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Thursday , July 22 , 2021 Contact : Jason Long , CFO and Secretary ( 804 ) 843-2360 C & F Financial Corporation EXHIBIT 99.1 Announces Net Income for Second Quarter and First Six Months Toano , Va . , July 22 , 2021 - C & F Financial Corporation ( the Corporation ) ( NASDAQ : CFFI ) , the one - bank holding company for C & F Bank , today reported quarterly consolidated net income of $ 8.1 million for the second quarter of 2021 , which represents an increase of $ 4.3 million , or 116 percent , compared to the second quarter of 2020. Adjusted net income increased $ 4.1 million , or 102 percent , for the second quarter of 2021 compared to the second quarter of 2020 . Reported Adjusted¹ Consolidated Financial Highlights ( unaudited ) Net income ( 000's ) Earnings per share - basic and diluted Annualized return on average assets Annualized return on average equity For The Quarter Ended 6/30/21 6/30/20 6/30/21 For The Quarter Ended 6/30/20 $ 8,090 $ 3,743 $ 8,090 $ 2.19 $ 1.03 $ 2.19 $ $ 4,009 1.11 1.50 % 16.49 % 0.77 % 1.50 % 8.41 % 16.49 % 0.82 % 9.00 % ' The 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 second quarter and first six months of 2020 excludes the effects of merger related expenses , branch consolidation charges and certain one - time tax benefits . 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 . The Corporation reported consolidated net income of $ 15.3 million for the first six months of 2021 , which represents an increase of $ 7.9 million , or 107 percent , as compared to the first six months of 2020. Adjusted net income increased $ 6.8 million , or 81 percent , for the first six months of 2021 compared to the first six months of 2020 . Reported Adjusted Consolidated Financial Highlights ( unaudited ) Net income ( 000's ) Earnings per share basic and diluted Annualized return on average assets Annualized return on average equity For The Six Months Ended 6/30/21 For The Six Months Ended 6/30/20 6/30/21 6/30/20 $ 15,255 $ 7,382 $ 15,255 $ 8,433 $ 4.11 $ 2.01 $ 4.11 $ 2.30 1.43 % 15.83 % 0.78 % 1.43 % 8.34 % 15.83 % 0.89 % 9.53 % Key highlights for the second quarter and first six months of 2021 are as follows . Comparisons are to the corresponding periods in the prior year unless otherwise stated . The Corporation recorded a net reversal of provision for loan losses of $ 600,000 on a consolidated basis for the second quarter of 2021 and a net reversal of provision for loan losses of $ 320,000 for the first six months of 2021 as a result of recoveries exceeding charge - offs at the consumer finance segment and decreases to the allowance for loan losses at the community banking segment and consumer finance segment as a result of strong asset quality , partially offset by loan growth . This represents a decrease in the provision for loan losses of $ 4.2 million and $ 6.6 million for the second quarter and first six months , respectively . During the second quarter of 2021 , the consumer finance segment and community banking segment released a portion of the reserves recognized during 2020 , as credit deterioration since the onset of the COVID - 19 pandemic has so far not been experienced to the extent previously anticipated ; The community banking segment recognized net origination fees related to Paycheck Protection Program ( PPP ) loans of $ 1.2 million and $ 2.1 million for the second quarter and first six months of 2021 , respectively , primarily as a result of PPP loans that were forgiven or repaid ; 1