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Equity, Other Comprehensive Income and Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Equity, Other Comprehensive Income and Earnings Per Share  
Equity, Other Comprehensive Income and Earnings Per Share

NOTE 12: Equity, Other Comprehensive Income and Earnings Per Share

​

Equity and Noncontrolling Interest

​

The Board of Directors authorized a program, effective January 1, 2024 through December 31, 2024, to repurchase up to $10.0 million of the Corporation’s common stock (the 2024 Repurchase Program). During the year ended December 31, 2024, the Corporation repurchased 160,694 shares, or $7.95 million, of its common stock under the 2024 Repurchase Program.  In December 2024, the Board of Directors authorized a program, effective January 1, 2025 through December 31, 2025, to repurchase up to $5.0 million of the Corporation’s common stock (the 2025 Repurchase Program).

​

Under the Corporation’s previous share repurchase programs authorized by the Board of Directors, the Corporation repurchased 135,327 shares, or $7.51 million, and 89,373 shares, or $4.60 million, of its common stock during the year’s ended December 31, 2023 and 2022, respectively.

​

Additionally, during the years ended December 31, 2024, 2023 and 2022, the Corporation withheld 13,937 shares, 12,039 shares and 7,696 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 years ended December 31, 2024, 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, 2023

​

$

(25,002)

​

$

(2,752)

​

$

1,067

​

$

(26,687)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income (loss) arising during the period

​

 

1,657

​

 

1,146

​

 

(238)

​

 

2,565

Related income tax effects

​

 

(348)

​

 

(240)

​

 

61

​

 

(527)

​

​

​

1,309

​

​

906

​

​

(177)

​

​

2,038

​

​

​

​

​

​

​

​

​

​

​

​

​

Reclassifications into net income

​

​

—

​

​

62

​

​

(6)

​

​

56

Related income tax effects

​

​

—

​

​

(13)

​

​

2

​

​

(11)

​

​

​

—

​

​

49

​

​

(4)

​

​

45

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income (loss), net of tax

​

​

1,309

​

​

955

​

​

(181)

​

​

2,083

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated other comprehensive (loss) income at December 31, 2024

​

$

(23,693)

​

$

(1,797)

​

$

886

​

$

(24,604)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

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

​

 

12,883

​

 

508

​

 

(526)

​

 

12,865

Related income tax effects

​

 

(2,705)

​

 

(106)

​

 

135

​

 

(2,676)

​

​

​

10,178

​

​

402

​

​

(391)

​

​

10,189

​

​

​

​

​

​

​

​

​

​

​

​

​

Reclassifications into net income

​

​

5

​

​

104

​

​

(6)

​

​

103

Related income tax effects

​

​

(1)

​

​

(22)

​

​

2

​

​

(21)

​

​

​

4

​

​

82

​

​

(4)

​

​

82

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income (loss), net of tax

​

​

10,182

​

​

484

​

​

(395)

​

​

10,271

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated other comprehensive (loss) income at December 31, 2023

​

$

(25,002)

​

$

(2,752)

​

$

1,067

​

$

(26,687)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

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

​

 

(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)

​

​

The following table provides information regarding the reclassifications from accumulated other comprehensive loss into net income for the years ended December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

Line Item In the Consolidated

(Dollars in thousands)

    

2024

    

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

​

​

(129)

​

​

(171)

​

​

(38)

​

Noninterest expenses - Other

Amortization of prior service credit into net income

​

​

67

​

​

67

​

​

68

​

Noninterest expenses - Other

Related income tax effects

​

​

13

​

​

22

​

​

(6)

​

Income tax expense

​

​

​

(49)

​

​

(82)

​

​

24

​

Net of tax

​

​

​

​

​

​

​

​

​

​

​

​

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

Amortization of hedging gains into net income

​

​

6

​

​

6

​

​

7

​

Interest expense - Trust preferred capital notes

Related income tax effects

​

​

(2)

​

​

(2)

​

​

(2)

​

Income tax expense

​

​

​

4

​

​

4

​

​

5

​

Net of tax

​

​

 

​

​

 

​

​

 

​

​

​

Total reclassifications into net income

​

$

(45)

​

$

(82)

​

$

29

​

​

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

​

​

Earnings Per Share (EPS)

​

The components of the Corporation’s EPS calculations are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

 

(Dollars in thousands)

  

2024

    

2023

    

2022

 

Net income attributable to C&F Financial Corporation

​

$

19,834

​

$

23,604

​

$

29,159

​

Weighted average shares outstanding—basic and diluted

​

 

3,299,574

​

 

3,411,995

​

 

3,517,114

​

​

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.