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

6 Months Ended

Jun. 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 March 31, 2024	$	(27,068)	$	(2,745)	$	1,144	$	(28,669)
Other comprehensive income (loss) arising during the period		2,062		—		(89)		1,973
Related income tax effects		(433)		—		23		(410)
		1,629		—		(66)		1,563
Reclassifications into net income		—		11		(2)		9
Related income tax effects		—		(2)		—		(2)
		—		9		(2)		7
Other comprehensive income (loss), net of tax		1,629		9		(68)		1,570
Accumulated other comprehensive (loss) income at June 30, 2024	$	(25,439)	$	(2,736)	$	1,076	$	(27,099)

	Securities		Defined		Cash
	Available		Benefit		Flow
(Dollars in thousands)	For Sale		Plan		Hedges		Total
Accumulated other comprehensive (loss) income at March 31, 2023	$	(29,903)	$	(3,219)	$	1,199	$	(31,923)
Other comprehensive (loss) income arising during the period		(4,724)		—		305		(4,419)
Related income tax effects		992		—		(78)		914
		(3,732)		—		227		(3,505)
Reclassifications into net income		—		31		(2)		29
Related income tax effects		—		(7)		—		(7)
		—		24		(2)		22
Other comprehensive (loss) income, net of tax		(3,732)		24		225		(3,483)
Accumulated other comprehensive (loss) income at June 30, 2023	$	(33,635)	$	(3,195)	$	1,424	$	(35,406)

	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		(553)		—		17		(536)
Related income tax effects		116		—		(4)		112
		(437)		—		13		(424)
Reclassifications into net income		—		20		(5)		15
Related income tax effects		—		(4)		1		(3)
		—		16		(4)		12
Other comprehensive (loss) income, net of tax		(437)		16		9		(412)
Accumulated other comprehensive (loss) income at June 30, 2024	$	(25,439)	$	(2,736)	$	1,076	$	(27,099)

	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		1,956		—		(48)		1,908
Related income tax effects		(411)		—		13		(398)
		1,545		—		(35)		1,510
Reclassifications into net income		5		52		(4)		53
Related income tax effects		(1)		(11)		1		(11)
		4		41		(3)		42
Other comprehensive income (loss), net of tax		1,549		41		(38)		1,552
Accumulated other comprehensive (loss) income at June 30, 2023	$	(33,635)	$	(3,195)	$	1,424	$	(35,406)

Schedule of reclassifications from accumulated other comprehensive loss

	Three Months Ended June 30,				Six Months Ended June 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		(27)		(48)		(54)		(86)	Noninterest expenses - Other
Amortization of prior service credit into net income		16		17		34		34	Noninterest expenses - Other
Related income tax effects		2		7		4		11	Income tax expense
		(9)		(24)		(16)		(41)	Net of tax
Cash flow hedges:
Amortization of hedging gains into net income		2		2		5		4	Interest expense - Trust preferred capital notes
Related income tax effects		—		—		(1)		(1)	Income tax expense
		2		2		4		3	Net of tax
Total reclassifications into net income	$	(7)	$	(22)	$	(12)	$	(42)

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

Schedule of components earnings per share calculations

	Three Months Ended June 30,
(Dollars in thousands)	2024		2023
Net income attributable to C&F Financial Corporation	$	5,007	$	6,306
Weighted average shares outstanding—basic and diluted		3,343,192		3,424,820

	Six Months Ended June 30,
(Dollars in thousands)	2024		2023
Net income attributable to C&F Financial Corporation	$	8,408	$	12,747
Weighted average shares outstanding—basic and diluted		3,357,063		3,444,746