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Equity, Other Comprehensive Income (Loss) and Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Equity, Other Comprehensive Income (Loss) and Earnings Per Share |
Equity, Other Comprehensive Income (Loss) and Earnings Per Share | NOTE 6: 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 $10.00 million of the Corporation’s common stock through December 31, 2023 (the 2022 Repurchase Program). During the three and nine months ended September 30, 2023, the Corporation repurchased $1.31 million and $5.85 million, respectively, of its common stock under the 2022 Repurchase Program. As of September 30, 2023, there was $3.70 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 34,262 shares and 66,143 shares, respectively, repurchased under the previous share repurchase program during the three and nine months ended September 30, 2022 for an aggregate cost of $1.69 million and $3.30 million, respectively. ​ Additionally during the nine months ended September 30, 2023 and 2022, the Corporation withheld 7,765 shares and 4,503 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 September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Securities |  | Defined |  | Cash |  | ​ | ​
​ | ​ | Available | ​ | Benefit | ​ | Flow | ​ | ​
(Dollars in thousands) | ​ | For Sale | ​ | Plan | ​ | Hedges | ​ | Total
Accumulated other comprehensive (loss) income at June 30, 2023 | ​ | $ | (33,635) | ​ | $ | (3,195) | ​ | $ | 1,424 | ​ | $ | (35,406)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income arising during the period | ​ |  | (7,369) | ​ |  | — | ​ |  | 179 | ​ |  | (7,190)
Related income tax effects | ​ |  | 1,548 | ​ |  | — | ​ |  | (45) | ​ |  | 1,503
​ | ​ | ​ | (5,821) | ​ | ​ | — | ​ | ​ | 134 | ​ | ​ | (5,687)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | — | ​ | ​ | 25 | ​ | ​ | (1) | ​ | ​ | 24
Related income tax effects | ​ | ​ | — | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | (5)
​ | ​ | ​ | — | ​ | ​ | 20 | ​ | ​ | (1) | ​ | ​ | 19
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (5,821) | ​ | ​ | 20 | ​ | ​ | 133 | ​ | ​ | (5,668)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive (loss) income at September 30, 2023 | ​ | $ | (39,456) | ​ | $ | (3,175) | ​ | $ | 1,557 | ​ | $ | (41,074)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Securities |  | Defined |  | Cash |  | ​ | ​
​ | ​ | Available | ​ | Benefit | ​ | Flow | ​ | ​
(Dollars in thousands) | ​ | For Sale | ​ | Plan | ​ | Hedges | ​ | Total
Accumulated other comprehensive (loss) income at June 30, 2022 | ​ | $ | (24,333) | ​ | $ | (2,067) | ​ | $ | 875 | ​ | $ | (25,525)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income arising during the period | ​ |  | (19,547) | ​ |  | — | ​ |  | 882 | ​ |  | (18,665)
Related income tax effects | ​ |  | 4,104 | ​ |  | — | ​ |  | (228) | ​ |  | 3,876
​ | ​ | ​ | (15,443) | ​ | ​ | — | ​ | ​ | 654 | ​ | ​ | (14,789)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | — | ​ | ​ | (7) | ​ | ​ | (1) | ​ | ​ | (8)
Related income tax effects | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 2
​ | ​ | ​ | — | ​ | ​ | (5) | ​ | ​ | (1) | ​ | ​ | (6)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (15,443) | ​ | ​ | (5) | ​ | ​ | 653 | ​ | ​ | (14,795)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive (loss) income at September 30, 2022 | ​ | $ | (39,776) | ​ | $ | (2,072) | ​ | $ | 1,528 | ​ | $ | (40,320)
​ Changes in each component of accumulated other comprehensive loss were as follows for the nine months ended September 30, 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 (loss) income arising during the period | ​ |  | (5,413) | ​ |  | — | ​ |  | 131 | ​ |  | (5,282)
