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Share-Based Plans

12 Months Ended

Dec. 31, 2020

NOTE 17: Share-Based Plans

On April 16, 2013, the Corporation’s shareholders approved the C&F Financial Corporation 2013 Stock and Incentive Compensation Plan for the grant of equity awards to certain key employees of the Corporation, as well as non-employee directors (including non-employee regional or advisory directors). The plan authorizes the Corporation to issue equity awards in the form of stock options, tandem stock appreciation rights, restricted stock, restricted stock units and/or other stock-based awards. Since the plan’s approval, equity awards have only been issued in the form of restricted stock.

As permitted under the plan, the Corporation awards shares of restricted stock to certain key employees and non-employee directors. Restricted shares awarded to employees generally vest on the fifth anniversary of the grant date and restricted shares awarded to non-employee directors generally vest on the third anniversary of the grant date. A summary of the activity for restricted stock awards for the periods indicated is presented below:


	2020			2019			2018
		Weighted-			Weighted-			Weighted-
		Average			Average			Average
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Nonvested at beginning of year	142,020	$	48.88	139,455	$	45.75	137,880	$	43.52
Granted	47,385		42.01	36,115		53.75	30,185		52.82
Vested	(30,550)		39.84	(32,155)		40.69	(26,450)		42.41
Cancelled	(2,910)		53.46	(1,395)		51.05	(2,160)		42.54
Nonvested at end of year	155,945		48.52	142,020		48.88	139,455		45.75

The fair value of shares that vested during the years ended December 31, 2020, 2019 and 2018 were $1.37 million, $1.72 million, and $1.44 million, respectively. Compensation is accounted for using the fair value of the Corporation’s common stock on the date the restricted shares are awarded. Compensation expense is charged to income ratably over the required service periods, and was $1.45 million ($981,000 after income taxes) in 2020, $1.47 million ($932,000 after income taxes) in 2019 and $1.35 million ($872,000 after income taxes) in 2018. As of December 31, 2020, there was $3.76 million of total unrecognized compensation cost related to restricted stock granted under the plan. This amount is expected to be recognized through 2025.