EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2022 THIRD QUARTER RECORD EARNINGS AND INCREASED SHAREHOLDER DIVIDEND
Eagle Financial Services, Inc. (OTCQX: EFSI) reported record earnings for Q3 2022, with net income reaching $4.1 million, a 42.1% increase year-over-year. Basic and diluted earnings per share (EPS) stood at $1.17, the highest in the company's history. Total assets grew to $1.47 billion, up 5.03% from the previous quarter, driven by significant loan growth of $80.1 million. The Board declared a quarterly dividend of $0.30 per share, payable on November 21, 2022. However, noninterest income decreased by 17.8% to $3.2 million, affected by a loss on securities.
- Net income increased 42.1% year-over-year to $4.1 million.
- EPS at $1.17 marks the highest in company history.
- Total assets grew to $1.47 billion, a 5.03% increase from Q2 2022.
- Loan growth of $80.1 million indicating strong commercial lending activity.
- Continued deposit growth contributing to financial stability.
- Noninterest income fell 17.8% due to a loss on sale of securities.
- Shareholders' equity decreased from $99.5 million in Q2 2022 to $98.5 million due to unrealized losses.
- Total interest expense increased, reflecting rising rates and higher liabilities.
BERRYVILLE, Va., Oct. 27, 2022 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announced its third quarter 2022 results and quarterly dividend. On October 26, 2022, the Board of Directors announced a quarterly common stock cash dividend of
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Brandon Lorey, President and CEO, stated, "Despite the headwinds of increasing costs of funds, I am thrilled to announce a record earnings quarter for Eagle Financial Services, Inc. at
Net income for the quarter ended September 30, 2022, was
Net interest income for the quarters ended September 30, 2022, was
Total loan interest income was
Interest and dividend income from the investment portfolio was
Total interest expense was
The net interest margin was
Noninterest income was
Noninterest expense increased
Nonperforming assets consist of nonaccrual loans, loans 90 days or more past due and still accruing, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets increased from
The Company may, under certain circumstances, restructure loans in troubled debt restructurings as a concession to a borrower when the borrower is experiencing financial distress. Formal, standardized loan restructuring programs are not utilized by the Company. Each loan considered for restructuring is evaluated based on customer circumstances and may include modifications to one or more loan provision. Such restructured loans are included in impaired loans but may not necessarily be nonperforming loans. At September 30, 2022, the Company had 26 troubled debt restructurings totaling
The Company realized
Total consolidated assets of the Company at September 30, 2022, were
Total deposits increased to
The Company had
On March 31, 2022, the Company entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers and accredited institutional investors, pursuant to which the Company issued
Shareholders' equity was
Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.
Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the effects of the COVID-19 pandemic, including on the Company's credit quality and business operations, as well as its impact on general economic and financial market conditions; the legislative and regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve; the quality or composition of the Company's loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; acquisitions and dispositions; the Company's ability to keep pace with new technologies; a failure in or breach of the Company's operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyberattacks; the Company's capital and liquidity requirements; changes in tax and accounting rules, principles, policies and guidelines; and other factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission.
