| 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, 2026 through December 31, 2026, to repurchase up to $5.0 million of the Corporation’s common stock (the 2026 Repurchase Program). During the three months ended March 31, 2026, the Corporation repurchased 4,279 of its common stock under the 2026 Repurchase Program. As of March 31, 2026, there was $4.7 million remaining available for repurchases of the Corporation’s common stock under the 2026 Repurchase Program. The Corporation did not repurchase any of its common stock during the three months ended March 31, 2025 under the Corporation’s previous share repurchase program, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). Additionally, during the three months ended March 31, 2026 and 2025, the Corporation withheld 4,167 shares and 5,357 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 Loss, Net Changes in each component of accumulated other comprehensive loss were as follows for the three months ended March 31, 2026 and 2025. | | | | | | | | | | | | | | | Securities | | Defined | | Cash | | | | | | Available | | Benefit | | Flow | | | (Dollars in thousands) | | For Sale | | Plan | | Hedges | | Total | Accumulated other comprehensive (loss) income at December 31, 2025 | | $ | (10,212) | | $ | (1,258) | | $ | 304 | | $ | (11,166) | | | | | | | | | | | | | | Other comprehensive (loss) income arising during the period | | | (1,846) | | | — | | | 82 | | | (1,764) | Related income tax effects | | | 388 | | | — | | | (21) | | | 367 | | | | (1,458) | | | — | | | 61 | | | (1,397) | | | | | | | | | | | | | | Reclassifications into net income | | | — | | | (17) | | | (2) | | | (19) | Related income tax effects | | | — | | | 4 | | | 1 | | | 5 | | | | — | | | (13) | | | (1) | | | (14) | | | | | | | | | | | | | | Other comprehensive (loss) income, net of tax | | | (1,458) | | | (13) | | | 60 | | | (1,411) | | | | | | | | | | | | | | Accumulated other comprehensive (loss) income at March 31, 2026 | | $ | (11,670) | | $ | (1,271) | | $ | 364 | | $ | (12,577) |
| | | | | | | | | | | | | | | 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) |
The following table provides information regarding reclassifications from accumulated other comprehensive loss into net income for the three months ended March 31, 2026 and 2025. | | | | | | | | | | | | | Three Months Ended March 31, | | | | Line Item In the Consolidated | (Dollars in thousands) | | 2026 | | 2025 | | | | 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) | | | | Noninterest expenses - Other | Amortization of prior service credit into net income | | | 17 | | | 17 | | | | Noninterest expenses - Other | Related income tax effects | | | (4) | | | (3) | | | | Income tax expense | | | | 13 | | | 9 | | | | Net of tax | | | | | | | | | | | | Cash flow hedges: | | | | | | | | | | | Amortization of hedging gains into net income | | | 2 | | | 2 | | | | Interest expense - Trust preferred capital notes | Related income tax effects | | | (1) | | | (1) | | | | Income tax expense | | | | 1 | | | 1 | | | | Net of tax | | | | | | | | | | | | Total | | $ | 14 | | $ | 10 | | | | |
| 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) | | 2026 | | 2025 | | Net income attributable to C&F Financial Corporation | | $ | 6,747 | | $ | 5,368 | | Weighted average shares outstanding—basic and diluted | | | 3,248,485 | | | 3,234,935 | |
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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