C & F FINANCIAL CORP Goodwill & Intangibles Disclosure
NOTE 8: Goodwill and Other Intangible Assets
The carrying amount of goodwill was $25.19 million at December 31, 2025 and 2024. There were no changes in the recorded balance of goodwill during the years ended December 31, 2025, 2024 or 2023.
The Corporation had $909,000 and $1.15 million of other intangible assets as of December 31, 2025 and 2024, respectively. Other intangible assets were recognized in connection with the core deposits acquired from Peoples Bankshares, Incorporated (Peoples) in 2020 and customer relationships acquired by C&F Wealth Management in 2016.
The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets:
December 31, | December 31, | |||||||||||
2025 | 2024 | |||||||||||
Gross | Gross | |||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||
(Dollars in thousands) | Amount | Amortization | Amount | Amortization | ||||||||
Amortizable intangible assets: | ||||||||||||
Core deposit intangibles | $ | 1,711 | $ | (802) | $ | 1,711 | $ | (700) | ||||
Other amortizable intangibles |
| 1,405 | (1,405) | 1,405 | (1,269) | |||||||
Total | $ | 3,116 | $ | (2,207) | $ | 3,116 | $ | (1,969) | ||||
Amortization expense was $238,000, $260,000 and $272,000 for the years ended December 31, 2025, 2024 and 2023, respectively.
Estimated future amortization expense by year as of December 31, 2025 is as follows:
(Dollars in thousands) | | | |
2026 | $ | 101 | |
2027 |
| 101 | |
2028 |
| 101 | |
2029 | 101 | ||
2030 | 101 | ||
Thereafter |
| 404 | |
Total | $ | 909 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 3, 2021 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.