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | ||||||||||||||||
Net Income (dollars in thousands) | $ | 4,082 | $ | 3,992 | $ | 3,250 | $ | 2,283 | $ | 2,873 | ||||||||||
Earnings per share, basic | $ | 1.17 | $ | 1.14 | $ | 0.94 | $ | 0.66 | $ | 0.83 | ||||||||||
Earnings per share, diluted | $ | 1.17 | $ | 1.14 | $ | 0.94 | $ | 0.66 | $ | 0.83 | ||||||||||
Return on average total assets | 1.12 | % | 1.16 | % | 0.99 | % | 0.70 | % | 0.92 | % | ||||||||||
Return on average total equity | 15.93 | % | 15.86 | % | 12.08 | % | 8.20 | % | 10.48 | % | ||||||||||
Dividend payout ratio | 24.79 | % | 24.56 | % | 29.79 | % | 42.42 | % | 33.73 | % | ||||||||||
Fee revenue as a percent of total revenue | 16.11 | % | 15.73 | % | 15.32 | % | 15.16 | % | 16.40 | % | ||||||||||
Net interest margin(1) | 3.72 | % | 3.70 | % | 3.61 | % | 3.67 | % | 3.56 | % | ||||||||||
Yield on average earning assets | 4.14 | % | 3.93 | % | 3.73 | % | 3.79 | % | 3.69 | % | ||||||||||
Rate on average interest-bearing liabilities | 0.68 | % | 0.38 | % | 0.21 | % | 0.22 | % | 0.23 | % | ||||||||||
Net interest spread | 3.46 | % | 3.55 | % | 3.52 | % | 3.57 | % | 3.46 | % | ||||||||||
Tax equivalent adjustment to net interest income (dollars in thousands) | $ | 32 | $ | 25 | $ | 27 | $ | 32 | $ | 37 | ||||||||||
Non-interest income to average assets | 0.87 | % | 1.12 | % | 0.99 | % | 1.04 | % | 0.92 | % | ||||||||||
Non-interest expense to average assets | 3.04 | % | 3.07 | % | 3.02 | % | 3.66 | % | 3.05 | % | ||||||||||
Efficiency ratio(2) | 65.73 | % | 66.62 | % | 68.87 | % | 81.53 | % | 71.31 | % | ||||||||||
(1) | The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The rate utilized is |
(2) | The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio and sales of repossessed assets. The tax rate utilized is |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | ||||||||||||||||
BALANCE SHEET RATIOS | ||||||||||||||||||||
Loans to deposits | 95.83 | % | 91.01 | % | 82.96 | % | 83.73 | % | 81.74 | % | ||||||||||
Average interest-earning assets to average-interest bearing liabilities | 161.11 | % | 166.35 | % | 173.69 | % | 173.49 | % | 173.86 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Dividends | $ | 0.29 | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.28 | ||||||||||
Book value | 28.28 | 28.58 | 29.37 | 32.22 | 32.21 | |||||||||||||||
Tangible book value | 28.28 | 28.58 | 29.37 | 32.22 | 32.21 | |||||||||||||||
SHARE PRICE DATA | ||||||||||||||||||||
Closing price | $ | 36.92 | $ | 35.44 | $ | 35.45 | $ | 34.65 | $ | 34.20 | ||||||||||
Diluted earnings multiple(1) | 7.89 | 7.77 | 9.43 | 13.13 | 10.30 | |||||||||||||||
Book value multiple(2) | 1.31 | 1.24 | 1.21 | 1.08 | 1.06 | |||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||
Outstanding shares at end of period | 3,483,571 | 3,481,188 | 3,477,020 | 3,454,128 | 3,449,204 | |||||||||||||||
Weighted average shares outstanding | 3,482,820 | 3,479,591 | 3,472,332 | 3,451,383 | 3,448,352 | |||||||||||||||
Weighted average shares outstanding, diluted | 3,482,820 | 3,479,591 | 3,472,332 | 3,451,383 | 3,448,352 | |||||||||||||||
CAPITAL RATIOS | ||||||||||||||||||||
Common equity Tier 1 capital ratio | 9.35 | % | 9.67 | % | 10.19 | % | 10.72 | % | 11.30 | % | ||||||||||
Tier 1 risk-based capital ratio | 9.35 | % | 9.67 | % | 10.19 | % | 10.72 | % | 11.30 | % | ||||||||||
Total risk-based capital ratio | 10.98 | % | 11.33 | % | 11.94 | % | 11.58 | % | 12.18 | % | ||||||||||
Tier 1 leverage ratio | 8.09 | % | 8.34 | % | 8.44 | % | 8.57 | % | 8.78 | % | ||||||||||
