EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
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.
- Increased earnings per share and decreased noninterest expenses.
- Improved efficiency and strong performance in the first quarter.
- Declared a quarterly dividend of $0.30 per share.
- Total loan interest income rose by 16.3% year-over-year.
- Net interest income increased by 1.1% from the previous quarter.
- Nonperforming assets decreased, reflecting strong asset quality.
- Company's net interest margin was 2.91% for the quarter.
- None.
- Noninterest expenses decreased
or$903 thousand 6.8% during the quarter. - Efficiency ratio decreased to
77.73% during the quarter from83.01% . - Earnings per share increased by
for the quarter to$0.03 .$0.72
Brandon Lorey, President and CEO, stated, "We are pleased with our strong performance in the first quarter, which reflects the effectiveness of our business strategy and the dedication of our team. With improved efficiencies, Net Interest Margin, and Earnings Per Share, we are well positioned for 2024. Despite the evolving market landscape, we remain committed to delivering value to our clients and shareholders while pursuing sustainable growth opportunities."
Income Statement Review
Total loan interest income was
Interest and dividend income from the investment portfolio was
Total interest expense was
Net interest income for the quarter ended March 31, 2024 was
Net income for the quarter ended March 31, 2024 was
The net interest margin was
Noninterest income was
Noninterest expense decreased
Asset Quality and Provision for Credit Losses
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 decreased from
The Company realized
The amount of provision for credit losses reflects the results of the Bank's analysis used to determine the adequacy of the allowance for credit losses. The Company recorded
The ratio of allowance for credit losses to total loans was
Balance Sheet
Total consolidated assets of the Company at March 31, 2024 were
Total cash and cash equivalents (including cash and due from banks and federal funds sold) decreased
At March 31, 2024, total securities available for sale were
Total net loans decreased
On August 23, 2023, the Company completed the sale of its marine finance business, operating under the name LaVictoire Finance, to Axos Bank. Under the Asset Purchase Agreement, Axos Bank agreed to assume the servicing of Bank of
Total deposits decreased 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
Cautionary Note Regarding Forward-Looking Statements
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 legislative and regulatory climate; monetary and fiscal policies of the
EAGLE FINANCIAL SERVICES, INC. KEY STATISTICS | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | ||||||||||||||||
Net Income (dollars in thousands) | $ | 2,548 | $ | 2,395 | $ | 2,319 | $ | 2,058 | $ | 2,585 | ||||||||||
Earnings per share, basic | $ | 0.72 | $ | 0.69 | $ | 0.66 | $ | 0.58 | $ | 0.73 | ||||||||||
Earnings per share, diluted | $ | 0.72 | $ | 0.69 | $ | 0.66 | $ | 0.58 | $ | 0.73 | ||||||||||
Return on average total assets | 0.57 | % | 0.53 | % | 0.51 | % | 0.48 | % | 0.63 | % | ||||||||||
Return on average total equity | 9.41 | % | 9.33 | % | 8.87 | % | 7.93 | % | 9.99 | % | ||||||||||
Dividend payout ratio | 41.67 | % | 43.48 | % | 45.45 | % | 51.72 | % | 41.10 | % | ||||||||||
Fee revenue as a percent of total revenue | 18.11 | % | 17.32 | % | 16.95 | % | 18.01 | % | 16.33 | % | ||||||||||
Net interest margin(1) | 2.91 | % | 2.85 | % | 2.93 | % | 2.99 | % | 3.27 | % | ||||||||||
