C&F Financial sells Bearing Insurance stake

C&F Financial announced the sale of its interest in Bearing Insurance , held through subsidiary C&F Insurance Services, to an unaffiliated third party effective May 1, 2026.

The company expects to record a pre-tax gain of about $8.3 million from the transaction in the second quarter of 2026.

Following the sale, C&F restructured part of its available-for-sale securities portfolio. The company sold $72.6 million in securities with a weighted average yield of 1.40% and purchased about $67.8 million in securities yielding approximately 4.70%.

The restructuring is expected to result in a pre-tax loss of around $7.1 million in Q2 2026, partially offsetting the gain from the Bearing transaction. C&F said the loss is expected to be recovered over about 3.3 years and projects the move will improve annualized earnings per share by about $0.51 and net interest margin by approximately 9 basis points.

Bearing is a Virginia-based independent insurance brokerage offering commercial insurance, personal insurance, private client coverage, and employee benefits services. The company was formed through the merger and rebranding of several regional agencies, including Trustpoint Insurance, and has expanded through acquisitions across the Southeast and Mid-Atlantic.