medium-sized businesses in Virginia seeking commercial loans and deposits form a key part of the Community Banking segment. This segment showed growth, with its loans increasing by $27.6 million, or 7.6 percent annualized, compared to December 31, 2024, as of the first quarter of 2025. C&F Bank operates 31 banking offices and 5 commercial loan offices throughout Virginia to serve these clients directly.

Individuals and families in Virginia needing checking, savings, and residential mortgages are also served by the Community Banking segment, which provides a full suite of deposit products. For the first six months of 2025, consolidated net income was $13.2 million. Mortgage originations, which serve this group, were strong, hitting $213.5 million in the second quarter of 2025.

For non-prime consumers across the Mid-Atlantic, Midwest, and Southern US for vehicle loans, C&F Finance is the delivery channel. This segment has been strategically focusing on higher credit quality customers recently. As of June 30, 2025, total delinquent loans for the consumer finance segment stood at 3.81 percent of total loans. The annualized net charge-off rate for this portfolio for the first six months of 2025 was 2.42 percent.

Real estate developers and investors seeking commercial real estate financing are served through C&F Bank's commercial loan portfolio. As of June 30, 2025, the total Commercial Real Estate (CRE) loan balance was substantial, with specific categories detailed below. The average CRE loan size for this group was $867,000 at that date.

The breakdown of the CRE portfolio as of June 30, 2025, shows where C&F Financial Corporation is concentrating its real estate exposure:

CRE Loan Category	Balance (in millions)	% of Total CRE Loans	% of Total Loans
Multifamily	$ 169.9	18.8%	8.5%
Retail	$ 156.7	17.3%	7.9%
Office	$ 124.5	13.8%	6.3%
Industrial/Warehouse	$ 95.3	10.5%	4.8%
Hotels	$ 91.6	10.1%	4.6%

For high-net-worth individuals requiring full-service wealth management, C&F Financial delivers wealth management and trust services, retirement planning, and treasury management solutions. While the company offers these services, specific metrics detailing the assets under management or the number of high-net-worth clients were not explicitly detailed in the latest segment reports available.

Overall loan portfolio characteristics as of June 30, 2025, give you a sense of the scale across the primary lending segments:

• Total Loans, net of Allowance for Loan Losses (ALL): $ 1,952,087 (in thousands).
• Allowance for Credit Losses / total loans: 1.99%.
• Nonaccrual loans (total): $ 1,772 (in thousands).
• Community Banking Segment nonaccrual loans (as of 6/30/2025): $ 1.1 million.

The Community Banking segment is definitely the engine for core deposit gathering, with total deposits growing by $45.8 million, or 8.4 percent annualized, in the first quarter of 2025. Finance: draft 13-week cash view by Friday.

C&F Financial Corporation (CFFI) - Canvas Business Model: Cost Structure

You're looking at the core expenses C&F Financial Corporation (CFFI) faces to run its business as of late 2025. These costs drive the operational side of their model, spanning from paying their people to funding their technology.

Significant interest expense on deposits, driven by a shift to higher-cost time deposits. The cost of funding is a major lever here. For the six months ended August 11, 2025, CFFI reported a total interest expense of $21,877K (or $21.877 million). A large component of this was the interest paid on time deposits, which totaled $15,511K for that same six-month period. This reflects the ongoing pressure from customers moving funds to higher-yielding options, as noted in their Q1 2025 commentary regarding consolidated margins.

High personnel costs for 545 total employees and branch network operations. Keeping the lights on and the staff paid is a substantial fixed cost. C&F Financial Corporation had 545 total employees as of December 31, 2024. For the first six months of 2025, the expense for salaries and employee benefits was reported at $28,329K ($28.329 million). This figure includes variable expenses like commissions tied to mortgage loan origination volume.

Elevated provision for credit losses, particularly in the consumer finance segment. Managing credit risk directly impacts the cost structure through provisions. For the six months ended August 11, 2025, the total provision for credit losses was $5,100K ($5.1 million). However, the segment experience varies; the community banking segment recorded a net reversal of provision for credit losses of $200,000 for the first six months of 2025. To be fair, the consumer finance segment saw net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025. The total allowance for credit losses stood at $22.4 million at June 30, 2025.

Technology and marketing expenditures to support digital and expansion initiatives. Supporting the infrastructure requires consistent spending. For the six months ending August 11, 2025, data processing costs were $5,855K ($5.855 million). Marketing and advertising expenses for that same period totaled $1,078K ($1.078 million).

