First Community Bankshares Reports Sale of Bearing Insurance; ~$10M Gain

What Happened

• First Community Bankshares, Inc. (FCBC) filed an 8-K on May 1, 2026 announcing that Bearing Insurance Group, LLC (“Bearing”) was sold to BroadStreet Partners Group, LLC.
• The company owned 11 units of Bearing and expects to realize a pre-tax gain of approximately $10 million in connection with the sale.

Key Details

• Transaction closing date: May 1, 2026.
• Buyer: BroadStreet Partners Group, LLC.
• Company interest: 11 units of Bearing Insurance Group, LLC.
• Expected pre-tax gain: approximately $10,000,000.

Why It Matters

• The expected $10M pre-tax gain will be recorded in the company’s financial results and should increase reported pre-tax income for the period in which the gain is recognized.
• For investors, this is a one-time gain from the sale of a non-core investment; it may boost reported earnings but is not recurring operating revenue.