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

9 Months Ended

Sep. 30, 2024

Equity, Other Comprehensive Income (Loss) 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 (loss) income at June 30, 2024

$

(25,439)

$

(2,736)

$

1,076

$

(27,099)

Other comprehensive income (loss) arising during the period

10,453

—

(864)

9,589

Related income tax effects

(2,195)

—

222

(1,973)

8,258

—

(642)

7,616

Reclassifications into net income

—

20

—

20

Related income tax effects

—

(4)

—

(4)

—

16

—

16

Other comprehensive income (loss), net of tax

8,258

16

(642)

7,632

Accumulated other comprehensive (loss) income at September 30, 2024

$

(17,181)

$

(2,720)

$

434

$

(19,467)


		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 December 31, 2023

$

(25,002)

$

(2,752)

$

1,067

$

(26,687)

Other comprehensive income (loss) arising during the period

9,900

—

(847)

9,053

Related income tax effects

(2,079)

—

218

(1,861)

7,821

—

(629)

7,192

Reclassifications into net income

—

40

(5)

35

Related income tax effects

—

(8)

1

(7)

—

32

(4)

28

Other comprehensive income (loss), net of tax

7,821

32

(633)

7,220

Accumulated other comprehensive (loss) income at September 30, 2024

$

(17,181)

$

(2,720)

$

434

$

(19,467)


		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			(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 income (loss), 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)

Schedule of reclassifications from accumulated other comprehensive loss


		Three Months Ended September 30,							Nine Months Ended September 30,							Line Item In the Consolidated
(Dollars in thousands)		2024			2023				2024			2023				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)			(42)				(92)			(128)			Noninterest expenses - Other
Amortization of prior service credit into net income			18			17				52			51			Noninterest expenses - Other
Related income tax effects			4			5				8			16			Income tax expense
			(16)			(20)				(32)			(61)			Net of tax

Cash flow hedges:
Amortization of hedging gains into net income			—			1				5			5			Interest expense - Trust preferred capital notes
Related income tax effects			—			—				(1)			(1)			Income tax expense
			—			1				4			4			Net of tax

Total reclassifications into net income		$	(16)		$	(19)			$	(28)		$	(61)

1	See “Note 8: Employee Benefit Plans,” for additional information.

Schedule of components earnings per share calculations


		Three Months Ended September 30,
(Dollars in thousands)		2024			2023
Net income attributable to C&F Financial Corporation		$	5,389		$	5,789
Weighted average shares outstanding—basic and diluted			3,258,420			3,391,624


		Nine Months Ended September 30,
(Dollars in thousands)		2024			2023
Net income attributable to C&F Financial Corporation		$	13,797		$	18,536
Weighted average shares outstanding—basic and diluted			3,323,942			3,426,845