C&F Financial sells Bearing Insurance stake, restructures AFS portfolio for earnings lift

C & F FINANCIAL CORP

Pre-tax gain of ~$8.3M from sale of membership interest in Bearing Insurance Group, effective May 1, 2026.
Sold $72.6M in AFS securities (yield 1.40%) and bought $67.8M (yield 4.70%), incurring ~$7.1M pre-tax loss.
Portfolio restructuring expected to improve EPS by ~$0.51/year and net interest margin by ~9 bps.
Gain on sale expected to increase tangible book value per share by ~$1.90 after taxes; no impact on total equity from loss.
Loss recovery estimated over ~3.3 years; both transactions recorded in Q2 2026.

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