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

12 Months Ended

Dec. 31, 2022

Equity, Other Comprehensive Income and Earnings Per Share

Schedule of the components of accumulated other comprehensive loss, net of deferred taxes

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)

Schedule of reclassifications from accumulated other comprehensive loss


		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)

1See “Note 14: Employee Benefit Plans,” for additional information.

Schedule of components earnings per share calculations


		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