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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.

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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.

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