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Equity, Other Comprehensive Income and Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Equity, Other Comprehensive Income and Earnings Per Share  
Equity, Other Comprehensive Income and Earnings Per Share

NOTE 12: Equity, Other Comprehensive Income and Earnings Per Share

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Equity and Noncontrolling Interest

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The Corporation’s Board of Directors authorized a program, effective December 1, 2021, to repurchase up to $10.0 million of the Corporation’s common stock through November 30, 2022 (the 2021 Repurchase Program). During the year ended December 31, 2021, the Corporation repurchased 1,106 shares for an aggregate cost of $56,000 under the 2021 Repurchase Program.

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The Corporation’s previous share repurchase program, which was authorized by the Board of Directors in November 2020, (the 2020 Repurchase Program), expired on November 30, 2021. During the year ended December 31, 2021, the Corporation repurchased 144,079 shares for an aggregate cost of $7.25 million of its common stock under the 2020 Repurchase Program.  At the expiration of the 2020 Repurchase Program, the Corporation had made aggregate common stock repurchases of 151,538 shares at an aggregate cost of $7.52 million under that program.

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During the years ended December 31, 2020 and 2019, the Corporation repurchased 16,422 shares and 86,523 shares of its common stock, respectively, for an aggregate cost of $630,000 and $4.39 million, respectively, under share repurchase programs authorized by its Board of Directors.

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Additionally, during the years ended December 31, 2021, 2020 and 2019, the Corporation withheld 19,554 shares, 9,670 shares and 9,909 shares of its common stock, respectively, from employees to satisfy tax withholding obligations upon vesting of restricted stock.  

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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 in 2019, C&F Bank received a note receivable from the investor for $490,000, which was repaid in 2021. At December 31, 2020, the note receivable was included in loans the Consolidated Balance Sheets and was secured by cash deposits at C&F Bank.

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Accumulated Other Comprehensive Loss, Net

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The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes of $593,000 and $630,000 as of December 31, 2021 and 2020, respectively.

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December 31,

(Dollars in thousands)

    

2021

    

2020

Net unrealized gains on securities

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$

437

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$

4,397

Net unrecognized losses on cash flow hedges

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(469)

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(1,367)

Net unrecognized losses on defined benefit plan

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(2,055)

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(4,985)

Total accumulated other comprehensive loss, net

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$

(2,087)

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$

(1,955)

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Earnings Per Share (EPS)

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The components of the Corporation’s EPS calculations are as follows:

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Year Ended December 31, 

 

(Dollars in thousands)

  

2021

    

2020

    

2019

 

Net income attributable to C&F Financial Corporation

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$

28,667

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$

22,117

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$

18,859

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Weighted average shares outstanding—basic and diluted

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3,604,119

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3,648,696

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3,450,745

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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.