C & F Financial
CFFI on Nasdaq. State commercial banks. Market value $323m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing big in our quick check. See what could go wrong below.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 11 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.20.
Profit per $100 you pay: $8.75.
Quality score: 88 of 100. Price score: 95 of 100. Our list needs 70 on quality and 60 on price.
$102.21 a share, 58% above its 1-year low
Over the past year the price has ranged from $64.71 to $102.30.
Dividend: 1.8% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $135m | $123m | $127m | $127m | $141m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.00bn | 0.00bn | 0.00bn | 0.00bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 0.4% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $41 million last quarter, up 12% on a year ago.
- Profit: $9 million, up 11% on a year ago.
- Spare cash over the past 12 months: $39 million, up from $30 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $33m |
| December 2024 | $32m |
| March 2025 | $33m |
| June 2025 | $36m |
| September 2025 | $36m |
| December 2025 | $36m |
| March 2026 | $36m |
| June 2026 | $41m |
| Quarter to | Amount |
|---|---|
| September 2024 | $5m |
| December 2024 | $6m |
| March 2025 | $5m |
| June 2025 | $8m |
| September 2025 | $7m |
| December 2025 | $7m |
| March 2026 | $7m |
| June 2026 | $9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 80 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $3m
- Share of fund
- <0.1%
- First Manhattan Co.First Manhattan partners
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $3m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $1m | <0.1% |
Largest holders overall
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor5.0%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 5.0% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $722,321.
- Crone S DustinPRESIDENT & CEO C&F FINANCESold
- Date
- 4 September 2026
- Shares
- 900
- Price
- $94.41
- Value
- $84,969
- DILLON LARRY GEXECUTIVE CHAIRMAN, DirectorSold
- Date
- 4 September 2026
- Shares
- 1,000
- Price
- $95.07
- Value
- $95,070
- DILLON LARRY GEXECUTIVE CHAIRMAN, DirectorSold
- Date
- 20 August 2026
- Shares
- 1,000
- Price
- $86.00
- Value
- $86,000
- PEAY D ANTHONYDirectorSold
- Date
- 5 August 2026
- Shares
- 425
- Price
- $85.92
- Value
- $36,516
- CHERRY THOMAS FPRESIDENT & CEO, DirectorSold
- Date
- 5 August 2026
- Shares
- 500
- Price
- $87.13
- Value
- $43,565
- Seaman John A IIIEVP, CHIEF CREDIT OFFICERSold
- Date
- 3 August 2026
- Shares
- 650
- Price
- $84.61
- Value
- $54,997
- CHERRY THOMAS FPRESIDENT & CEO, DirectorSold
- Date
- 12 June 2026
- Shares
- 141
- Price
- $77.50
- Value
- $10,928
- CHERRY THOMAS FPRESIDENT & CEO, DirectorSold
- Date
- 11 June 2026
- Shares
- 30
- Price
- $78.50
- Value
- $2,355
- CHERRY THOMAS FPRESIDENT & CEO, DirectorSold
- Date
- 10 June 2026
- Shares
- 329
- Price
- $78.50
- Value
- $25,827
- CHERRY THOMAS FPRESIDENT & CEO, DirectorSold
- Date
- 9 June 2026
- Shares
- 678
- Price
- $75.56
- Value
- $51,230
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 September 2026 | Crone S Dustin PRESIDENT & CEO C&F FINANCE | Sold | 900 | $94.41 | $84,969 |
| 4 September 2026 | DILLON LARRY G EXECUTIVE CHAIRMAN, Director | Sold | 1,000 | $95.07 | $95,070 |
| 20 August 2026 | DILLON LARRY G EXECUTIVE CHAIRMAN, Director | Sold | 1,000 | $86.00 | $86,000 |
| 5 August 2026 | PEAY D ANTHONY Director | Sold | 425 | $85.92 | $36,516 |
| 5 August 2026 | CHERRY THOMAS F PRESIDENT & CEO, Director | Sold | 500 | $87.13 | $43,565 |
| 3 August 2026 | Seaman John A III EVP, CHIEF CREDIT OFFICER | Sold | 650 | $84.61 | $54,997 |
| 12 June 2026 | CHERRY THOMAS F PRESIDENT & CEO, Director | Sold | 141 | $77.50 | $10,928 |
| 11 June 2026 | CHERRY THOMAS F PRESIDENT & CEO, Director | Sold | 30 | $78.50 | $2,355 |
| 10 June 2026 | CHERRY THOMAS F PRESIDENT & CEO, Director | Sold | 329 | $78.50 | $25,827 |
| 9 June 2026 | CHERRY THOMAS F PRESIDENT & CEO, Director | Sold | 678 | $75.56 | $51,230 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 0.4% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.