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Equity, Other Comprehensive Income and Earnings Per Share | 9 Months Ended
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Sep. 30, 2021
Equity, Other Comprehensive Income and Earnings Per Share |
Equity, Other Comprehensive Income and Earnings Per Share | NOTE 7: Equity, Other Comprehensive Income and Earnings Per Share ​ Equity and Noncontrolling Interest ​ The Corporation’s Board of Directors authorized a program, effective November 17, 2020 to repurchase up to 365,000 shares of the Corporation’s common stock through November 30, 2021 (the Repurchase Program). As of September 30, 2021, the Corporation has made aggregate common stock repurchases of 150,333 shares for an aggregate cost of $7.46 million under the Repurchase Program. There were 52,619 shares and 142,874 shares repurchased under the Repurchase Program during the three and nine months ended September 30, 2021, respectively, for an aggregate cost of $2.72 million and $7.19 million, respectively. ​ The Corporation’s previous share repurchase program, which was authorized by the Board of Directors in May 2019, expired on May 31, 2020. During the nine months ended September 30, 2020, the Corporation repurchased 8,963 shares of its common stock for an aggregate cost of $355,000, under its previous share repurchase program. The Corporation did not repurchase any of its common stock during the three months ended September 30, 2020. ​ Additionally during the nine months ended September 30, 2021 and 2020, the Corporation withheld 7,596 shares and 5,084 shares of its common stock, respectively, from employees to satisfy tax withholding obligations upon vesting of restricted stock. ​ Noncontrolling interest represents an ownership interest in C&F Select LLC, a subsidiary of C&F Mortgage, held by an unrelated investor. In exchange for issuing this noncontrolling interest in C&F Select LLC, C&F Bank received a note receivable from the investor for $490,000, which is included in loans in the Consolidated Balance Sheets and is secured by cash deposits at C&F Bank. ​ Accumulated Other Comprehensive Loss, Net ​ The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes of $1.02 million and $630,000 as of September 30, 2021 and December 31, 2020, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
(Dollars in thousands) |  | 2021 |  | 2020
Net unrealized gains on securities | ​ | $ | 1,921 | ​ | $ | 4,397
Net unrecognized losses on cash flow hedges | ​ |  | (687) | ​ |  | (1,367)
Net unrecognized losses on defined benefit plan | ​ |  | (4,881) | ​ |  | (4,985)
Total accumulated other comprehensive loss, net | ​ | $ | (3,647) | ​ | $ | (1,955)
​ Earnings Per Share (EPS) ​ The components of the Corporation’s EPS calculations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, |
(Dollars in thousands) |  | 2021 |  | 2020 |
Net income attributable to C&F Financial Corporation | ​ | $ | 7,674 | ​ | $ | 6,793 | ​
Weighted average shares outstanding—basic and diluted | ​ |  | 3,550,001 | ​ |  | 3,648,515 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, |
(Dollars in thousands) |  | 2021 |  | 2020 |
Net income attributable to C&F Financial Corporation | ​ | $ | 22,743 | ​ | $ | 14,117 | ​
Weighted average shares outstanding—basic and diluted | ​ |  | 3,626,083 | ​ |  | 3,646,951 | ​
​ The Corporation has applied the two-class method of computing basic and diluted EPS for each period presented because the Corporation’s unvested restricted shares outstanding contain rights to nonforfeitable dividends equal to dividends on the Corporation’s common stock. Accordingly, the weighted average number of shares used in the calculation of basic and diluted EPS includes both vested and unvested shares outstanding.

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