Related income tax effects | ​ |  | 1,137 | ​ |  | — | ​ |  | (32) | ​ |  | 1,105
​ | ​ | ​ | (4,276) | ​ | ​ | — | ​ | ​ | 99 | ​ | ​ | (4,177)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | 5 | ​ | ​ | 77 | ​ | ​ | (5) | ​ | ​ | 77
Related income tax effects | ​ | ​ | (1) | ​ | ​ | (16) | ​ | ​ | 1 | ​ | ​ | (16)
​ | ​ | ​ | 4 | ​ | ​ | 61 | ​ | ​ | (4) | ​ | ​ | 61
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (4,272) | ​ | ​ | 61 | ​ | ​ | 95 | ​ | ​ | (4,116)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive (loss) income at September 30, 2023 | ​ | $ | (39,456) | ​ | $ | (3,175) | ​ | $ | 1,557 | ​ | $ | (41,074)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 (loss) income arising during the period | ​ |  | (50,902) | ​ |  | — | ​ |  | 2,695 | ​ |  | (48,207)
Related income tax effects | ​ |  | 10,689 | ​ |  | — | ​ |  | (694) | ​ |  | 9,995
​ | ​ | ​ | (40,213) | ​ | ​ | — | ​ | ​ | 2,001 | ​ | ​ | (38,212)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassifications into net income | ​ | ​ | — | ​ | ​ | (22) | ​ | ​ | (5) | ​ | ​ | (27)
Related income tax effects | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 1 | ​ | ​ | 6
​ | ​ | ​ | — | ​ | ​ | (17) | ​ | ​ | (4) | ​ | ​ | (21)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income, net of tax | ​ | ​ | (40,213) | ​ | ​ | (17) | ​ | ​ | 1,997 | ​ | ​ | (38,233)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive (loss) income at September 30, 2022 | ​ | $ | (39,776) | ​ | $ | (2,072) | ​ | $ | 1,528 | ​ | $ | (40,320)
​ ​ The following table provides information regarding reclassifications from accumulated other comprehensive loss into net income for the three and nine months ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | ​ | Nine Months Ended September 30, | ​ | Line Item In the Consolidated
(Dollars in thousands) |  | 2023 |  | 2022 | ​ |  | 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 | ​ | ​ | (42) | ​ | ​ | (10) | ​ | ​ | ​ | (128) | ​ | ​ | (29) | ​ | Noninterest expenses - Other
Amortization of prior service credit into net income | ​ | ​ | 17 | ​ | ​ | 17 | ​ | ​ | ​ | 51 | ​ | ​ | 51 | ​ | Noninterest expenses - Other
Related income tax effects | ​ | ​ | 5 | ​ | ​ | (2) | ​ | ​ | ​ | 16 | ​ | ​ | (5) | ​ | Income tax expense
​ | ​ | ​ | (20) | ​ | ​ | 5 | ​ | ​ | ​ | (61) | ​ | ​ | 17 | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of hedging gains into net income | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | ​ | 5 | ​ | ​ | 5 | ​ | Interest expense - Trust preferred capital notes
Related income tax effects | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | (1) | ​ | ​ | (1) | ​ | Income tax expense
​ | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | ​ | 4 | ​ | ​ | 4 | ​ | Net of tax
​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
Total reclassifications into net income | ​ | $ | (19) | ​ | $ | 6 | ​ | ​ | $ | (61) | ​ | $ | 21 | ​ | ​
1 | See “Note 8: Employee Benefit Plans,” for additional information.
​ Earnings Per Share (EPS) ​ The components of the Corporation’s EPS calculations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, |
(Dollars in thousands) |  | 2023 |  | 2022 |
Net income attributable to C&F Financial Corporation | ​ | $ | 5,789 | ​ | $ | 6,480 | ​
Weighted average shares outstanding—basic and diluted | ​ |  | 3,391,624 | ​ |  | 3,511,326 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, |
(Dollars in thousands) |  | 2023 |  | 2022 |
Net income attributable to C&F Financial Corporation | ​ | $ | 18,536 | ​ | $ | 18,851 | ​
Weighted average shares outstanding—basic and diluted | ​ |  | 3,426,845 | ​ |  | 3,531,064 | ​
​ 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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