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Equity, Other Comprehensive Income (Loss) and Earnings Per Share | 3 Months Ended
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Mar. 31, 2022
Equity, Other Comprehensive Income (Loss) and Earnings Per Share |
Equity, Other Comprehensive Income (Loss) and Earnings Per Share | NOTE 6: Equity, Other Comprehensive Income (Loss) and Earnings Per Share ​ Equity and Noncontrolling Interest ​ 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 three months ended March 31, 2022, the Corporation repurchased 9,717 shares for an aggregate cost of $493,000 under the 2021 Repurchase Program. There were no share repurchases during the three months ended March 31, 2021. ​ Additionally during the three months ended March 31, 2022 and 2021, the Corporation withheld 4,434 shares and 5,633 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. ​ Accumulated Other Comprehensive Loss, Net ​ Changes in each component of accumulated other comprehensive loss were as follows for the three months ended March 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Securities |  | Defined |  | Cash |  | ​ | ​
​ | ​ | Available | ​ | Benefit | ​ | Flow | ​ | ​
(Dollars in thousands) | ​ | For Sale | ​ | Plan | ​ | Hedges | ​ | Total
Accumulated other comprehensive income (loss) at December 31, 2021 | ​ | $ | 437 | ​ | $ | (2,055) | ​ | $ | (469) | ​ | $ | (2,087)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income arising during the period | ​ |  | (18,595) | ​ |  | — | ​ |  | 1,240 | ​ |  | (17,355)
Related income tax effects | ​ |  | 3,905 | ​ |  | — | ​ |  | (319) | ​ |  | 3,586
​ | ​ | ​ | (14,690) | ​ | ​ | — | ​ | ​ | 921 | ​ | ​ | (13,769)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | — | ​ | ​ | (8) | ​ | ​ | (2) | ​ | ​ | (10)
Related income tax effects | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 2
​ | ​ | ​ | — | ​ | ​ | (7) | ​ | ​ | (1) | ​ | ​ | (8)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (14,690) | ​ | ​ | (7) | ​ | ​ | 920 | ​ | ​ | (13,777)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive (loss) income at March 31, 2022 | ​ | $ | (14,253) | ​ | $ | (2,062) | ​ | $ | 451 | ​ | $ | (15,864)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Securities |  | Defined |  | Cash |  | ​ | ​
​ | ​ | Available | ​ | Benefit | ​ | Flow | ​ | ​
(Dollars in thousands) | ​ | For Sale | ​ | Plan | ​ | Hedges | ​ | Total
Accumulated other comprehensive income (loss) at December 31, 2020 | ​ | $ | 4,397 | ​ | $ | (4,985) | ​ | $ | (1,367) | ​ | $ | (1,955)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income arising during the period | ​ |  | (2,971) | ​ |  | — | ​ |  | 990 | ​ |  | (1,981)
Related income tax effects | ​ |  | 623 | ​ |  | — | ​ |  | (255) | ​ |  | 368
​ | ​ | ​ | (2,348) | ​ | ​ | — | ​ | ​ | 735 | ​ | ​ | (1,613)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | (32) | ​ | ​ | 43 | ​ | ​ | (2) | ​ | ​ | 9
Related income tax effects | ​ | ​ | 7 | ​ | ​ | (9) | ​ | ​ | 1 | ​ | ​ | (1)
​ | ​ | ​ | (25) | ​ | ​ | 34 | ​ | ​ | (1) | ​ | ​ | 8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (2,373) | ​ | ​ | 34 | ​ | ​ | 734 | ​ | ​ | (1,605)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive income (loss) at March 31, 2021 | ​ | $ | 2,024 | ​ | $ | (4,951) | ​ | $ | (633) | ​ | $ | (3,560)
​ The following table provides information regarding reclassifications from accumulated other comprehensive loss into net income for the three months ended March 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | Line Item In the
(Dollars in thousands) |  | 2022 |  | 2021 | ​ | Consolidated Statements of Income
Securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassification of net realized gains into net income | ​ | $ | — | ​ | $ | 32 | ​ | Net gains on sales, maturities and calls of available for sale securities
Related income tax effects | ​ | ​ | — | ​ | ​ | (7) | ​ | Income tax expense
​ | ​ | ​ | — | ​ | ​ | 25 | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Defined benefit plan:1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassification of recognized net actuarial losses into net income | ​ | ​ | (9) | ​ | ​ | (60) | ​ | Noninterest expenses - Other
Amortization of prior service credit into net income | ​ | ​ | 17 | ​ | ​ | 17 | ​ | Noninterest expenses - Other
Related income tax effects | ​ | ​ | (1) | ​ | ​ | 9 | ​ | Income tax expense
​ | ​ | ​ | 7 | ​ | ​ | (34) | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Csah flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of hedging gains into net income | ​ | ​ | 2 | ​ | ​ | 2 | ​ | Interest expense - Trust preferred capital notes
Related income tax effects | ​ | ​ | (1) | ​ | ​ | (1) | ​ | Income tax expense
​ | ​ | ​ | 1 | ​ | ​ | 1 | ​ | Net of tax
​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
Total reclassifications into net income | ​ | $ | 8 | ​ | $ | (8) | ​ | ​
1 | See “Note 7: Employee Benefit Plans,” for additional information.
​ ​ Earnings Per Share (EPS) ​ The components of the Corporation’s EPS calculations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, |
(Dollars in thousands) |  | 2022 |  | 2021 |
Net income attributable to C&F Financial Corporation | ​ | $ | 5,629 | ​ | $ | 7,061 | ​
Weighted average shares outstanding—basic and diluted | ​ |  | 3,547,780 | ​ |  | 3,676,067 | ​
​ 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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