XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.23.1

Equity, Other Comprehensive Income (Loss) and Earnings Per Share | 3 Months Ended
--- | ---
Mar. 31, 2023
Equity, Other Comprehensive Income (Loss) and Earnings Per Share |
Equity, Other Comprehensive Income (Loss) and Earnings Per Share | NOTE 7: Equity, Other Comprehensive Income (Loss) and Earnings Per Share ​ Equity and Noncontrolling Interest ​ 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 three months ended March 31, 2023, the Corporation repurchased $2.06 million of its common stock under the 2022 Repurchase Program. As of March 31, 2023, there was $7.48 million remaining available for repurchases of the Corporation’s common stock under the 2022 Repurchase Program. ​ The Corporation’s previous share repurchase program, which was authorized by the Board of Directors in November 2021, expired on November 30, 2022. There were 9,717 shares repurchased under the previous share repurchase program during the three months ended March 31, 2022 for an aggregate cost of $493,000. ​ Additionally during the three months ended March 31, 2023 and 2022, the Corporation withheld 6,257 shares and 4,434 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 Income (Loss), Net ​ Changes in each component of accumulated other comprehensive loss were as follows for the three months ended March 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Securities |  | Defined |  | Cash |  | ​ | ​
​ | ​ | Available | ​ | Benefit | ​ | Flow | ​ | ​
(Dollars in thousands) | ​ | For Sale | ​ | Plan | ​ | Hedges | ​ | Total
Accumulated other comprehensive (loss) income at December 31, 2022 | ​ | $ | (35,184) | ​ | $ | (3,236) | ​ | $ | 1,462 | ​ | $ | (36,958)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) arising during the period | ​ |  | 6,680 | ​ |  | — | ​ |  | (353) | ​ |  | 6,327
Related income tax effects | ​ |  | (1,403) | ​ |  | — | ​ |  | 91 | ​ |  | (1,312)
​ | ​ | ​ | 5,277 | ​ | ​ | — | ​ | ​ | (262) | ​ | ​ | 5,015
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | 5 | ​ | ​ | 21 | ​ | ​ | (2) | ​ | ​ | 24
Related income tax effects | ​ | ​ | (1) | ​ | ​ | (4) | ​ | ​ | 1 | ​ | ​ | (4)
​ | ​ | ​ | 4 | ​ | ​ | 17 | ​ | ​ | (1) | ​ | ​ | 20
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss), net of tax | ​ | ​ | 5,281 | ​ | ​ | 17 | ​ | ​ | (263) | ​ | ​ | 5,035
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive (loss) income at March 31, 2023 | ​ | $ | (29,903) | ​ | $ | (3,219) | ​ | $ | 1,199 | ​ | $ | (31,923)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) 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)
​ ​ The following table provides information regarding reclassifications from accumulated other comprehensive loss into net income for the three months ended March 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | Line Item In the Consolidated
(Dollars in thousands) |  | 2023 |  | 2022 | ​ | Statements of Income
Securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassification of net realized losses into net income | ​ | $ | (5) | ​ | $ | — | ​ | Net losses on sales, maturities and calls of available for sale securities
Related income tax effects | ​ | ​ | 1 | ​ | ​ | — | ​ | Income tax expense
​ | ​ | ​ | (4) | ​ | ​ | — | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Defined benefit plan:1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassification of recognized net actuarial losses into net income | ​ | ​ | (38) | ​ | ​ | (9) | ​ | Noninterest expenses - Other
Amortization of prior service credit into net income | ​ | ​ | 17 | ​ | ​ | 17 | ​ | Noninterest expenses - Other
Related income tax effects | ​ | ​ | 4 | ​ | ​ | (1) | ​ | Income tax expense
​ | ​ | ​ | (17) | ​ | ​ | 7 | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash 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 | ​ | $ | (20) | ​ | $ | 8 | ​ | ​
1 | See “Note 9: 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) |  | 2023 |  | 2022 |
Net income attributable to C&F Financial Corporation | ​ | $ | 6,441 | ​ | $ | 5,629 | ​
Weighted average shares outstanding—basic and diluted | ​ |  | 3,464,895 | ​ |  | 3,547,780 | ​
​ 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&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 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: 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 https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration