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

12 Months Ended

Dec. 31, 2023

Equity, Other Comprehensive Income 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 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)

	Securities		Defined		Cash
	Available		Benefit		Flow
(Dollars in thousands)	For Sale		Plan		Hedges		Total
Accumulated other comprehensive income (loss) at December 31, 2020	$	4,397	$	(4,985)	$	(1,367)	$	(1,955)
Other comprehensive (loss) income arising during the period		(4,971)		2,274		1,216		(1,481)
Related income tax effects		1,044		(478)		(313)		253
		(3,927)		1,796		903		(1,228)
Reclassifications into net income		(42)		1,436		(7)		1,387
Related income tax effects		9		(302)		2		(291)
		(33)		1,134		(5)		1,096
Other comprehensive (loss) income, net of tax		(3,960)		2,930		898		(132)
Accumulated other comprehensive income (loss) at December 31, 2021	$	437	$	(2,055)	$	(469)	$	(2,087)

Schedule of reclassifications from accumulated other comprehensive loss

	Year Ended December 31,						Line Item In the Consolidated
(Dollars in thousands)	2023		2022		2021		Statements of Income
Securities available for sale:
Reclassification of net realized losses into net income	$	(5)	$	—	$	42	Net losses on sales, maturities and calls of available for sale securities
Related income tax effects		1		—		(9)	Income tax expense
		(4)		—		33	Net of tax
Defined benefit plan:1
Reclassification of recognized net actuarial losses into net income		(171)		(38)		(1,504)	Noninterest expenses - Other
Amortization of prior service credit into net income		67		68		68	Noninterest expenses - Other
Related income tax effects		22		(6)		302	Income tax expense
		(82)		24		(1,134)	Net of tax
Cash flow hedges:
Amortization of hedging gains into net income		6		7		7	Interest expense - Trust preferred capital notes
Related income tax effects		(2)		(2)		(2)	Income tax expense
		4		5		5	Net of tax
Total reclassifications into net income	$	(82)	$	29	$	(1,096)

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

Schedule of components earnings per share calculations

	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Net income attributable to C&F Financial Corporation	$	23,604	$	29,159	$	28,667
Weighted average shares outstanding—basic and diluted		3,411,995		3,517,114		3,604,119