Yield on average earning assets | 5.13 | % | 5.10 | % | 5.03 | % | 4.88 | % | 4.79 | % | ||||||||||
Rate on average interest-bearing liabilities | 3.10 | % | 3.09 | % | 2.98 | % | 2.71 | % | 2.23 | % | ||||||||||
Net interest spread | 2.03 | % | 2.01 | % | 2.05 | % | 2.17 | % | 2.56 | % | ||||||||||
Tax equivalent adjustment to net interest income (dollars in thousands) | $ | 29 | $ | 29 | $ | 28 | $ | 25 | $ | 26 | ||||||||||
Non-interest income to average assets | 0.78 | % | 0.80 | % | 0.93 | % | 0.78 | % | 0.85 | % | ||||||||||
Non-interest expense to average assets | 2.79 | % | 2.92 | % | 3.13 | % | 3.00 | % | 3.00 | % | ||||||||||
Efficiency ratio(2) | 77.73 | % | 83.01 | % | 84.71 | % | 81.91 | % | 76.52 | % |
(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 |
EAGLE FINANCIAL SERVICES, INC. SELECTED FINANCIAL DATA BY QUARTER | ||||||||||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | ||||||||||||||||
BALANCE SHEET RATIOS | ||||||||||||||||||||
Loans to deposits | 97.63 | % | 97.10 | % | 96.17 | % | 100.89 | % | 100.77 | % | ||||||||||
Average interest-earning assets to average-interest bearing liabilities | 139.97 | % | 137.35 | % | 142.07 | % | 142.63 | % | 146.06 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Dividends | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Book value | 30.28 | 30.78 | 28.74 | 29.47 | 29.65 | |||||||||||||||
Tangible book value | 30.28 | 30.78 | 28.74 | 29.47 | 29.65 | |||||||||||||||
SHARE PRICE DATA | ||||||||||||||||||||
Closing price | $ | 29.85 | $ | 30.00 | $ | 31.90 | $ | 30.50 | $ | 33.96 | ||||||||||
Diluted earnings multiple(1) | 10.36 | 11.03 | 12.08 | 13.15 | 11.63 | |||||||||||||||
Book value multiple(2) | 0.99 | 0.97 | 1.11 | 1.04 | 1.15 | |||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||
Outstanding shares at end of period | 3,557,229 | 3,520,894 | 3,520,894 | 3,528,240 | 3,522,874 | |||||||||||||||
Weighted average shares outstanding | 3,557,203 | 3,520,894 | 3,523,943 | 3,526,934 | 3,522,431 | |||||||||||||||
Weighted average shares outstanding, diluted | 3,557,203 | 3,520,894 | 3,523,943 | 3,526,934 | 3,522,431 | |||||||||||||||
CAPITAL RATIOS (BANK ONLY) | ||||||||||||||||||||
Leverage ratio | 8.77 | % | 8.48 | % | 8.36 | % | 8.61 | % | 9.02 | % | ||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Net charge-offs to average loans | 0.04 | % | 0.03 | % | 0.01 | % | (0.01) | % | 0.00 | % | ||||||||||
Total non-performing loans to total loans | 0.32 | % | 0.40 | % | 0.40 | % | 0.23 | % | 0.14 | % | ||||||||||
Total non-performing assets to total assets | 0.28 | % | 0.34 | % | 0.33 | % | 0.19 | % | 0.11 | % | ||||||||||
Non-accrual loans to: | ||||||||||||||||||||
total loans | 0.29 | % | 0.39 | % | 0.40 | % | 0.21 | % | 0.13 | % | ||||||||||
total assets | 0.23 | % | 0.31 | % | 0.32 | % | 0.17 | % | 0.10 | % | ||||||||||
Allowance for credit/loan losses to: | ||||||||||||||||||||
total loans | 1.00 | % | 0.99 | % | 1.01 | % | 0.99 | % | 1.00 | % | ||||||||||
non-performing assets | 290.00 | % | 236.43 | % | 242.83 | % | 433.94 | % | 702.77 | % | ||||||||||
non-accrual loans | 347.64 | % | 256.74 | % | 255.80 | % | 466.74 | % | 758.56 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Loans delinquent over 90 days | $ | 411 | $ | 181 | $ | 0 | $ | 235 | $ | 146 | ||||||||||
Non-accrual loans | 4,156 | 5,645 | 5,697 | 3,109 | 1,839 | |||||||||||||||
Other real estate owned and repossessed assets | 415 | 304 | 304 | — | — | |||||||||||||||
NET LOAN CHARGE-OFFS (RECOVERIES): | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Loans charged off | $ | 705 | $ | 427 | $ | 187 | $ | 52 | $ | 75 | ||||||||||
