Capital allocation remains disciplined with a consistent quarterly dividend payout of approximately $1.5 million, supported by a substantial $2.4 billion investment securities portfolio that serves as the primary liquidity engine.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 13.71M | 24.49M | 38.49M | 38.81M | 90.56M | 157.39M | -80.37M | -14.63M | 47.55M | 25.77M | 26.98M | 15.33M | 34.18M | 63.64M | 29.28M | 27.99M | -13.41M | 31.84M | 21.02M | 33.71M | 5.09M | 28.62M | -5.28M | 86.56M | -21.05M | -38.98M | 14.57M | 45.3M | -32.4M | -4M | -4.3M |
| Operating CF Growth % | 4913.07% | -36.37% | -0.83% | -57.14% | -42.46% | 295.82% | -449.3% | -130.77% | 84.5% | -4.46% | 75.95% | -55.14% | -46.29% | 117.35% | 4.6% | 308.77% | -142.11% | 51.5% | -37.66% | 561.69% | -82.2% | 642.62% | -106.09% | 511.28% | 46% | -367.44% | -67.83% | 239.81% | -710% | 6.88% | - |
| Net Income | 28.21M | 26.99M | 19.92M | 23.75M | 29.37M | 29.12M | 22.42M | 18.85M | 18.02M | 6.57M | 13.46M | 12.53M | 12.34M | 14.44M | 16.38M | 12.98M | 8.11M | 5.53M | 4.18M | 8.48M | 12.13M | 11.79M | 11.2M | 12.92M | 9.76M | 7.99M | 5.84M | 6.8M | 6.1M | 4.9M | 4.06M |
| Depreciation & Amortization | 3.71M | 3.54M | 3.86M | 3.88M | 4.36M | 4.74M | 4.19M | 3.87M | 3.67M | 3.45M | 3.42M | 2.51M | 2.74M | 2.35M | 2.27M | 2.12M | 1.89M | 2.07M | 2.38M | 2.56M | 2.01M | 1.55M | 1.45M | 1.69M | 1.74M | 1.6M | 1.29M | 1.2M | 1.2M | 1.2M | 1.14M |
| Deferred Taxes | -4K | 154K | 474K | 902K | 708K | -90K | -817K | 354K | 632K | 9.4M | -23K | 1.38M | 2.25M | 2.29M | -848K | -1.34M | -2.25M | -3.48M | -2.67M | -1.11M | -970K | -1.11M | -1.37M | -550K | -348.5K | -37.02K | -154K | -100K | -300K | -300K | -23.89K |
| Other Non-Cash Items | -21.57M | -9.1M | 5.31M | 9.49M | 63.55M | 125.82M | -114.93M | -40.55M | 19.95M | 12M | 7.08M | -963K | 21.66M | 52.4M | 12.85M | 13.66M | -17.01M | 32.2M | 12.51M | 7.46M | 4.65M | 5.43M | 4.11M | 80.33M | -36.78M | -52.49M | 7.54M | 42.4M | -41.9M | -12M | -9.62M |
| Working Capital Changes | 2.78M | 1.06M | 7M | -1.2M | -9.4M | -3.9M | 7.31M | 1.38M | 3.93M | -7.1M | 1.82M | -1.35M | -5.92M | -8.59M | -1.86M | 285K | -4.51M | -4.79M | 4.33M | 16.32M | -12.72M | 10.97M | -20.65M | -7.83M | 4.58M | 3.96M | 57K | -5M | 2.5M | 2.2M | 140.47K |
| Cash from Investing | -171.4M | -169.35M | -148.64M | -56.34M | -411.28M | -138.69M | -183.29M | -35.93M | -47.52M | -59.91M | -106.32M | -83.66M | -24.41M | 90.81M | -44.77M | -31.18M | -23.11M | -27.11M | -86.48M | -94.05M | -66.01M | -82.79M | -22.98M | -68.37M | -36.45M | -23.4M | -25.88M | -46.4M | -2.1M | -9.7M | -12.87M |
| Purchase of Investments | -92.19M | -87.65M | -56.4M | -39.27M | -242.23M | -209.22M | -201.87M | -48.22M | -51.32M | -53.46M | -52.6M | -37.11M | -35.35M | -31.73M | -40.91M | -39.91M | -41.97M | -39.29M | -40.27M | -22.53M | -10.2M | -6.14M | -18.72M | -54.52M | -12.63M | -4.18M | -1.12M | -21.3M | -17.6M | -24.2M | -38.12M |
| Sale/Maturity of Investments | 63.03M | 65.62M | 100.6M | 100.81M | 55.33M | 114.02M | 123.74M | 75.57M | 51.07M | 41.52M | 57.35M | 36.45M | 38.66M | 79.44M | 34.1M | 31.1M | 28.69M | 23.14M | 18.52M | 6.19M | 7.67M | 12.14M | 48.45M | 13.71M | 6.82M | 17.3M | 1.97M | 14.5M | 32.1M | 34.2M | 179.84M |
