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Share-Based Plans
 12 Months Ended
Dec. 31, 2022
Share-Based Plans  
Share-Based Plans

NOTE 16: Share-Based Plans

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On April 19, 2022, the Corporation’s shareholders approved the C&F Financial Corporation 2022 Stock and Incentive Compensation Plan, (the 2022 Plan) for the grant of equity awards to certain key employees of the Corporation, as well as non-employee directors and consultants. The 2022 Plan authorizes the Corporation to issue equity awards in the form of stock options, restricted stock, restricted stock units and other stock-based awards. Since the 2022 Plan’s approval, equity awards have only been issued in the form of restricted stock.  

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Prior to the approval of the 2022 Plan, the Corporation granted equity awards under the 2013 Stock and Incentive Compensation Plan, (the 2013 Plan).  The 2013 Plan authorized the Corporation to issue equity awards in the form of stock options, tandem stock appreciation rights, restricted stock, restricted stock units and/or other stock-based awards. Since the 2013 Plan’s approval, equity awards have only been issued in the form of restricted stock.

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As permitted under the plans, the Corporation awards shares of restricted stock to certain key employees, non-employee directors and consultants. Restricted shares awarded to employees generally vest over periods up to five years, and restricted shares awarded to non-employee directors generally vest over periods up to three years.  A summary of the activity for restricted stock awards for the periods indicated is presented below:

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2022

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2021

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2020

 

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Weighted-

    

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Weighted-

    

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Weighted-

 

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Average

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Average

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Average

 

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Grant Date

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Grant Date

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Grant Date

 

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Shares

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Fair Value

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Shares

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Fair Value

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Shares

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Fair Value

 

Nonvested at beginning of year

 

140,577

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$

48.57

 

155,945

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$

48.52

 

142,020

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$

48.88

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Granted

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36,435

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54.18

 

41,912

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47.83

 

47,385

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42.01

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Vested

 

(26,200)

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54.73

 

(51,305)

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48.11

 

(30,550)

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39.84

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Cancelled

 

(5,135)

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48.28

 

(5,975)

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45.87

 

(2,910)

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53.46

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Nonvested at end of year

 

145,677

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​

48.88

 

140,577

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​

48.57

 

155,945

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​

48.52

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The fair value of shares that vested during the years ended December 31, 2022, 2021 and 2020 were $1.39 million, $2.42 million, and $1.37 million, respectively.  Compensation is accounted for using the fair value of the Corporation’s common stock on the date the restricted shares are awarded. Compensation expense is charged to income ratably over the required service periods and was $1.97 million ($1.42 million after income taxes) in 2022, $1.70 million ($1.16 million after income taxes) in 2021 and $1.45 million ($981,000 after income taxes) in 2020. As of December 31, 2022, there was $3.52 million

of total unrecognized compensation cost related to restricted stock granted under the plan. This amount is expected to be recognized through 2027.