(Recoveries) | (185) | (44) | (31) | (202) | (21) | |||||||||||||||
Net charge-offs (recoveries) | 520 | 383 | 156 | (150) | 54 | |||||||||||||||
PROVISION FOR CREDIT LOSSES (dollars in thousands) | $ | 475 | $ | 366 | $ | 1,283 | $ | 403 | $ | 709 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES (dollars in thousands) | $ | 14,448 | $ | 14,493 | $ | 14,573 | $ | 14,511 | $ | 13,950 |
(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. CONSOLIDATED BALANCE SHEETS (dollars in thousands) | ||||||||||||||||||||
Unaudited | Audited | Unaudited | Unaudited | Unaudited | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 68,280 | $ | 112,066 | $ | 63,239 | $ | 48,907 | $ | 117,342 | ||||||||||
Federal funds sold | 59,353 | 26,287 | 78,799 | 29,988 | 11,373 | |||||||||||||||
Securities available for sale, at fair value | 141,106 | 147,011 | 142,559 | 151,513 | 160,192 | |||||||||||||||
Loans held for sale | 1,593 | 1,661 | 3,564 | 3,570 | — | |||||||||||||||
Loans, net of allowance for credit losses | 1,424,604 | 1,448,193 | 1,426,412 | 1,456,459 | 1,386,750 | |||||||||||||||
Bank premises and equipment, net | 17,954 | 18,108 | 18,421 | 18,064 | 17,827 | |||||||||||||||
Bank owned life insurance | 29,843 | 29,575 | 24,404 | 24,219 | 24,041 | |||||||||||||||
Other assets | 40,168 | 42,696 | 44,072 | 43,996 | 39,197 | |||||||||||||||
Total assets | $ | 1,782,901 | $ | 1,825,597 | $ | 1,801,470 | $ | 1,776,716 | $ | 1,756,722 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 424,869 | $ | 436,619 | $ | 430,910 | $ | 433,220 | $ | 464,123 | ||||||||||
Savings and interest bearing demand deposits | 666,730 | 656,439 | 656,111 | 645,834 | 652,802 | |||||||||||||||
Time deposits | 382,343 | 413,264 | 411,359 | 378,954 | 273,026 | |||||||||||||||
Total deposits | $ | 1,473,942 | $ | 1,506,322 | $ | 1,498,380 | $ | 1,458,008 | $ | 1,389,951 | ||||||||||
Federal funds purchased | 347 | — | — | — | — | |||||||||||||||
Federal Home Loan Bank advances, short-term | 10,000 | — | — | 25,000 | 125,000 | |||||||||||||||
Federal Home Loan Bank advances, long-term | 145,000 | 165,000 | 145,000 | 145,000 | 95,000 | |||||||||||||||
Subordinated debt | 29,461 | 29,444 | 29,428 | 29,411 | 29,394 | |||||||||||||||
Other liabilities | 16,446 | 16,452 | 27,479 | 15,327 | 12,917 | |||||||||||||||
Commitments and contingent liabilities | — | — | — | — | — | |||||||||||||||
Total liabilities | $ | 1,675,196 | $ | 1,717,218 | $ | 1,700,287 | $ | 1,672,746 | $ | 1,652,262 | ||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 8,705 | 8,660 | 8,660 | 8,661 | 8,651 | |||||||||||||||
Surplus | 14,368 | 14,280 | 13,970 | 13,881 | 13,435 | |||||||||||||||
Retained earnings | 104,449 | 103,445 | 102,106 | 100,844 | 99,845 | |||||||||||||||
Accumulated other comprehensive (loss) | (19,817) | (18,006) | (23,553) | (19,416) | (17,471) | |||||||||||||||
Total shareholders' equity | $ | 107,705 | $ | 108,379 | $ | 101,183 | $ | 103,970 | $ | 104,460 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,782,901 | $ | 1,825,597 | $ | 1,801,470 | $ | 1,776,716 | $ | 1,756,722 |
EAGLE FINANCIAL SERVICES, INC. LOAN DATA (dollars in thousands) | ||||||||||||||||||||
3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | ||||||||||||||||
Mortgage real estate loans: | ||||||||||||||||||||
Construction & Secured by Farmland | $ | 82,692 | $ | 84,145 | $ | 80,012 | $ | 95,433 | $ | 90,660 | ||||||||||
HELOCs | 46,329 | 47,674 | 44,719 | 44,333 | 41,827 | |||||||||||||||
Residential First Lien - Investor | 113,813 | 117,431 | 120,547 | 117,265 | 113,483 | |||||||||||||||
