EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 FOURTH QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
Eagle Financial Services (OTCQX: EFSI) reported strong Q4 2024 financial results, with net income reaching $6.2 million compared to $3.4 million in Q3 2024. The company announced a quarterly dividend of $0.31 per share, payable on February 14, 2025.
Key Q4 2024 highlights include: earnings per share increased to $1.74, deposit growth of $29.2 million (1.9%), and borrowings decreased by $50.0 million. The company achieved sales of $18.6 million in mortgage loans and $7.4 million in SBA loans, generating gains of $861 thousand.
The net interest margin remained stable at 3.03%, while total assets slightly decreased to $1.87 billion. Total net loans decreased by $16.0 million to $1.45 billion, mainly due to marine and mortgage run-offs. Total deposits increased to $1.58 billion, with over 75% being fully FDIC insured.
Eagle Financial Services (OTCQX: EFSI) ha riportato ottimi risultati finanziari per il quarto trimestre del 2024, con un reddito netto che ha raggiunto i 6,2 milioni di dollari rispetto ai 3,4 milioni di dollari nel terzo trimestre del 2024. L'azienda ha annunciato un dividendo trimestrale di 0,31 dollari per azione, pagabile il 14 febbraio 2025.
I punti salienti del quarto trimestre del 2024 includono: utili per azione aumentati a 1,74 dollari, una crescita dei depositi di 29,2 milioni di dollari (1,9%) e una riduzione dei prestiti di 50,0 milioni di dollari. L'azienda ha registrato vendite di 18,6 milioni di dollari in prestiti ipotecari e 7,4 milioni di dollari in prestiti SBA, generando guadagni di 861 mila dollari.
Il margine di interesse netto è rimasto stabile al 3,03%, mentre il totale degli attivi è leggermente diminuito a 1,87 miliardi di dollari. I prestiti netti totali sono diminuiti di 16,0 milioni di dollari a 1,45 miliardi di dollari, principalmente a causa di run-off di prestiti marittimi e ipotecari. I depositi totali sono aumentati a 1,58 miliardi di dollari, con oltre il 75% interamente assicurati dalla FDIC.
Eagle Financial Services (OTCQX: EFSI) reportó resultados financieros sólidos en el cuarto trimestre de 2024, con una renta neta de 6,2 millones de dólares en comparación con 3,4 millones de dólares en el tercer trimestre de 2024. La empresa anunció un dividendo trimestral de 0,31 dólares por acción, pagadero el 14 de febrero de 2025.
Los aspectos destacados del cuarto trimestre de 2024 incluyen: ganancias por acción aumentaron a 1,74 dólares, crecimiento de los depósitos de 29,2 millones de dólares (1,9%), y disminución de los préstamos en 50,0 millones de dólares. La empresa logró ventas de 18,6 millones de dólares en préstamos hipotecarios y 7,4 millones de dólares en préstamos SBA, generando ganancias de 861 mil dólares.
El margen de interés neto se mantuvo estable en 3,03%, mientras que el total de activos disminuyó ligeramente a 1,87 mil millones de dólares. Los préstamos netos totales disminuyeron en 16,0 millones de dólares a 1,45 mil millones de dólares, principalmente debido a la baja de préstamos marítimos e hipotecarios. Los depósitos totales aumentaron a 1,58 mil millones de dólares, con más del 75% completamente asegurados por la FDIC.
이글 파이낸셜 서비스 (OTCQX: EFSI)는 2024년 4분기 강력한 재무 결과를 보고하며, 순이익이 620만 달러로 증가했으며, 이는 2024년 3분기의 340만 달러와 비교됩니다. 회사는 2025년 2월 14일 지급될 주당 0.31달러의 분기 배당금을 발표했습니다.
2024년 4분기의 주요 사항으로는: 주당 순이익이 1.74달러로 증가했으며, 예금이 2920만 달러(1.9%) 증가했으며, 차입금이 5000만 달러 감소했습니다. 회사는 1860만 달러의 주택 담보 대출과 740만 달러의 SBA 대출을 판매하여 861,000달러의 이익을 창출했습니다.
순이자 마진은 3.03%로 안정적으로 유지되었으며, 총 자산은 18억 7000만 달러로 약간 감소했습니다. 총 순 대출은 1600만 달러 감소하여 14억 5000만 달러가 되었으며, 이는 주로 해양 및 주택 담보 대출의 감소로 인한 것입니다. 총 예금은 15억 8000만 달러로 증가했으며, 그 중 75% 이상이 FDIC에 의해 완전히 보장되었습니다.
Eagle Financial Services (OTCQX: EFSI) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec un revenu net atteignant 6,2 millions de dollars contre 3,4 millions de dollars au troisième trimestre 2024. L'entreprise a déclaré un dividende trimestriel de 0,31 dollar par action, payable le 14 février 2025.
Les principaux points saillants du quatrième trimestre 2024 comprennent : bénéfice par action a augmenté à 1,74 dollar, la croissance des dépôts de 29,2 millions de dollars (1,9 %), et les emprunts ont diminué de 50,0 millions de dollars. L'entreprise a réalisé des ventes de 18,6 millions de dollars en prêts hypothécaires et de 7,4 millions de dollars en prêts SBA, générant des gains de 861 000 dollars.
La marge d'intérêt nette est restée stable à 3,03 %, tandis que le total des actifs a légèrement diminué à 1,87 milliard de dollars. Les prêts nets totaux ont diminué de 16,0 millions de dollars pour atteindre 1,45 milliard de dollars, principalement en raison des amortissements des prêts maritimes et hypothécaires. Les dépôts totaux ont augmenté à 1,58 milliard de dollars, avec plus de 75 % entièrement assurés par la FDIC.
Eagle Financial Services (OTCQX: EFSI) hat starke Finanzzahlen für das vierte Quartal 2024 berichtet, mit einem Nettogewinn von 6,2 Millionen Dollar im Vergleich zu 3,4 Millionen Dollar im dritten Quartal 2024. Das Unternehmen kündigte eine vierteljährliche Dividende von 0,31 Dollar pro Aktie an, die am 14. Februar 2025 zahlbar ist.
Wichtige Highlights des vierten Quartals 2024 umfassen: Gewinn pro Aktie stieg auf 1,74 Dollar, Einlagen wuchsen um 29,2 Millionen Dollar (1,9%), und die Kredite sanken um 50,0 Millionen Dollar. Das Unternehmen erzielte einen Umsatz von 18,6 Millionen Dollar aus Hypothekendarlehen und 7,4 Millionen Dollar aus SBA-Darlehen, was zu einem Gewinn von 861 Tausend Dollar führte.
Die Nettozinsmarge blieb stabil bei 3,03%, während die Gesamttotalverluste leicht auf 1,87 Milliarden Dollar zurückgingen. Die gesamten Nettokredite sanken um 16,0 Millionen Dollar auf 1,45 Milliarden Dollar, hauptsächlich aufgrund von Stornierungen bei maritimen und Hypothekendarlehen. Die Gesamteinlagen stiegen auf 1,58 Milliarden Dollar, wobei über 75% vollständig durch die FDIC versichert sind.
- Net income increased 80.7% QoQ to $6.2 million
- EPS grew by $0.77 to $1.74 in Q4
- Deposit growth of $29.2 million (1.9%) during Q4
- Reduction in borrowings by $50.0 million
- Strong loan sales with $861,000 in gains
- Net interest margin improved to 3.03% from 2.85% YoY
- Nonperforming assets decreased to 0.16% of total assets from 0.34% YoY
- Net loans decreased by $16.0 million in Q4
- Total assets declined by $15.5 million (0.82%) QoQ
- Net charge-offs of $486,000 in Q4
- Accumulated other comprehensive loss increased to $18.6 million
Three Months Ended | ||||||||||||||||
December 31, | September 30, | December 31, | ||||||||||||||
2024 | 2024 | 2023 | ||||||||||||||
(in thousands) | ||||||||||||||||
As adjusted (1) | ||||||||||||||||
Consolidated net income | $ | 6,186 | $ | 3,125 | $ | 3,424 | $ | 2,395 | ||||||||
Earnings per share - basic and diluted | $ | 1.74 | $ | 0.86 | $ | 0.97 | $ | 0.68 | ||||||||
Annualized return on average equity | 21.10 | % | 10.66 | % | 11.99 | % | 9.33 | % | ||||||||
Annualized return on average assets | 1.32 | % | 0.67 | % | 0.75 | % | 0.53 | % | ||||||||
Net interest margin | 3.03 | % | 3.03 | % | 3.03 | % | 2.85 | % | ||||||||
(1) | Non-GAAP financial measure - Excluding the tax effected impact of the gain on sale of the Old Town Center ("OTC") building as a result of the executed sale-leaseback transaction. |
Brandon Lorey, President and CEO, stated, "The Bank of
Key highlights for the fourth quarter of 2024 are as follows:
- Deposit growth of
$29.2 million 1.9% during the quarter. - Borrowings decreased by
$50.0 million $120.0 million - Sales of
$18.6 million $7.4 million $861 thousand - Earnings per share increased by
$0.77 $1.74
Income Statement Review
Net income for the quarter ended December 31, 2024 was
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 December 31, 2024 was
The net interest margin was
Noninterest income was
Noninterest expense increased
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 increased 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 December 31, 2024 was
Total net loans decreased
Total deposits increased to
Liquidity
The objective of the Company's liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of
The Company's liquid assets, which include cash and due from banks, interest-bearing deposits at other banks, loans with a maturity less than one year and nonpledged securities available for sale, were
Additional sources of liquidity available to the Company include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.
Capital and Dividends
On January 22, 2025, the Board of Directors announced a quarterly common stock cash dividend of
Total consolidated equity increased
The Company's securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Company expects to recover its investments in debt securities through scheduled payments of principal and interest and unrealized losses are not expected to affect the earnings or regulatory capital of the Company. The accumulated other comprehensive loss related to the Company's securities available for sale increased to
As of December 31, 2024, the most recent notification from the FDIC categorized the Bank of
Explanation of Non-GAAP Financial Measures
This release contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental Non-GAAP information provides a better comparison of period-to-period operating performance and the impact of non-recurring expenses on the Bank's ratios. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to Non-GAAP performance measures which may be presented by other companies.
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 (unaudited) | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
(Dollars in thousands, except per share data) | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23 | |||||||||||||||
Net Income | $ | 6,186 | $ | 3,424 | $ | 3,185 | $ | 2,548 | $ | 2,395 | ||||||||||
Earnings per share, basic | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.68 | ||||||||||
Earnings per share, diluted | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.68 | ||||||||||
Return on average total assets | 1.32 | % | 0.75 | % | 0.72 | % | 0.58 | % | 0.53 | % | ||||||||||
Return on average total equity | 21.10 | % | 11.99 | % | 11.76 | % | 9.43 | % | 9.33 | % | ||||||||||
Dividend payout ratio | 17.82 | % | 30.93 | % | 33.71 | % | 41.67 | % | 43.48 | % | ||||||||||
Fee revenue as a percent of total revenue (1) | 12.79 | % | 17.11 | % | 17.57 | % | 18.11 | % | 17.32 | % | ||||||||||
Net interest margin (2) | 3.03 | % | 3.03 | % | 2.92 | % | 3.00 | % | 2.85 | % | ||||||||||
Yield on average earning assets | 5.39 | % | 5.45 | % | 5.22 | % | 5.28 | % | 5.10 | % | ||||||||||
Rate on average interest-bearing liabilities | 3.18 | % | 3.27 | % | 3.14 | % | 3.10 | % | 3.09 | % | ||||||||||
Net interest spread | 2.21 | % | 2.18 | % | 2.08 | % | 2.18 | % | 2.01 | % | ||||||||||
Tax equivalent adjustment to net interest income | $ | 28 | $ | 28 | $ | 29 | $ | 29 | $ | 29 | ||||||||||
Non-interest income to average assets | 1.81 | % | 1.15 | % | 0.97 | % | 0.78 | % | 0.80 | % | ||||||||||
Non-interest expense to average assets | 2.88 | % | 2.81 | % | 2.82 | % | 2.80 | % | 2.92 | % | ||||||||||
Efficiency ratio (3) | 74.58 | % | 71.34 | % | 77.00 | % | 77.73 | % | 83.01 | % | ||||||||||
(1) | Fee revenue as a percentage of total revenue is calculated by dividing the sum of wealth management fees, service charges on deposit accounts and other service charges and fees by the sum of net interest income and non-interest income. |
(2) | Non-GAAP financial measure - 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 |
(3) | Non-GAAP financial measure - The efficiency ratio is not a measurement under accounting principles generally accepted in |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
SELECTED FINANCIAL DATA BY QUARTER (unaudited) | ||||||||||||||||||||
(Dollars in thousands, except per share data) | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23 | |||||||||||||||
BALANCE SHEET RATIOS | ||||||||||||||||||||
Loans to deposits | 93.14 | % | 95.95 | % | 97.34 | % | 97.63 | % | 97.10 | % | ||||||||||
Average interest-earning assets to average-interest | 134.93 | % | 135.10 | % | 136.75 | % | 135.92 | % | 137.35 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Dividends | $ | 0.31 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Book value | 33.52 | 33.20 | 31.24 | 30.28 | 30.78 | |||||||||||||||
Tangible book value | 33.52 | 33.20 | 31.24 | 30.28 | 30.78 | |||||||||||||||
SHARE PRICE DATA | ||||||||||||||||||||
Closing price | $ | 36.40 | $ | 32.40 | $ | 32.99 | $ | 29.85 | $ | 30.00 | ||||||||||
Diluted earnings multiple(1) | 5.23 | 8.35 | 9.27 | 10.36 | 11.03 | |||||||||||||||
Book value multiple(2) | 1.09 | 0.98 | 1.06 | 0.99 | 0.97 | |||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||
Outstanding shares at end of period | 3,549,581 | 3,549,581 | 3,556,844 | 3,557,229 | 3,520,894 | |||||||||||||||
Weighted average shares outstanding | 3,549,581 | 3,552,026 | 3,556,935 | 3,557,203 | 3,520,894 | |||||||||||||||
Weighted average shares outstanding, diluted | 3,549,581 | 3,552,026 | 3,556,935 | 3,557,203 | 3,520,894 | |||||||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Net charge-offs (recoveries) to average loans | 0.03 | % | 0.08 | % | (0.02) | % | 0.04 | % | 0.03 | % | ||||||||||
Total non-performing loans to total loans | 0.17 | % | 0.16 | % | 0.20 | % | 0.32 | % | 0.40 | % | ||||||||||
Total non-performing assets to total assets | 0.16 | % | 0.13 | % | 0.18 | % | 0.28 | % | 0.34 | % | ||||||||||
Non-accrual loans to: | ||||||||||||||||||||
total loans | 0.14 | % | 0.16 | % | 0.19 | % | 0.29 | % | 0.39 | % | ||||||||||
total assets | 0.11 | % | 0.12 | % | 0.15 | % | 0.23 | % | 0.31 | % | ||||||||||
Allowance for credit losses to: | ||||||||||||||||||||
total loans | 1.02 | % | 1.03 | % | 1.04 | % | 1.00 | % | 0.99 | % | ||||||||||
non-performing assets | 506.30 | % | 605.82 | % | 458.72 | % | 290.00 | % | 236.43 | % | ||||||||||
non-accrual loans | 725.24 | % | 652.86 | % | 555.46 | % | 347.64 | % | 256.74 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
Loans delinquent over 90 days | $ | 382 | $ | 83 | $ | 167 | $ | 411 | $ | 181 | ||||||||||
Non-accrual loans | 2,072 | 2,344 | 2,703 | 4,156 | 5,645 | |||||||||||||||
Other real estate owned and repossessed assets | 514 | 99 | 403 | 415 | 304 | |||||||||||||||
NET LOAN CHARGE-OFFS (RECOVERIES): | ||||||||||||||||||||
Loans charged off | $ | 585 | $ | 1,382 | $ | 172 | $ | 705 | $ | 427 | ||||||||||
(Recoveries) | (99) | (145) | (424) | (185) | (44) | |||||||||||||||
Net charge-offs (recoveries) | 486 | 1,237 | (252) | 520 | 383 | |||||||||||||||
PROVISION FOR CREDIT LOSSES ON LOANS | $ | 210 | $ | 1,525 | $ | 315 | $ | 475 | $ | 366 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES | 15,027 | 15,303 | 15,014 | 14,448 | 14,493 | |||||||||||||||
(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 | Unaudited | Unaudited | Unaudited | * | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 13,129 | $ | 15,418 | $ | 15,202 | $ | 12,887 | $ | 15,417 | ||||||||||
Interest-bearing deposits with other institutions | 162,595 | 162,187 | 45,977 | 55,393 | 96,649 | |||||||||||||||
Federal funds sold | 17,435 | 3,586 | 62,476 | 59,353 | 26,287 | |||||||||||||||
Securities available for sale, at fair value and restricted | 128,887 | 140,018 | 138,269 | 141,106 | 147,011 | |||||||||||||||
Loans held for sale | 2,660 | 3,657 | 3,058 | 1,593 | 1,661 | |||||||||||||||
Loans, net of allowance for credit losses | 1,452,022 | 1,468,025 | 1,433,920 | 1,424,604 | 1,448,193 | |||||||||||||||
Bank premises and equipment, net | 14,339 | 18,101 | 18,114 | 17,954 | 18,108 | |||||||||||||||
Bank owned life insurance | 30,621 | 30,361 | 30,103 | 29,843 | 29,575 | |||||||||||||||
Other assets | 44,527 | 40,348 | 43,286 | 40,168 | 42,696 | |||||||||||||||
Total assets | $ | 1,866,215 | $ | 1,881,701 | $ | 1,790,405 | $ | 1,782,901 | $ | 1,825,597 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 406,180 | $ | 413,615 | $ | 415,017 | $ | 424,869 | $ | 436,619 | ||||||||||
Savings and interest bearing demand deposits | 679,330 | 655,601 | 647,358 | 666,730 | 656,439 | |||||||||||||||
Time deposits | 489,646 | 476,720 | 426,209 | 382,343 | 413,264 | |||||||||||||||
Total deposits | $ | 1,575,156 | $ | 1,545,936 | $ | 1,488,584 | $ | 1,473,942 | $ | 1,506,322 | ||||||||||
Federal funds purchased | — | 244 | 302 | 347 | — | |||||||||||||||
Federal Home Loan Bank advances, short-term | — | — | 10,000 | — | ||||||||||||||||
Federal Home Loan Bank advances | 120,000 | 170,000 | 145,000 | 145,000 | 165,000 | |||||||||||||||
Subordinated debt, net | 29,512 | 29,495 | 29,478 | 29,461 | 29,444 | |||||||||||||||
Other liabilities | 22,560 | 18,182 | 15,926 | 16,446 | 16,452 | |||||||||||||||
Total liabilities | $ | 1,747,228 | $ | 1,763,857 | $ | 1,679,290 | $ | 1,675,196 | $ | 1,717,218 | ||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 8,714 | 8,714 | 8,707 | 8,705 | 8,660 | |||||||||||||||
Surplus | 14,901 | 14,633 | 14,604 | 14,368 | 14,280 | |||||||||||||||
Retained earnings | 114,012 | 108,927 | 106,567 | 104,449 | 103,445 | |||||||||||||||
Accumulated other comprehensive (loss) | (18,640) | (14,430) | (18,763) | (19,817) | (18,006) | |||||||||||||||
Total shareholders' equity | $ | 118,987 | $ | 117,844 | $ | 111,115 | $ | 107,705 | $ | 108,379 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,866,215 | $ | 1,881,701 | $ | 1,790,405 | $ | 1,782,901 | $ | 1,825,597 | ||||||||||
* | Derived from audited consolidated financial statements. |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
LOAN DATA (unaudited) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||||
Mortgage real estate loans: | ||||||||||||||||||||
Construction & Secured by Farmland | $ | 95,200 | $ | 97,170 | $ | 81,609 | $ | 82,692 | $ | 84,145 | ||||||||||
HELOCs | 50,646 | 50,452 | 46,697 | 46,329 | 47,674 | |||||||||||||||
Residential First Lien - Investor | 105,910 | 106,323 | 112,790 | 113,813 | 117,431 | |||||||||||||||
Residential First Lien - Owner Occupied | 194,065 | 198,570 | 187,807 | 181,323 | 178,180 | |||||||||||||||
Residential Junior Liens | 11,184 | 11,956 | 12,387 | 12,690 | 12,831 | |||||||||||||||
Commercial - Owner Occupied | 272,236 | 273,249 | 257,675 | 254,744 | 251,456 | |||||||||||||||
Commercial - Non-Owner Occupied & Multifamily | 367,680 | 357,351 | 352,892 | 344,192 | 348,879 | |||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||
BHG loans | 3,566 | 3,810 | 4,284 | 4,740 | 5,105 | |||||||||||||||
SBA PPP loans | 28 | 34 | 39 | 45 | 51 | |||||||||||||||
Other commercial and industrial loans | 106,749 | 107,320 | 102,345 | 95,327 | 102,672 | |||||||||||||||
Marine loans | 210,095 | 225,902 | 236,890 | 247,042 | 251,168 | |||||||||||||||
Triad Loans | 22,894 | 23,616 | 24,579 | 25,335 | 25,877 | |||||||||||||||
Consumer loans | 8,123 | 8,447 | 9,497 | 9,194 | 16,542 | |||||||||||||||
Overdrafts | 309 | 215 | 257 | 1,559 | 253 | |||||||||||||||
Other loans | 11,911 | 11,932 | 11,951 | 12,466 | 12,895 | |||||||||||||||
Total loans | $ | 1,460,596 | $ | 1,476,347 | $ | 1,441,699 | $ | 1,431,491 | $ | 1,455,159 | ||||||||||
Net deferred loan costs and premiums | 6,453 | 6,981 | 7,235 | 7,561 | 7,527 | |||||||||||||||
Allowance for credit losses on loans | (15,027) | (15,303) | (15,014) | (14,448) | (14,493) | |||||||||||||||
Net loans | $ | 1,452,022 | $ | 1,468,025 | $ | 1,433,920 | $ | 1,424,604 | $ | 1,448,193 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 2024 | 2023 | ||||||||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||||||||||
Interest and fees on loans | $ | 21,148 | $ | 21,143 | $ | 19,525 | $ | 19,963 | $ | 19,420 | $ | 81,779 | $ | 75,520 | ||||||||||||||
Interest on federal funds sold | 5 | 11 | 68 | 39 | 71 | 123 | 160 | |||||||||||||||||||||
Interest and dividends on securities available | ||||||||||||||||||||||||||||
Taxable interest income | 713 | 712 | 739 | 758 | 771 | 2,922 | 3,141 | |||||||||||||||||||||
Interest income exempt from federal income | 4 | 4 | 3 | 5 | 4 | 16 | 16 | |||||||||||||||||||||
Dividends | 162 | 157 | 155 | 156 | 157 | 630 | 523 | |||||||||||||||||||||
Interest on deposits in banks | 1,962 | 1,659 | 1,248 | 982 | 1,583 | 5,851 | 3,733 | |||||||||||||||||||||
Total interest and dividend income | $ | 23,994 | $ | 23,686 | $ | 21,738 | $ | 21,903 | $ | 22,006 | $ | 91,321 | $ | 83,093 | ||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||
Interest on deposits | $ | 8,496 | $ | 8,419 | $ | 7,515 | $ | 7,424 | $ | 7,658 | $ | 31,854 | $ | 23,630 | ||||||||||||||
Interest on federal funds purchased | — | — | — | — | — | — | 70 | |||||||||||||||||||||
Interest on Federal Home Loan Bank advances | 1,645 | 1,756 | 1,712 | 1,710 | 1,714 | 6,823 | 7,720 | |||||||||||||||||||||
Interest on subordinated debt | 354 | 354 | 355 | 354 | 354 | 1,417 | 1,417 | |||||||||||||||||||||
Total interest expense | $ | 10,495 | $ | 10,529 | $ | 9,582 | $ | 9,488 | $ | 9,726 | $ | 40,094 | $ | 32,837 | ||||||||||||||
Net interest income | $ | 13,499 | $ | 13,157 | $ | 12,156 | $ | 12,415 | $ | 12,280 | $ | 51,227 | $ | 50,256 | ||||||||||||||
Provision For Credit Losses | 351 | 1,544 | 181 | 475 | 366 | 2,551 | 1,649 | |||||||||||||||||||||
Net interest income after provision for credit | $ | 13,148 | $ | 11,613 | $ | 11,975 | $ | 11,940 | $ | 11,914 | $ | 48,676 | $ | 48,607 | ||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||||
Wealth management fees | $ | 1,380 | $ | 1,515 | $ | 1,273 | $ | 1,456 | $ | 1,315 | $ | 5,624 | $ | 4,926 | ||||||||||||||
Service charges on deposit accounts | 508 | 518 | 456 | 454 | 467 | 1,936 | 1,810 | |||||||||||||||||||||
Other service charges and fees | 929 | 1,117 | 1,164 | 969 | 979 | 4,179 | 4,413 | |||||||||||||||||||||
(Loss) gain on the sale of marine finance assets | — | — | — | — | (28) | — | 435 | |||||||||||||||||||||
Gain (loss) on the sale of bank premises and | 3,874 | — | (11) | — | — | 3,863 | 14 | |||||||||||||||||||||
Gain on sale of loans held-for-sale | 861 | 627 | 492 | 161 | 515 | 2,141 | 1,428 | |||||||||||||||||||||
Small business investment company income | 475 | 496 | 259 | 127 | 35 | 1,357 | 385 | |||||||||||||||||||||
Bank owned life insurance income | 260 | 930 | 523 | 268 | 171 | 1,981 | 713 | |||||||||||||||||||||
Other operating income | 234 | 48 | 149 | 45 | 208 | 476 | 656 | |||||||||||||||||||||
Total noninterest income | $ | 8,521 | $ | 5,251 | $ | 4,305 | $ | 3,480 | $ | 3,662 | $ | 21,557 | $ | 14,780 | ||||||||||||||
Noninterest Expenses | ||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 7,973 | $ | 7,548 | $ | 7,353 | $ | 7,185 | $ | 7,849 | $ | 30,059 | $ | 30,306 | ||||||||||||||
Occupancy expenses | 508 | 530 | 470 | 569 | 581 | 2,077 | 2,202 | |||||||||||||||||||||
Equipment expenses | 456 | 427 | 401 | 373 | 320 | 1,657 | 1,299 | |||||||||||||||||||||
Advertising and marketing expenses | 309 | 247 | 245 | 237 | 291 | 1,038 | 1,157 | |||||||||||||||||||||
Stationery and supplies | 54 | 35 | 32 | 24 | 44 | 145 | 191 | |||||||||||||||||||||
ATM network fees | 371 | 406 | 373 | 380 | 421 | 1,530 | 1,563 | |||||||||||||||||||||
Other real estate owned expenses | — | — | — | — | — | — | 5 | |||||||||||||||||||||
(Gain) on the sale of other real estate owned | — | — | — | — | — | — | (7) | |||||||||||||||||||||
Loss on the sale of repossessed assets | — | 204 | — | — | — | 204 | — | |||||||||||||||||||||
FDIC assessment | 330 | 343 | 351 | 409 | 478 | 1,433 | 1,585 | |||||||||||||||||||||
Computer software expense | 388 | 226 | 221 | 233 | 373 | 1,068 | 1,360 | |||||||||||||||||||||
Bank franchise tax | 342 | 342 | 338 | 331 | 339 | 1,353 | 1,255 | |||||||||||||||||||||
Professional fees | 640 | 408 | 511 | 506 | 577 | 2,065 | 2,540 | |||||||||||||||||||||
Data processing fees | 616 | 679 | 558 | 565 | 513 | 2,418 | 1,935 | |||||||||||||||||||||
Other operating expenses | 1,568 | 1,495 | 1,657 | 1,565 | 1,494 | 6,285 | 7,363 | |||||||||||||||||||||
Total noninterest expenses | $ | 13,555 | $ | 12,890 | $ | 12,510 | $ | 12,377 | $ | 13,280 | $ | 51,332 | $ | 52,754 | ||||||||||||||
Income before income taxes | $ | 8,114 | $ | 3,974 | $ | 3,770 | $ | 3,043 | $ | 2,296 | $ | 18,901 | $ | 10,633 | ||||||||||||||
Income Tax Expense (Benefit) | 1,928 | 550 | 585 | 495 | (99) | 3,558 | 1,276 | |||||||||||||||||||||
Net income | $ | 6,186 | $ | 3,424 | $ | 3,185 | $ | 2,548 | $ | 2,395 | $ | 15,343 | $ | 9,357 | ||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||
Net income per common share, basic | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.68 | $ | 4.32 | $ | 2.66 | ||||||||||||||
Net income per common share, diluted | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.68 | $ | 4.32 | $ | 2.66 | ||||||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||||||
Average Balances, Income and Expenses, Yields and Rates (unaudited) | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||
Assets: | Balance | Expense | Yield | Balance | Expense | Yield | ||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | $ | 135,391 | $ | 874 | 2.57 | % | $ | 139,978 | $ | 928 | 2.63 | % | ||||||||||||
Tax-Exempt (1) | 497 | 5 | 4.04 | % | 485 | 5 | 4.13 | % | ||||||||||||||||
Total Securities | $ | 135,888 | $ | 879 | 2.57 | % | $ | 140,463 | $ | 933 | 2.63 | % | ||||||||||||
Loans: | ||||||||||||||||||||||||
Taxable | $ | 1,466,603 | $ | 21,047 | 5.71 | % | $ | 1,434,928 | $ | 19,316 | 5.34 | % | ||||||||||||
Non-accrual | 2,355 | — | — | % | 5,452 | — | — | % | ||||||||||||||||
Tax-Exempt (1) | 10,153 | 129 | 5.04 | % | 10,602 | 132 | 4.95 | % | ||||||||||||||||
