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Thursday , October 21 , 2021 Contact : Jason Long , CFO and Secretary ( 804 ) 843-2360 C & F Financial Corporation EXHIBIT 99.1 Announces Net Income for Third Quarter and First Nine Months Toano , Va . , October 21 , 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 $ 7.8 million for the third quarter of 2021 , which represents an increase of $ 909,000 , or 13 percent , compared to the third quarter of 2020. Adjusted net income increased $ 825,000 , or 12 percent , for the third quarter of 2021 compared to the third quarter of 2020 . Consolidated Financial Highlights ( unaudited ) Reported For The Quarter Ended 9/30/21 9/30/20 Adjusted¹ 9/30/21 $ $ 7,827 $ 6,918 2.16 1.86 1.44 % 15.66 % $ 7,720 For The Quarter Ended 9/30/20 $ 6,895 $ $ 2.13 $ 1.39 % 1.42 % 15.47 % 15.44 % Net income ( 000's ) Earnings per share - basic and diluted Annualized return on average assets Annualized return on average equity 1.85 1.38 % 15.42 % ' 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 third quarter and first nine months of 2021 and 2020 exclude 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 $ 23.1 million for the first nine months of 2021 , which represents an increase of $ 8.8 million , or 61 percent , as compared to the first nine months of 2020. Adjusted net income increased $ 7.6 million , or 50 percent , for the first nine months of 2021 compared to the first nine 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 Nine Months Ended 9/30/21 9/30/20 For The Nine Months Ended 9/30/21 9/30/20 $ 23,082 $ $ 14,300 $ 22,975 $ 15,328 6.27 1.43 % 15.77 % $ 3.87 0.99 % 10.73 % $ 6.24 $ 1.43 % 4.15 1.06 % 15.69 % 11.50 % Key highlights for the third quarter and first nine months of 2021 are as follows . Comparisons are to the corresponding periods in the prior year unless otherwise stated . • • Average loans outstanding at the community banking segment , excluding Paycheck Protection Program ( PPP ) loans , increased 5.7 percent for the third quarter and 3.9 percent for the first nine months ; Average loans outstanding at the consumer finance segment increased 10.0 percent for the third quarter and 6.4 percent for the first nine months ; Interest expense decreased $ 991,000 for the third quarter of 2021 and $ 4.0 million for the first nine months of 2021 due primarily to lower rates on time deposits and a shift in funding to lower cost deposits ; The community banking segment recognized net origination fees related to PPP loans of $ 1.3 million and $ 3.4 million for the third quarter and first nine months of 2021 , respectively , primarily as a result of PPP loans that were forgiven or repaid , compared to $ 455,000 and $ 832,000 , respectively ; The Corporation recorded provision for loan losses of $ 430,000 and $ 110,000 for the third quarter and first nine months of 2021 on a consolidated basis . This represents a decrease in the provision for loan losses of $ 2.9 million and $ 9.4 million for the third quarter and first nine months of 2021 , respectively , as a result of recoveries 1