Residential First Lien - Owner Occupied | 181,323 | 178,180 | 162,919 | 142,417 | 130,383 | |||||||||||||||
Residential Junior Liens | 12,690 | 12,831 | 12,284 | 11,869 | 11,142 | |||||||||||||||
Commercial - Owner Occupied | 254,744 | 251,456 | 244,088 | 243,610 | 238,578 | |||||||||||||||
Commercial - Non-Owner Occupied & Multifamily | 344,192 | 348,879 | 355,122 | 350,210 | 353,330 | |||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||
BHG loans | 4,740 | 5,105 | 5,419 | 5,747 | 6,185 | |||||||||||||||
SBA PPP loans | 45 | 51 | 57 | 62 | 69 | |||||||||||||||
Other commercial and industrial loans | 95,327 | 102,672 | 91,411 | 95,012 | 95,943 | |||||||||||||||
Marine loans | 247,042 | 251,168 | 260,518 | 299,304 | 253,893 | |||||||||||||||
Triad Loans | 25,335 | 25,877 | 26,519 | 27,157 | 27,795 | |||||||||||||||
Consumer loans | 9,194 | 16,542 | 16,019 | 16,486 | 16,046 | |||||||||||||||
Overdrafts | 1,559 | 253 | 207 | 308 | 151 | |||||||||||||||
Other loans | 12,466 | 12,895 | 13,089 | 13,805 | 13,608 | |||||||||||||||
Total loans | $ | 1,431,491 | $ | 1,455,159 | $ | 1,432,930 | $ | 1,463,018 | $ | 1,393,093 | ||||||||||
Net deferred loan costs and premiums | 7,561 | 7,527 | 8,055 | 7,952 | 7,609 | |||||||||||||||
Allowance for credit/loan losses | (14,448) | (14,493) | (14,573) | (14,511) | (13,950) | |||||||||||||||
Net loans | $ | 1,424,604 | $ | 1,448,193 | $ | 1,426,412 | $ | 1,456,459 | $ | 1,386,752 |
EAGLE FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands) Unaudited | ||||||||||||||||||||
3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | ||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Interest and fees on loans | $ | 19,963 | $ | 19,420 | $ | 20,179 | $ | 18,754 | $ | 17,167 | ||||||||||
Interest on federal funds sold | 39 | 71 | 51 | 28 | 10 | |||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||
Taxable interest income | 758 | 771 | 781 | 785 | 804 | |||||||||||||||
Interest income exempt from federal income taxes | 5 | 4 | 3 | 5 | 4 | |||||||||||||||
Dividends | 156 | 157 | 147 | 136 | 83 | |||||||||||||||
Interest on deposits in banks | 991 | 1,592 | 1,030 | 656 | 490 | |||||||||||||||
Total interest and dividend income | $ | 21,912 | $ | 22,015 | $ | 22,191 | $ | 20,364 | $ | 18,558 | ||||||||||
Interest Expense | ||||||||||||||||||||
Interest on deposits | $ | 7,424 | $ | 7,658 | $ | 6,978 | $ | 5,535 | $ | 3,459 | ||||||||||
Interest on federal funds purchased | — | — | — | — | 70 | |||||||||||||||
Interest on Federal Home Loan Bank advances | 1,710 | 1,714 | 1,943 | 2,032 | 2,031 | |||||||||||||||
Interest on subordinated debt | 354 | 354 | 354 | 355 | 354 | |||||||||||||||
Total interest expense | $ | 9,488 | $ | 9,726 | $ | 9,275 | $ | 7,922 | $ | 5,914 | ||||||||||
Net interest income | $ | 12,424 | $ | 12,289 | $ | 12,916 | $ | 12,442 | $ | 12,644 | ||||||||||
Provision For Credit Losses | 475 | 366 | 216 | 403 | 664 | |||||||||||||||
Net interest income after provision for credit losses | $ | 11,949 | $ | 11,923 | $ | 12,700 | $ | 12,039 | $ | 11,980 | ||||||||||
Noninterest Income | ||||||||||||||||||||
Wealth management fees | $ | 1,456 | $ | 1,315 | $ | 1,190 | $ | 1,263 | $ | 1,158 | ||||||||||
Service charges on deposit accounts | 454 | 467 | 460 | 447 | 436 | |||||||||||||||
Other service charges and fees | 969 | 979 | 1,252 | 1,135 | 1,047 | |||||||||||||||
Gain on the sale of marine finance business | — | (28) | 463 | — | — | |||||||||||||||
Gain (loss) on the sale of bank premises and equipment | — | — | 7 | 7 | — | |||||||||||||||
(Loss) on the sale of AFS securities | — | — | — | — | — | |||||||||||||||
Gain on sale of loans HFS | 161 | 515 | 265 | 192 | 456 | |||||||||||||||
Officer insurance income | 267 | 171 | 184 | 179 | 179 | |||||||||||||||
Other operating income | 164 | 234 | 388 | 134 | 250 | |||||||||||||||
Total noninterest income | $ | 3,471 | $ | 3,653 | $ | 4,209 | $ | 3,357 | $ | 3,526 | ||||||||||
Noninterest Expenses | ||||||||||||||||||||
Salaries and employee benefits | $ | 7,185 | $ | 7,849 | $ | 7,598 | $ | 7,561 | $ | 7,298 | ||||||||||
Occupancy expenses | 569 | 581 | 570 | 533 | 518 | |||||||||||||||
Equipment expenses | 373 | 320 | 341 | 315 | 323 | |||||||||||||||
Advertising and marketing expenses | 237 | 291 | 228 | 342 | 296 | |||||||||||||||
Stationery and supplies | 24 | 44 | 69 | 56 | 22 | |||||||||||||||
ATM network fees | 380 | 421 | 426 | 365 | 351 | |||||||||||||||
Other real estate owned expenses | — | — | — | — | 5 | |||||||||||||||
(Gain) on the sale of other real estate owned | — | — | — | — | (7) | |||||||||||||||
FDIC assessment | 409 | 478 | 495 | 346 | 266 | |||||||||||||||
Computer software expense | 233 | 373 | 396 | 281 | 310 | |||||||||||||||
Bank franchise tax | 331 | 339 | 340 | 313 | 263 | |||||||||||||||
Professional fees | 506 | 577 | 497 | 753 | 713 | |||||||||||||||
Data processing fees | 565 | 513 | 542 | 478 | 402 | |||||||||||||||
Other operating expenses | 1,565 | 1,494 | 2,631 | 1,612 | 1,626 | |||||||||||||||
Total noninterest expenses | $ | 12,377 | $ | 13,280 | $ | 14,133 | $ | 12,955 | $ | 12,386 | ||||||||||
Income before income taxes | $ | 3,043 | $ | 2,296 | $ | 2,776 | $ | 2,441 | $ | 3,120 | ||||||||||
Income Tax Expense (Benefit) | 495 | (99) | 457 | 383 | 535 | |||||||||||||||
Net income | $ | 2,548 | $ | 2,395 | $ | 2,319 | $ | 2,058 | $ | 2,585 | ||||||||||
Earnings Per Share | ||||||||||||||||||||
Net income per common share, basic | $ | 0.72 | $ | 0.68 | $ | 0.66 | $ | 0.58 | $ | 0.73 | ||||||||||
Net income per common share, diluted | $ | 0.72 | $ | 0.68 | $ | 0.66 | $ | 0.58 | $ | 0.73 |
EAGLE FINANCIAL SERVICES, INC. Average Balances, Income and Expenses, Yields and Rates (dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average | ||||||||||||||||||||||||||||
Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 142,700 | $ | 914 | 2.58 | % | $ | 139,978 | $ | 928 | 2.63 | % | $ | 157,078 | $ | 886 | 2.29 | % | ||||||||||||||||||
Tax-Exempt (1) | 499 | 6 | 4.08 | % | 485 | 5 | 4.13 | % | 545 | 6 | 4.16 | % | ||||||||||||||||||||||||
Total Securities | $ | 143,199 | $ | 920 | 2.58 | % | $ | 140,463 | $ | 933 | 2.63 | % | $ | 157,623 | $ | 892 | 2.29 | % | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,433,871 | $ | 19,858 | 5.57 | % | $ | 1,434,928 | $ | 19,316 | 5.34 | % | $ | 1,355,259 | $ | 17,076 | 5.11 | % | ||||||||||||||||||
Non-accrual | 5,618 | — | — | % | 5,452 | — | — | % | 2,093 | — | — | % | ||||||||||||||||||||||||
Tax-Exempt (1) | 10,706 | 133 | 4.99 | % | 10,602 | 132 | 4.95 | % | 9,594 | 116 | 4.91 | % | ||||||||||||||||||||||||
Total Loans | $ | 1,450,195 | $ | 19,991 | 5.54 | % | $ | 1,450,982 | $ | 19,448 | 5.32 | % | $ | 1,366,946 | $ | 17,192 | 5.10 | % | ||||||||||||||||||
Federal funds sold and interest-bearing deposits in other banks | 127,205 | 1,030 | 3.26 | % | 122,502 | 1,663 | 5.39 | % | 48,779 | 500 | 4.16 | % | ||||||||||||||||||||||||
Total earning assets | $ | 1,720,599 | $ | 21,941 | 5.13 | % | $ | 1,713,947 | $ | 22,044 | 5.10 | % | $ | 1,573,348 | $ | 18,584 | 4.79 | % | ||||||||||||||||||
Allowance for loan losses | (14,536) | (14,420) | (13,426) | |||||||||||||||||||||||||||||||||