| Net Investment Activity | -29.15M | -22.03M | 44.21M | 61.54M | -186.9M | -95.2M | -78.13M | 27.36M | -255K | -11.94M | 4.75M | -664K | 3.31M | 47.71M | -6.81M | -8.82M | -13.28M | -16.15M | -21.75M | -16.34M | -2.53M | 6M | 29.73M | -40.81M | -5.81M | 13.12M | 850K | -6.8M | 14.5M | 10M | 141.72M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 19.1M | 0 | 0 | 0 | 0 | 0 | 0 | 55.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -156.11M | -144.99M | -189.36M | -116.42M | -220.99M | -38.7M | -114.03M | -60.58M | -43.89M | -43.79M | -108.37M | -81.19M | -25.91M | -8.82M | -37.07M | -20.52M | -8.69M | -10.53M | -64.07M | -75.48M | -57.43M | -76.4M | -48.33M | -24.7M | -29.73M | -19.23M | -24.23M | -36.7M | -15.7M | -18.1M | -153.62M |
| Cash from Financing | 159.16M | 158.41M | 100.58M | 66.03M | 79.64M | 162.38M | 184.9M | 100.98M | -4.44M | 50.36M | 29.61M | 53.66M | 9.71M | -31.93M | 29.19M | 5.01M | 8.13M | 23.44M | 63.09M | 44.09M | 46.54M | 51.86M | 23.69M | 13.23M | 64.77M | 58.59M | 10.66M | 8.1M | 34.2M | 13.8M | 12.37M |
| Dividends Paid | -6.03M | -5.95M | -5.78M | -5.99M | -5.76M | -5.67M | -5.55M | -5.13M | -4.93M | -4.64M | -4.46M | -4.15M | -4.05M | -3.85M | -3.68M | -4.02M | -4.09M | -4.08M | -3.75M | -3.77M | -3.66M | -3.34M | -3.2M | -2.59M | -2.23M | -2.06M | -1.91M | -1.8M | -1.7M | -1.4M | -1.37M |
| Share Repurchases | -1.13M | -943K | -8.76M | -7.76M | -5.37M | -8.23M | -1.06M | -4.92M | -1.54M | 0 | 0 | -1.69M | -161K | 0 | 0 | 0 | 0 | -19.91M | -40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.13M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 144K | 147K | 149K | 135K | 133K | 125K | 200K | 41K | 0 | 19.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.88K |
| Net Stock Activity | -1.13M | -943K | -8.76M | -7.76M | -5.37M | -8.23M | -1.06M | -4.92M | -1.39M | 147K | 149K | -1.55M | -28K | 125K | 200K | 41K | 0 | 0 | -40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.11M |
| Debt Issuance (Net) | -2M | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 161.58M | 174.3M | 104.35M | 62.14M | 88.91M | 162.01M | 289.21M | 109.58M | 10.23M | 51.74M | 46.65M | 49.16M | 16.64M | 11.25M | 41.08M | 21.98M | 18.91M | 56.23M | 23.47M | -5.26M | 37.4M | 48.3M | 19.5M | 44.1M | 59.62M | 48.26M | 29.83M | 9.1M | 20.2M | 15.1M | 9.03M |
| Net Change in Cash | 1.47M | 13.55M | -9.57M | 48.5M | -241.08M | 181.08M | -78.76M | 50.42M | -4.41M | 16.22M | -49.74M | -14.67M | 19.48M | 122.52M | 14.11M | 1.83M | -28.38M | 28.17M | -2.38M | -16.24M | -14.37M | -2.31M | -4.57M | 31.42M | 7.27M | -3.78M | -648K | 7M | -400K | -8.8M | -4.79M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 79.13M | 65.59M | 75.16M | 26.66M | 267.75M | 86.67M | 165.43M | 115.01M | 119.42M | 103.2M | 152.94M | 167.62M | 148.14M | 25.62M | 11.51M | 9.68M | 38.06M | 9.89M | 12.26M | 28.51M | 42.88M | 45.19M | 49.75M | 18.33M | 11.06M | 14.84M | 15.49M | 8.5M | 8.9M | 8.8M | 13.59M |
| Cash at End | 77.43M | 79.13M | 65.59M | 75.16M | 26.66M | 267.75M | 86.67M | 165.43M | 115.01M | 119.42M | 103.2M | 152.94M | 167.62M | 148.14M | 25.62M | 11.51M | 9.68M | 38.06M | 9.89M | 12.26M | 28.51M | 42.88M | 45.19M | 49.75M | 18.33M | 11.06M | 14.84M | 15.5M | 8.5M | 22.6M | 8.8M |
| Interest Paid | 45M | 45.91M | 41.87M | 23.86M | 7.7M | 9.08M | 14.17M | 14.15M | 10.91M | 9.43M | 8.93M | 9.03M | 9.71M | 9.53M | 10.38M | 11.93M | 13.64M | 15.81M | 21.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 5.6M | 5.61M | 523K | 6.07M | 8.02M | 10.54M | 6.41M | 2.3M | 821K | 5.13M | 2.31M | 560K | 3.58M | 5.99M | 8.95M | 6.96M | 4.07M | 4.23M | 3.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 10.98M | 22.16M | 35M | 37.35M | 87.17M | 152.6M | -90.6M | -17.34M | 44.18M | 21.59M | 24.27M | 13.52M | 32.36M | 59.94M | 28.39M | 26.15M | -14.55M | 31.41M | 20.36M | 31.48M | -954K | 16.23M | -9.66M | 83.69M | -21.95M | -56.26M | 12.07M | 42.4M | -33.3M | -5.6M | -5.26M |