Total equity to total assets | 6.69 | % | 7.09 | % | 7.43 | % | 8.46 | % | 8.76 | % | ||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Net charge-offs to average loans | (0.08) | % | (0.02) | % | 0.00 | % | — | % | (0.01) | % | ||||||||||
Total non-performing loans to total loans | 0.20 | % | 0.19 | % | 0.26 | % | 0.28 | % | 0.38 | % | ||||||||||
Total non-performing assets to total assets | 0.16 | % | 0.15 | % | 0.19 | % | 0.21 | % | 0.30 | % | ||||||||||
Non-accrual loans to: | ||||||||||||||||||||
total loans | 0.20 | % | 0.18 | % | 0.26 | % | 0.28 | % | 0.38 | % | ||||||||||
total assets | 0.16 | % | 0.14 | % | 0.19 | % | 0.21 | % | 0.28 | % | ||||||||||
Allowance for loan losses to: | ||||||||||||||||||||
total loans | 0.89 | % | 0.88 | % | 0.91 | % | 0.89 | % | 0.91 | % | ||||||||||
non-performing assets | 442.59 | % | 472.67 | % | 357.47 | % | 317.68 | % | 226.79 | % | ||||||||||
non-accrual loans | 442.59 | % | 488.85 | % | 357.47 | % | 322.70 | % | 239.18 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Loans delinquent over 90 days | $ | — | $ | 69 | $ | — | $ | 43 | $ | — | ||||||||||
Non-accrual loans | 2,427 | 2,015 | 2,606 | 2,723 | 3,532 | |||||||||||||||
Other real estate owned and repossessed assets | — | — | — | — | 193 | |||||||||||||||
NET LOAN CHARGE-OFFS (RECOVERIES): | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Loans charged off | $ | 80 | $ | 41 | $ | 47 | $ | 42 | $ | 45 | ||||||||||
(Recoveries) | (975) | (213) | (35) | (81) | (95) | |||||||||||||||
Net charge-offs (recoveries) | (895) | (172) | 12 | (39) | (50) | |||||||||||||||
PROVISION FOR LOAN LOSSES (dollars in thousands) | $ | — | $ | 360 | $ | 540 | $ | 300 | $ | 300 | ||||||||||
ALLOWANCE FOR LOAN LOSS SUMMARY | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Balance at the beginning of period | $ | 9,847 | $ | 9,315 | $ | 8,787 | $ | 8,448 | $ | 8,098 | ||||||||||
Provision | — | 360 | 540 | 300 | 300 | |||||||||||||||
Net charge-offs (recoveries) | (895) | (172) | 12 | (39) | (50) | |||||||||||||||
Balance at the end of period | $ | 10,742 | $ | 9,847 | $ | 9,315 | $ | 8,787 | $ | 8,448 | ||||||||||
(1) | The diluted earnings multiple (or price earnings ratio) is calculated by dividing the period's closing market price per share by total equity per weighted average shares outstanding, diluted for the period. The diluted earnings multiple is a measure of how much an investor may be willing to pay for |
(2) | The book value multiple (or price to book ratio) is calculated by dividing the period's closing market price per share by the period's book value per share. The book value multiple is a measure used to compare the Company's market value per share to its book value per share. |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Audited | Unaudited | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 30,782 | $ | 31,457 | $ | 86,965 | $ | 63,840 | $ | 68,168 | ||||||||||
Federal funds sold | 5,153 | 680 | 8,945 | 228 | 240 | |||||||||||||||
Securities available for sale, at fair value | 156,361 | 181,162 | 194,554 | 193,370 | 202,488 | |||||||||||||||
Loans held for sale | 90 | 399 | 843 | 876 | 1,148 | |||||||||||||||
Loans, net of allowance for loan losses | 1,191,099 | 1,110,993 | 1,012,144 | 976,933 | 914,628 | |||||||||||||||
Bank premises and equipment, net | 17,972 | 18,155 | 18,333 | 18,249 | 18,572 | |||||||||||||||
Bank owned life insurance | 23,731 | 23,593 | 23,415 | 23,236 | 23,076 | |||||||||||||||
Other assets | 47,932 | 36,074 | 29,096 | 26,306 | 24,433 | |||||||||||||||
