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Equity, Other Comprehensive Income and Earnings Per Share

3 Months Ended

Mar. 31, 2025

Equity, Other Comprehensive Income and Earnings Per Share

Equity, Other Comprehensive Income and Earnings Per Share

NOTE 6: Equity, Other Comprehensive Income and Earnings Per Share

​

Equity and Noncontrolling Interest

​

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). During the three months ended March 31, 2025, the Corporation did not repurchase any of its common stock under the 2025 Repurchase Program.  As of March 31, 2025, there was $5.0 million remaining available for repurchases of the Corporation’s common stock under the 2025 Repurchase Program. The Corporation’s previous share repurchase program (the 2024 Repurchase Program), which

was authorized by the Board of Directors in December 2023, expired on December 31, 2024. Under the 2024 Repurchase Program, the Corporation repurchased $516,000 of its common stock during the three months ended March 31, 2024.

​

Additionally, during the three months ended March 31, 2025 and 2024, the Corporation withheld 5,357 shares and 9,151 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, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities

Defined

Cash

​

​

​

​

Available

​

Benefit

​

Flow

​

​

(Dollars in thousands)

​

For Sale

​

Plan

​

Hedges

​

Total

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

​

$

(23,693)

​

$

(1,797)

​

$

886

​

$

(24,604)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income (loss) arising during the period

​

5,835

​

—

​

(387)

​

5,448

Related income tax effects

​

(1,225)

​

—

​

100

​

(1,125)

​

​

​

4,610

​

​

—

​

​

(287)

​

​

4,323

​

​

​

​

​

​

​

​

​

​

​

​

​

Reclassifications into net income

​

​

—

​

​

(12)

​

​

(2)

​

​

(14)

Related income tax effects

​

​

—

​

​

3

​

​

1

​

​

4

​

​

​

—

​

​

(9)

​

​

(1)

​

​

(10)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income (loss), net of tax

​

​

4,610

​

​

(9)

​

​

(288)

​

​

4,313

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated other comprehensive (loss) income at March 31, 2025

​

$

(19,083)

​

$

(1,806)

​

$

598

​

$

(20,291)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 (loss) income arising during the period

​

(2,615)

​

—

​

106

​

(2,509)

Related income tax effects

​

549

​

—

​

(27)

​

522

​

​

​

(2,066)

​

​

—

​

​

79

​

​

(1,987)

​

​

​

​

​

​

​

​

​

​

​

​

​

Reclassifications into net income

​

​

—

​

​

9

​

​

(3)

​

​

6

Related income tax effects

​

​

—

​

​

(2)

​

​

1

​

​

(1)

​

​

​

—

​

​

7

​

​

(2)

​

​

5

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive (loss) income, net of tax

​

​

(2,066)

​

​

7

​

​

77

​

​

(1,982)

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

(27,068)

​

$

(2,745)

​

$

1,144

​

$

(28,669)

​

​

​

​

The following table provides information regarding reclassifications from accumulated other comprehensive loss into net income for the three months ended March 31, 2025 and 2024:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​	​	​	Line Item In the Consolidated
(Dollars in thousands)		2025			2024		​		​	Statements of Income
Securities available for sale:	​	​	​	​	​	​	​	​	​	​
Reclassification of net realized losses into net income	​	$	—	​	$	—	​	​	​	Net losses on sales, maturities and calls of available for sale securities
Related income tax effects	​	​	—	​	​	—	​	​	​	Income tax expense
​	​	​	—	​	​	—	​	​	​	Net of tax
​	​	​	​	​	​	​	​	​	​	​
Defined benefit plan:1	​	​	​	​	​	​	​	​	​	​
Reclassification of recognized net actuarial losses into net income	​	​	(5)	​	​	(27)	​	​	​	Noninterest expenses - Other
Amortization of prior service credit into net income	​	​	17	​	​	18	​	​	​	Noninterest expenses - Other
Related income tax effects	​	​	(3)	​	​	2	​	​	​	Income tax expense
​	​	​	9	​	​	(7)	​	​	​	Net of tax
​	​	​	​	​	​	​	​	​	​	​
Cash flow hedges:	​	​	​	​	​	​	​	​	​	​
Amortization of hedging gains into net income	​	​	2	​	​	3	​	​	​	Interest expense - Trust preferred capital notes
Related income tax effects	​	​	(1)	​	​	(1)	​	​	​	Income tax expense
​	​	​	1	​	​	2	​	​	​	Net of tax
​	​		​	​		​	​	​	​	​
Total reclassifications into net income	​	$	10	​	$	(5)	​	​	​	​

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 March 31,
(Dollars in thousands)		2025			2024
Net income attributable to C&F Financial Corporation	​	$	5,368	​	$	3,401	​
Weighted average shares outstanding—basic and diluted	​		3,234,935	​		3,370,934	​

​

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 equity.

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