| FCF Growth % | -70.75% | -36.69% | -6.29% | -57.15% | -42.88% | 268.43% | -422.56% | -139.24% | 104.58% | -11.02% | 79.45% | -58.21% | -46.01% | 111.15% | 8.55% | 279.76% | -146.31% | 54.31% | -35.34% | 3400.31% | -105.88% | 268.06% | -111.54% | 481.24% | 60.98% | -566.18% | -71.54% | 227.33% | -494.64% | -6.54% | - |
Consumer credit quality volatility
As reported in recent financial filings, CFFI's investment activity shows a consistent pattern of reinvestment, with quarterly purchases reaching $30.5 million in 2025Q4, suggesting that the bank is actively managing its securities portfolio duration to navigate the current interest rate environment and maintain necessary liquidity buffers.
The bank's consistent purchase and sale activity within the investment portfolio indicates a proactive approach to managing interest rate risk and yield optimization. Investors should monitor whether these reinvestment cycles are effectively offsetting the volatility inherent in the bank's mortgage banking segment.
Based on the provided cash flow data, CFFI has maintained a stable dividend payout of approximately $1.5 million per quarter, demonstrating a disciplined approach to capital return that appears sustainable relative to the bank's consistent net income generation over the last ten quarters.
The modest and consistent nature of share buybacks, which totaled less than $1 million in most periods, suggests that management prioritizes capital preservation over aggressive equity reduction. This conservative stance may provide a buffer against potential credit losses in the consumer finance segment.
According to the quarterly cash flow statements, CFFI consistently allocated provisions for credit losses ranging from $2.1 million to $3.7 million, which indicates a prudent management strategy aimed at absorbing potential shocks within the higher-yield, higher-risk indirect automobile lending and consumer finance portfolios.
The alignment of these provisions with the bank's broader credit risk profile suggests that management is attempting to front-load potential losses under the CECL framework. Analysts should continue to evaluate whether these provisions remain sufficient if macroeconomic conditions in the Virginia market deteriorate further.
As evidenced by the significant fluctuations in OCF/NI ratios, ranging from -1.12 in 2026Q1 to 5.88 in 2024Q4, the bank's reported operating cash flow is heavily distorted by non-cash items and changes in working capital, rendering it a less reliable indicator of core profitability.
The extreme variance in operating cash flow highlights the limitations of using traditional cash flow metrics for a bank with significant mortgage and consumer finance operations. Investors should focus on net income and capital ratios rather than headline operating cash flow to assess the bank's true financial health.
Quick answers to the most common questions about buying CFFI stock.
C&F Financial Corporation (CFFI) generated $24.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
C&F Financial Corporation (CFFI) generated $22.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
C&F Financial Corporation (CFFI) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, C&F Financial Corporation (CFFI) returned $6.0M to shareholders via cash dividends and spent $0.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.