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C&F Financial Corporation Announces Earnings For 2009

WEST POINT, Va., Jan. 29 /PRNewswire-FirstCall/ -- C&F Financial Corporation (Nasdaq:  CFFI), the one-bank holding company for C&F Bank, today reported net income of $610,000 for the fourth quarter of 2009, compared with $1.04 million for the fourth quarter of 2008 ( $491,000, adjusted to exclude the net tax benefit recognized in the fourth quarter of 2008 related to the  impairment of the corporation's investments in perpetual preferred stock of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)).  Net income available to common shareholders for the fourth quarter of 2009 was $319,000, or 10 cents per common share assuming dilution, compared with $1.04 million, or 34 cents per common share assuming dilution, ( $491,000, or 16 cents per common share assuming dilution, adjusted to exclude the net tax benefit of the impairment charge) for the fourth quarter of 2008.

The corporation's net income was $5.53 million for the year ended December 31, 2009, compared with $4.18 million for the year ended December 31, 2008 ( $5.16 million, adjusted to exclude the net effect of the impairment charge).  Net income available to common shareholders for 2009 was $4.40 million, or $1.44 per common share assuming dilution, compared with $4.18 million, or $1.37 per common share assuming dilution, ( $5.16 million, or $1.69 per common share assuming dilution, adjusted to exclude the net effect of the impairment charge) for 2008.

The difference between reported net income and net income available to common shareholders in 2009 is a result of the preferred stock dividends and amortization of the warrant related to the corporation's participation in the Department of Treasury's Capital Purchase Program.  The preferred stock and warrant were issued in the first quarter of 2009 and, therefore, did not affect net income available to common shareholders for 2008.

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