XML 23 R14.htm IDEA: XBRL DOCUMENT v3.22.1

Equity, Other Comprehensive Income (Loss) and Earnings Per Share

3 Months Ended

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.

X

- References

No definition available.

+ Details

Name:	us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration