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Equity, Other Comprehensive Income and Earnings Per Share | 12 Months Ended
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Dec. 31, 2022
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 ​ Equity and Noncontrolling Interest ​ In November 2021, the 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 2022 (the 2021 Repurchase Program). This share repurchase program expired on November 30, 2022 and as of December 31, 2022, the Corporation has made aggregate common stock repurchases of 89,373 shares for an aggregate amount repurchased of $4.6 million under the 2021 Repurchase Program. On November 15, 2022, the Board of Directors authorized a program, effective December 1, 2022, to repurchase up to $10.0 million of the Corporation’s common stock through December 31, 2023 (the 2022 Repurchase Program). During the year ended December 31, 2022, the Corporation repurchased $5.0 million of its common stock under these share repurchase plans. As of December 31, 2022, there was $9.5 million remaining available for repurchases of the Corporation’s common stock under the 2022 Repurchase Program. ​ During the years ended December 31, 2021 and 2020, the Corporation repurchased 145,185 shares and 16,422 shares of its common stock, respectively, for an aggregate cost of $7.31 million and $630,000, respectively, under share repurchase programs authorized by its Board of Directors. ​ Additionally, during the years ended December 31, 2022, 2021 and 2020, the Corporation withheld 7,696 shares, 19,554 shares and 9,670 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 years ended December 31, 2022, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | ​ |  | (45,090) | ​ |  | (1,465) | ​ |  | 2,607 | ​ |  | (43,948)
Related income tax effects | ​ |  | 9,469 | ​ |  | 308 | ​ |  | (671) | ​ |  | 9,106
​ | ​ | ​ | (35,621) | ​ | ​ | (1,157) | ​ | ​ | 1,936 | ​ | ​ | (34,842)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | — | ​ | ​ | (30) | ​ | ​ | (7) | ​ | ​ | (37)
Related income tax effects | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 2 | ​ | ​ | 8
​ | ​ | ​ | — | ​ | ​ | (24) | ​ | ​ | (5) | ​ | ​ | (29)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (35,621) | ​ | ​ | (1,181) | ​ | ​ | 1,931 | ​ | ​ | (34,871)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive (loss) income at December 31, 2022 | ​ | $ | (35,184) | ​ | $ | (3,236) | ​ | $ | 1,462 | ​ | $ | (36,958)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | ​ |  | (4,971) | ​ |  | 2,274 | ​ |  | 1,216 | ​ |  | (1,481)
Related income tax effects | ​ |  | 1,044 | ​ |  | (478) | ​ |  | (313) | ​ |  | 253
​ | ​ | ​ | (3,927) | ​ | ​ | 1,796 | ​ | ​ | 903 | ​ | ​ | (1,228)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | (42) | ​ | ​ | 1,436 | ​ | ​ | (7) | ​ | ​ | 1,387
Related income tax effects | ​ | ​ | 9 | ​ | ​ | (302) | ​ | ​ | 2 | ​ | ​ | (291)
​ | ​ | ​ | (33) | ​ | ​ | 1,134 | ​ | ​ | (5) | ​ | ​ | 1,096
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (3,960) | ​ | ​ | 2,930 | ​ | ​ | 898 | ​ | ​ | (132)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive income (loss) at December 31, 2021 | ​ | $ | 437 | ​ | $ | (2,055) | ​ | $ | (469) | ​ | $ | (2,087)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Securities |  | Defined |  | Cash |  | ​ | ​
​ | ​ | Available | ​ | Benefit | ​ | Flow | ​ | ​
(Dollars in thousands) | ​ | For Sale | ​ | Plan | ​ | Hedges | ​ | Total
Accumulated other comprehensive income (loss) at December 31, 2019 | ​ | $ | 1,560 | ​ | $ | (3,740) | ​ | $ | (69) | ​ | $ | (2,249)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) arising during the period | ​ |  | 3,629 | ​ |  | (1,706) | ​ |  | (1,737) | ​ |  | 186
Related income tax effects | ​ |  | (762) | ​ |  | 358 | ​ |  | 447 | ​ |  | 43
​ | ​ | ​ | 2,867 | ​ | ​ | (1,348) | ​ | ​ | (1,290) | ​ | ​ | 229
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | (38) | ​ | ​ | 131 | ​ | ​ | (11) | ​ | ​ | 82
Related income tax effects | ​ | ​ | 8 | ​ | ​ | (28) | ​ | ​ | 3 | ​ | ​ | (17)
​ | ​ | ​ | (30) | ​ | ​ | 103 | ​ | ​ | (8) | ​ | ​ | 65
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss), net of tax | ​ | ​ | 2,837 | ​ | ​ | (1,245) | ​ | ​ | (1,298) | ​ | ​ | 294
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive income (loss) at December 31, 2020 | ​ | $ | 4,397 | ​ | $ | (4,985) | ​ | $ | (1,367) | ​ | $ | (1,955)
​ ​ The following table provides information regarding the reclassifications from accumulated other comprehensive loss into net income for the years ended December 31, 2022, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​ | Line Item In the Consolidated
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020 | ​ | Statements of Income
Securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassification of net realized gains into net income | ​ | $ | — | ​ | $ | 42 | ​ | $ | 38 | ​ | Net gains on sales, maturities and calls of available for sale securities
Related income tax effects | ​ | ​ | — | ​ | ​ | (9) | ​ | ​ | (8) | ​ | Income tax expense
​ | ​ | ​ | — | ​ | ​ | 33 | ​ | ​ | 30 | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Defined benefit plan:1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassification of recognized net actuarial losses into net income | ​ | ​ | (38) | ​ | ​ | (1,504) | ​ | ​ | (197) | ​ | Noninterest expenses - Other
Amortization of prior service credit into net income | ​ | ​ | 68 | ​ | ​ | 68 | ​ | ​ | 66 | ​ | Noninterest expenses - Other
Related income tax effects | ​ | ​ | (6) | ​ | ​ | 302 | ​ | ​ | 28 | ​ | Income tax expense
​ | ​ | ​ | 24 | ​ | ​ | (1,134) | ​ | ​ | (103) | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of hedging gains into net income | ​ | ​ | 7 | ​ | ​ | 7 | ​ | ​ | 11 | ​ | Interest expense - Trust preferred capital notes
Related income tax effects | ​ | ​ | (2) | ​ | ​ | (2) | ​ | ​ | (3) | ​ | Income tax expense
​ | ​ | ​ | 5 | ​ | ​ | 5 | ​ | ​ | 8 | ​ | Net of tax
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
Total reclassifications into net income | ​ | $ | 29 | ​ | $ | (1,096) | ​ | $ | (65) | ​ | ​
1 See “Note 14: Employee Benefit Plans,” for additional information. ​ ​ Earnings Per Share (EPS) ​ The components of the Corporation’s EPS calculations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020 |
Net income attributable to C&F Financial Corporation | ​ | $ | 29,159 | ​ | $ | 28,667 | ​ | $ | 22,117 | ​
Weighted average shares outstanding—basic and diluted | ​ |  | 3,517,114 | ​ |  | 3,604,119 | ​ |  | 3,648,696 | ​
​ 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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