Operating expenses for 36 total offices (31 bank, 5 commercial loan). The physical footprint contributes to occupancy and related overhead. While C&F Bank operates approximately 31 banking offices, the total required physical presence for the outline is 36 offices, broken down as 31 bank locations and 5 commercial loan offices. Occupancy costs for the six months ended August 11, 2025, were $4,292K ($4.292 million).

Here's a quick look at some of the major noninterest expenses C&F Financial Corporation faced for the six months ended August 11, 2025, compared to the prior year period:

Expense Category	Six Months Ended 8/11/2025 (in Thousands USD)	Six Months Ended Prior Year (in Thousands USD)
Salaries and employee benefits	$28,329	$27,704
Data processing	$5,855	$5,792
Occupancy	$4,292	$4,195
Marketing and advertising expenses	$1,078	$484
Professional fees	$1,922	$1,799

The total noninterest expenses for the six months ended August 11, 2025, reached $47,689K ($47.689 million).

You can see the cost breakdown across the main noninterest expense line items:

• Salaries and employee benefits: $28,329K for the six months ended August 11, 2025.
• Data processing: $5,855K for the six months ended August 11, 2025.
• Professional fees: $1,922K for the six months ended August 11, 2025.
• Insurance expense: $907K for the six months ended August 11, 2025.
• Loan processing and collection expenses: $1,428K for the six months ended August 11, 2025.

Finance: draft 13-week cash view by Friday.

C&F Financial Corporation (CFFI) - Canvas Business Model: Revenue Streams

You're looking at how C&F Financial Corporation actually brings in the money, which is really the core of its business model right now. It's a mix of traditional banking, mortgage activity, and specialized consumer lending. Honestly, the community banking side is doing the heavy lifting on the income statement.

The overall picture for the first nine months of 2025 shows a strong year so far, with C&F Financial Corporation reporting a consolidated net income of $20.3 million. That's a nice jump, up 46.0 percent compared to the first nine months of 2024.

Here's a breakdown of how the different revenue-generating segments contributed to that result:

Revenue Stream Driver	Segment Net Income (9M 2025)	Key Metric/Driver Detail
Net Interest Income (NII) from Community Banking	$19.9 million	Driven by higher interest income from increased average loan and cash reserve balances.
Gains on Sale/Fees from Mortgage Banking	$2.1 million	Resulted from higher gains on sales of loans and increased mortgage banking fee income.
Interest Income from Consumer Finance Loans	$1.0 million	Segment income achieved despite lower average loan balances, partially offset by higher loan yields.
Consolidated Net Income (Total)	$20.3 million	Total profit after all revenues and expenses for the nine months ended September 30, 2025.

The community banking segment is clearly the engine here. Its net income of $19.9 million for the nine months ended September 30, 2025, dwarfs the contributions from the other segments. That income is directly tied to the Net Interest Income (NII) generated by its loan portfolio, which benefited from a shift toward higher-yielding loans and higher average interest rates on securities.

For the mortgage banking side, the revenue stream from selling loans in the secondary market, combined with fee income, is significant. Mortgage loan originations for the third quarter of 2025 hit $167.0 million. That volume helped drive the segment's nine-month net income to $2.1 million.

The consumer finance portfolio's interest income stream is a smaller component, with the segment reporting net income of $1.0 million for the first nine months of 2025. You should note that this segment is seeing some pressure; for instance, its net charge-offs annualized rate for the nine months of 2025 was 2.51 percent of average total loans.

Beyond the core lending income, C&F Financial Corporation generates revenue through fees and service charges, which are captured within the segment results. For example, the mortgage segment benefits from higher mortgage lender services fee income. The overall health of the interest-earning assets is reflected in the consolidated annualized net interest margin, which stood at 4.24 percent for the third quarter of 2025.

Here are some other key statistics that frame the revenue generation environment:

• Community Banking Segment Loan Growth (vs 12/31/2024): $91.4 million, or 8.4 percent annualized, as of September 30, 2025.
• Community Banking Segment Deposit Growth (vs 12/31/2024): $127.2 million, or 7.8 percent annualized, as of September 30, 2025.
• Mortgage Loan Originations (9M 2025): Increased 24.4 percent compared to the first nine months of 2024.
• Q3 2025 Earnings Per Share (Diluted): $2.18.

Finance: draft the Q4 2025 revenue projection based on Q3 momentum by next Tuesday.