Total assets | $ | 1,473,120 | $ | 1,402,513 | $ | 1,374,295 | $ | 1,303,038 | $ | 1,252,753 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 491,184 | $ | 477,540 | $ | 489,426 | $ | 470,355 | $ | 448,217 | ||||||||||
Savings and interest-bearing demand deposits | 632,081 | 638,951 | 619,224 | 583,296 | 557,804 | |||||||||||||||
Time deposits | 130,849 | 115,022 | 122,673 | 123,584 | 124,644 | |||||||||||||||
Total deposits | $ | 1,254,114 | $ | 1,231,513 | $ | 1,231,323 | $ | 1,177,235 | $ | 1,130,665 | ||||||||||
Federal funds purchased | — | 28,575 | — | — | — | |||||||||||||||
Federal Home Loan Bank advances | 75,000 | — | — | — | — | |||||||||||||||
Subordinated debt | 29,360 | 29,343 | 29,327 | — | — | |||||||||||||||
Other liabilities | 16,146 | 13,592 | 11,542 | 15,523 | 12,286 | |||||||||||||||
Commitments and contingent liabilities | — | — | — | — | — | |||||||||||||||
Total liabilities | $ | 1,374,620 | $ | 1,303,023 | $ | 1,272,192 | $ | 1,192,758 | $ | 1,142,951 | ||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 8,600 | 8,594 | 8,586 | 8,556 | 8,521 | |||||||||||||||
Surplus | 13,003 | 12,594 | 12,260 | 12,115 | 11,750 | |||||||||||||||
Retained earnings | 98,128 | 95,058 | 92,040 | 89,764 | 88,446 | |||||||||||||||
Accumulated other comprehensive (loss) income | (21,231) | (16,756) | (10,783) | (155) | 1,085 | |||||||||||||||
Total shareholders' equity | $ | 98,500 | $ | 99,490 | $ | 102,103 | $ | 110,280 | $ | 109,802 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,473,120 | $ | 1,402,513 | $ | 1,374,295 | $ | 1,303,038 | $ | 1,252,753 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | ||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Interest and fees on loans | $ | 13,282 | $ | 11,663 | $ | 10,620 | $ | 10,665 | $ | 10,049 | ||||||||||
Interest on federal funds sold | 9 | 4 | 2 | — | — | |||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||
Taxable interest income | 851 | 847 | 779 | 676 | 600 | |||||||||||||||
Interest income exempt from federal income taxes | 59 | 75 | 83 | 98 | 96 | |||||||||||||||
Dividends | 22 | 17 | 10 | 10 | 11 | |||||||||||||||
Interest on deposits in banks | 143 | 41 | 15 | 16 | 26 | |||||||||||||||
Total interest and dividend income | $ | 14,366 | $ | 12,647 | $ | 11,509 | $ | 11,465 | $ | 10,782 | ||||||||||
Interest Expense | ||||||||||||||||||||
Interest on deposits | $ | 714 | $ | 383 | $ | 370 | $ | 373 | $ | 383 | ||||||||||
Interest on federal funds purchased | 11 | 8 | — | — | — | |||||||||||||||
Interest on Federal Home Loan Bank advances | 404 | — | — | — | — | |||||||||||||||
Interest on subordinated debt | 338 | 337 | — | — | — | |||||||||||||||
Total interest expense | $ | 1,467 | $ | 728 | $ | 370 | $ | 373 | $ | 383 | ||||||||||
Net interest income | $ | 12,899 | $ | 11,919 | $ | 11,139 | $ | 11,092 | $ | 10,399 | ||||||||||
Provision For Loan Losses | — | 360 | 540 | 300 | 300 | |||||||||||||||
Net interest income after provision for loan losses | $ | 12,899 | $ | 11,559 | $ | 10,599 | $ | 10,792 | $ | 10,099 | ||||||||||
Noninterest Income | ||||||||||||||||||||
Wealth management fees | $ | 1,094 | $ | 1,062 | $ | 921 | $ | 922 | $ | 876 | ||||||||||
Service charges on deposit accounts | 432 | 389 | 374 | 366 | 338 | |||||||||||||||
Other service charges and fees | 1,061 | 1,029 | 909 | 903 | 964 | |||||||||||||||
Gain (loss) on the sale of bank premises and equipment | 8 | (11) | — | — | — | |||||||||||||||
(Loss) on the sale of AFS securities | (737) | — | — | — | — | |||||||||||||||
