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Eagle Financial Services, Inc. (OTCQX: EFSI), headquartered in Berryville, Virginia, is the holding company for the Bank of Clarke, which includes divisions such as Bank of Clarke Wealth Management. EFSI has recently announced its quarterly financial results, reflecting its stability and consistent performance amidst a challenging economic environment.
The Company reported a total loan interest income of $20 million for the quarter ended March 31, 2024, marking a 16.3% increase compared to the same period in the previous year. This growth is primarily attributed to an increase in average loans outstanding and the rising interest rate environment, pushing the tax equivalent yield on average loans to 5.54%.
Despite the increase in loan interest income, EFSI faced a slight decrease in net interest income, which stood at $12.4 million. This was largely due to the higher cost of interest-bearing liabilities, a common trend given the rising interest rates. However, the Company's strategic management of its loan portfolio and deposit growth has maintained its financial health.
One of the notable recent transactions was the sale of EFSI's marine finance arm, LaVictoire Finance, to Axos Bank. This move is expected to streamline operations by reducing non-interest expenses significantly, while the retained marine assets are projected to generate substantial interest income in the coming year.
EFSI's noninterest income also reflects robust performance, with $3.5 million reported in the first quarter of 2024, signifying the success of its Wealth Management division and increased gains from saleable mortgage loans. However, the company continues to manage noninterest expenses carefully, which have decreased by 6.8% compared to the previous quarter, indicating effective cost control measures.
The Company's asset quality remains strong, with nonperforming assets decreasing to $5 million, illustrating an effective risk management strategy. The total consolidated assets of EFSI were $1.78 billion, experiencing a minor decline from the previous quarter but showing year-over-year growth.
The shareholders’ equity stood at $107.7 million, with a book value of $30.28 per common share, reflecting a solid financial foundation. EFSI continues to reward its shareholders with a consistent quarterly dividend, demonstrating its commitment to delivering value.
Overall, Eagle Financial Services, Inc. is showing resilience and adaptability, well-positioned for continued growth and profitability in the evolving financial landscape.
Eagle Financial Services (OTCQX: EFSI) reported Q3 2024 net income of $3.4 million, up from $3.2 million in Q2 2024 and $2.3 million in Q3 2023. Earnings per share increased to $0.97, with an annualized return on average equity of 11.99%. The quarter saw deposit growth of $57.4 million (3.9%) and noninterest income increased by $946 thousand (22%). The company's net interest margin improved to 2.88%, and total consolidated assets reached $1.88 billion. The Board declared a quarterly dividend of $0.31 per share, payable November 15, 2024.
Eagle Financial Services (OTCQX: EFSI) announced its Q2 2024 financial results on July 26, 2024. Key highlights include a $824K increase in noninterest income, a 25% rise in net income to $3.2M, and a 17 cent boost in EPS to $0.89. Return on average total equity grew from 9.43% to 11.89%, and nonperforming assets decreased from $5.0M to $3.3M. However, net interest income dipped by 2.1% to $12.2M, and interest expense rose slightly to $9.6M, impacted by deposit rate specials. The company also announced a quarterly dividend of $0.30 per common share, payable on August 16, 2024, to shareholders of record as of August 5, 2024. Total consolidated assets stood at $1.79B, up by $7.5M from Q1 2024. Meanwhile, total deposits grew to $1.49B, and shareholders' equity increased to $111.1M. Operations saw a decrease in cash and cash equivalents by $4.0M and net unrealized losses on securities improved by $1.3M. The book value per common share was $31.24.
Eagle Financial Services, Inc. reported its first quarter 2024 financial results, highlighting an increase in earnings per share, decreased noninterest expenses, and improved efficiency. The company also declared a quarterly dividend of $0.30 per share.
Total loan interest income rose by 16.3% compared to the same period last year, driven by an increase in average loans outstanding. Net interest income increased by 1.1% from the previous quarter, while noninterest expenses decreased by 6.8%. Nonperforming assets decreased, reflecting a strong asset quality. The Company's net interest margin was 2.91% for the quarter.
Despite challenges in the market landscape, the company remains focused on delivering value to clients and shareholders, with a commitment to sustainable growth opportunities.
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