Total non-earning assets | 53,112 | 103,876 | 97,863 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,759,175 | $ | 1,803,403 | $ | 1,657,785 | ||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 256,282 | $ | 1,497 | 2.35 | % | $ | 258,935 | $ | 1,582 | 2.42 | % | $ | 236,210 | $ | 1,055 | 1.81 | % | ||||||||||||||||||
Money market accounts | 263,755 | 1,413 | 2.15 | % | 257,360 | 1,297 | 2.00 | % | 258,077 | 841 | 1.32 | % | ||||||||||||||||||||||||
Savings accounts | 138,737 | 41 | 0.12 | % | 140,445 | 42 | 0.12 | % | 166,803 | 53 | 0.13 | % | ||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||
143,294 | 1,701 | 4.77 | % | 148,133 | 1,758 | 4.71 | % | 77,777 | 567 | 2.96 | % | |||||||||||||||||||||||||
Less than | 251,853 | 2,772 | 4.43 | % | 267,873 | 2,979 | 4.41 | % | 128,118 | 943 | 2.99 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | $ | 1,053,921 | $ | 7,424 | 2.83 | % | $ | 1,072,746 | $ | 7,658 | 2.83 | % | $ | 866,985 | $ | 3,459 | 1.62 | % | ||||||||||||||||||
Federal funds purchased | 11 | — | — | % | — | — | — | % | 11,179 | 70 | 2.54 | % | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 145,879 | 1,710 | 4.72 | % | 145,652 | 1,714 | 4.67 | % | 169,667 | 2,031 | 4.85 | % | ||||||||||||||||||||||||
Subordinated debt | 29,450 | 354 | 4.84 | % | 29,434 | 354 | 4.78 | % | 29,383 | 354 | 4.89 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,229,261 | $ | 9,488 | 3.10 | % | $ | 1,247,832 | $ | 9,726 | 3.09 | % | $ | 1,077,214 | $ | 5,914 | 2.23 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 405,166 | 432,767 | 462,265 | |||||||||||||||||||||||||||||||||
Other Liabilities | 17,268 | 20,948 | 14,567 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,651,695 | $ | 1,701,547 | $ | 1,554,046 | ||||||||||||||||||||||||||||||
Shareholders' equity | 107,480 | 101,856 | 103,739 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,759,175 | $ | 1,803,403 | $ | 1,657,785 | ||||||||||||||||||||||||||||||
Net interest income | $ | 12,453 | $ | 12,318 | $ | 12,670 | ||||||||||||||||||||||||||||||
Net interest spread | 2.03 | % | 2.01 | % | 2.56 | % | ||||||||||||||||||||||||||||||
Interest expense as a percent of average earning assets | 2.22 | % | 2.25 | % | 1.52 | % | ||||||||||||||||||||||||||||||
Net interest margin | 2.91 | % | 2.85 | % | 3.27 | % |
(1) | Income and yields are reported on tax-equivalent basis using a federal tax rate of |
EAGLE FINANCIAL SERVICES, INC. Reconciliation of Tax-Equivalent Net Interest Income (dollars in thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
Interest Income - Loans | $ | 19,963 | $ | 19,420 | $ | 20,179 | $ | 18,754 | $ | 17,167 | ||||||||||
Interest Income - Securities and Other Interest-Earnings Assets | 1,949 | 2,595 | 2,012 | 1,610 | 1,391 | |||||||||||||||
Interest Expense - Deposits | 7,424 | 7,658 | 6,978 | 5,535 | 3,459 | |||||||||||||||
Interest Expense - Other Borrowings | 2,064 | 2,068 | 2,297 | 2,387 | 2,455 | |||||||||||||||
Total Net Interest Income | $ | 12,424 | $ | 12,289 | $ | 12,916 | $ | 12,442 | $ | 12,644 | ||||||||||
Non-GAAP Financial Measurements: | ||||||||||||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Loans | $ | 28 | $ | 28 | $ | 27 | $ | 24 | $ | 25 | ||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Securities | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 29 | $ | 29 | $ | 28 | $ | 25 | $ | 26 | ||||||||||
Tax-Equivalent Net Interest Income | $ | 12,453 | $ | 12,318 | $ | 12,944 | $ | 12,467 | $ | 12,670 |
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SOURCE Eagle Financial Services, Inc.
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