Total Loans | $ | 1,479,111 | $ | 21,176 | 5.70 | % | $ | 1,450,982 | $ | 19,448 | 5.32 | % | ||||||||||||
Federal funds sold and interest-bearing deposits | 158,193 | 1,966 | 4.94 | % | 122,502 | 1,654 | 5.36 | % | ||||||||||||||||
Total earning assets | $ | 1,773,192 | $ | 24,021 | 5.39 | % | $ | 1,713,947 | $ | 22,035 | 5.10 | % | ||||||||||||
Allowance for credit losses | (15,299) | (14,420) | ||||||||||||||||||||||
Total non-earning assets | 110,704 | 103,876 | ||||||||||||||||||||||
Total assets | $ | 1,868,597 | $ | 1,803,403 | ||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||
NOW accounts | $ | 267,207 | $ | 1,527 | 2.27 | % | $ | 258,935 | $ | 1,582 | 2.42 | % | ||||||||||||
Money market accounts | 268,846 | 1,557 | 2.30 | % | 257,360 | 1,297 | 2.00 | % | ||||||||||||||||
Savings accounts | 131,541 | 37 | 0.11 | % | 140,445 | 42 | 0.12 | % | ||||||||||||||||
Time deposits: | ||||||||||||||||||||||||
171,735 | 1,976 | 4.58 | % | 148,133 | 1,758 | 4.71 | % | |||||||||||||||||
Less than | 303,617 | 3,399 | 4.45 | % | 267,873 | 2,979 | 4.41 | % | ||||||||||||||||
Total interest-bearing deposits | $ | 1,142,946 | $ | 8,496 | 2.96 | % | $ | 1,072,746 | $ | 7,658 | 2.83 | % | ||||||||||||
Federal funds purchased | 5 | — | n/m | — | — | — | % | |||||||||||||||||
Federal Home Loan Bank advances | 141,739 | 1,644 | 4.62 | % | 145,652 | 1,714 | 4.67 | % | ||||||||||||||||
Subordinated debt | 29,501 | 354 | 4.78 | % | 29,434 | 354 | 4.78 | % | ||||||||||||||||
Total interest-bearing liabilities | $ | 1,314,191 | $ | 10,494 | 3.18 | % | $ | 1,247,832 | $ | 9,726 | 3.09 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 418,505 | 432,767 | ||||||||||||||||||||||
Other Liabilities | 19,245 | 20,948 | ||||||||||||||||||||||
Total liabilities | $ | 1,751,941 | $ | 1,701,547 | ||||||||||||||||||||
Shareholders' equity | 116,656 | 101,856 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,868,597 | $ | 1,803,403 | ||||||||||||||||||||
Net interest income | $ | 13,527 | $ | 12,309 | ||||||||||||||||||||
Net interest spread | 2.21 | % | 2.01 | % | ||||||||||||||||||||
Interest expense as a percent of average earning | 2.35 | % | 2.25 | % | ||||||||||||||||||||
Net interest margin | 3.03 | % | 2.85 | % | ||||||||||||||||||||
(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 (unaudited) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
Interest Income - Loans | $ | 21,148 | $ | 21,143 | $ | 19,525 | $ | 19,963 | $ | 19,420 | ||||||||||
Interest Income - Securities and Other Interest-Earnings | 2,846 | 2,543 | 2,213 | 1,940 | 2,586 | |||||||||||||||
Interest Expense - Deposits | 8,496 | 8,419 | 7,515 | 7,424 | 7,658 | |||||||||||||||
Interest Expense - Other Borrowings | 1,999 | 2,110 | 2,067 | 2,064 | 2,068 | |||||||||||||||
Total Net Interest Income | $ | 13,499 | $ | 13,157 | $ | 12,156 | $ | 12,415 | $ | 12,280 | ||||||||||
Non-GAAP Financial Measurements: | ||||||||||||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - | $ | 27 | $ | 27 | $ | 28 | $ | 28 | $ | 28 | ||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 28 | $ | 28 | $ | 29 | $ | 29 | $ | 29 | ||||||||||
Tax-Equivalent Net Interest Income | $ | 13,527 | $ | 13,185 | $ | 12,185 | $ | 12,444 | $ | 12,309 | ||||||||||
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SOURCE Eagle Financial Services, Inc.
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