Gain on sale of loans HFS | 568 | 498 | 478 | 813 | 486 | |||||||||||||||
Officer insurance income | 138 | 178 | 179 | 160 | 145 | |||||||||||||||
Other operating income | 600 | 704 | 382 | 198 | 72 | |||||||||||||||
Total noninterest income | $ | 3,164 | $ | 3,849 | $ | 3,243 | $ | 3,362 | $ | 2,881 | ||||||||||
Noninterest Expenses | ||||||||||||||||||||
Salaries and employee benefits | $ | 6,938 | $ | 5,983 | $ | 5,952 | $ | 5,881 | $ | 5,947 | ||||||||||
Occupancy expenses | 528 | 516 | 518 | 484 | 450 | |||||||||||||||
Equipment expenses | 299 | 258 | 257 | 251 | 246 | |||||||||||||||
Advertising and marketing expenses | 181 | 146 | 111 | 185 | 168 | |||||||||||||||
Stationery and supplies | 34 | 66 | 35 | 30 | 27 | |||||||||||||||
ATM network fees | 381 | 310 | 286 | 288 | 285 | |||||||||||||||
Other real estate owned expenses | — | — | — | 4 | 32 | |||||||||||||||
Loss on the sale of other real estate owned | — | — | — | 73 | 26 | |||||||||||||||
FDIC assessment | 116 | 137 | 177 | 197 | 169 | |||||||||||||||
Computer software expense | 252 | 184 | 254 | 244 | 282 | |||||||||||||||
Bank franchise tax | 234 | 221 | 198 | 198 | 199 | |||||||||||||||
Professional fees | 270 | 876 | 464 | 2,642 | 289 | |||||||||||||||
Data processing fees | 427 | 479 | 480 | 348 | 418 | |||||||||||||||
Other operating expenses | 1,398 | 1,352 | 1,191 | 1,058 | 985 | |||||||||||||||
Total noninterest expenses | $ | 11,058 | $ | 10,528 | $ | 9,923 | $ | 11,883 | $ | 9,523 | ||||||||||
Income before income taxes | $ | 5,005 | $ | 4,880 | $ | 3,919 | $ | 2,271 | $ | 3,457 | ||||||||||
Income Tax Expense | 923 | 888 | 669 | (12) | 584 | |||||||||||||||
Net income | $ | 4,082 | $ | 3,992 | $ | 3,250 | $ | 2,283 | $ | 2,873 | ||||||||||
Earnings Per Share | ||||||||||||||||||||
Net income per common share, basic | $ | 1.17 | $ | 1.14 | $ | 0.94 | $ | 0.66 | $ | 0.83 | ||||||||||
Net income per common share, diluted | $ | 1.17 | $ | 1.14 | $ | 0.94 | $ | 0.66 | $ | 0.83 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average | ||||||||||||||||||||||||||||
Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 172,848 | $ | 873 | 2.00 | % | $ | 177,539 | $ | 864 | 1.95 | % | $ | 164,203 | $ | 611 | 1.47 | % | ||||||||||||||||||
Tax-Exempt (1) | 8,745 | 75 | 3.38 | % | 11,227 | 95 | 3.38 | % | 15,338 | 122 | 3.14 | % | ||||||||||||||||||||||||
Total Securities | $ | 181,593 | $ | 948 | 2.07 | % | $ | 188,766 | $ | 959 | 2.04 | % | $ | 179,541 | $ | 733 | 1.62 | % | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,160,966 | $ | 13,222 | 4.52 | % | $ | 1,068,464 | $ | 11,643 | 4.37 | % | $ | 893,781 | $ | 10,006 | 4.44 | % | ||||||||||||||||||
Non-accrual | 2,038 | — | — | % | 2,470 | — | — | % | 3,834 | — | — | % | ||||||||||||||||||||||||
Tax-Exempt (1) | 7,649 | 76 | 3.94 | % | 2,697 | 25 | 3.79 | % | 5,191 | 54 | 4.13 | % | ||||||||||||||||||||||||
Total Loans | $ | 1,170,653 | $ | 13,298 | 4.51 | % | $ | 1,073,631 | $ | 11,668 | 4.36 | % | $ | 902,806 | $ | 10,060 | 4.42 | % | ||||||||||||||||||
Federal funds sold | 8,183 | 9 | 0.42 | % | 3,068 | 4 | 0.54 | % | 232 | — | 0.12 | % | ||||||||||||||||||||||||
Interest-bearing deposits in other banks | 19,634 | 143 | 2.89 | % | 31,070 | 41 | 0.53 | % | 83,133 | 26 | 0.12 | % | ||||||||||||||||||||||||
Total earning assets | $ | 1,378,025 | $ | 14,398 | 4.14 | % | $ | 1,294,065 | $ | 12,672 | 3.93 | % | $ | 1,161,878 | $ | 10,819 | 3.69 | % | ||||||||||||||||||
Allowance for loan losses | (10,218) | (9,536) | (8,195) | |||||||||||||||||||||||||||||||||
Total non-earning assets | 92,539 | 92,788 | 86,862 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,460,346 | $ | 1,377,317 | $ | 1,240,545 | ||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 178,669 | $ | 170 | 0.38 | % | $ | 174,111 | $ | 90 | 0.21 | % | $ | 151,624 | $ | 79 | 0.21 | % | ||||||||||||||||||
Money market accounts | 276,851 | 283 | 0.41 | % | 267,571 | 150 | 0.22 | % | 229,864 | 137 | 0.24 | % | ||||||||||||||||||||||||
Savings accounts | 183,774 | 35 | 0.08 | % | 182,095 | 29 | 0.06 | % | 161,192 | 24 | 0.06 | % | ||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||
57,901 | 144 | 0.98 | % | 63,913 | 60 | 0.38 | % | 67,325 | 79 | 0.47 | % | |||||||||||||||||||||||||
Less than | 59,979 | 82 | 0.54 | % | 58,003 | 54 | 0.37 | % | 58,261 | 64 | 0.43 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | $ | 757,174 | $ | 714 | 0.37 | % | $ | 745,693 | $ | 383 | 0.21 | % | $ | 668,266 | $ | 383 | 0.23 | % | ||||||||||||||||||
Federal funds purchased | 1,949 | 11 | 2.27 | % | 2,876 | 8 | 1.11 | % | — | — | — | % | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 66,848 | 404 | 2.40 | % | — | — | — | % | — | — | — | % | ||||||||||||||||||||||||
Subordinated debt | 29,349 | 338 | 4.56 | % | 29,332 | 337 | 4.62 | % | — | — | — | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 855,320 | $ | 1,467 | 0.68 | % | $ | 777,901 | $ | 728 | 0.38 | % | $ | 668,266 | $ | 383 | 0.23 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 487,761 | 485,979 | 452,122 | |||||||||||||||||||||||||||||||||
Other Liabilities | 14,462 | 12,468 | 11,392 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,357,543 | $ | 1,276,348 | $ | 1,131,780 | ||||||||||||||||||||||||||||||
Shareholders' equity | 102,803 | 100,969 | 108,765 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,460,346 | $ | 1,377,317 | $ | 1,240,545 | ||||||||||||||||||||||||||||||
Net interest income | $ | 12,931 | $ | 11,944 | $ | 10,436 | ||||||||||||||||||||||||||||||
Net interest spread | 3.46 | % | 3.55 | % | 3.46 | % | ||||||||||||||||||||||||||||||
Interest expense as a percent of average earning assets | 0.42 | % | 0.23 | % | 0.13 | % | ||||||||||||||||||||||||||||||
Net interest margin | 3.72 | % | 3.70 | % | 3.56 | % | ||||||||||||||||||||||||||||||
(1) | Income and yields are reported on tax-equivalent basis using a federal tax rate of |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
9/30/2022 | 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
Interest Income - Loans | $ | 13,282 | $ | 11,663 | $ | 10,620 | $ | 10,665 | $ | 10,049 | ||||||||||
Interest Income - Securities and Other Interest-Earnings Assets | 1,084 | 984 | 889 | 800 | 733 | |||||||||||||||
Interest Expense - Deposits | 714 | 383 | 370 | 373 | 383 | |||||||||||||||
Interest Expense - Other Borrowings | 753 | 345 | — | — | — | |||||||||||||||
Total Net Interest Income | $ | 12,899 | $ | 11,919 | $ | 11,139 | $ | 11,092 | $ | 10,399 | ||||||||||
Non-GAAP Financial Measurements: | ||||||||||||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Loans | $ | 16 | $ | 5 | $ | 5 | $ | 6 | $ | 11 | ||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Securities | 16 | 20 | 22 | 26 | 26 | |||||||||||||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 32 | $ | 25 | $ | 27 | $ | 32 | $ | 37 | ||||||||||
Tax-Equivalent Net Interest Income | $ | 12,931 | $ | 11,944 | $ | 11,166 | $ | 11,124 | $ | 10,436 | ||||||||||
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SOURCE Eagle Financial Services, Inc.
