EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
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) ha riportato un reddito netto nel terzo trimestre del 2024 di 3,4 milioni di dollari, in aumento rispetto ai 3,2 milioni del secondo trimestre del 2024 e ai 2,3 milioni del terzo trimestre del 2023. L'utile per azione è aumentato a 0,97 dollari, con un rendimento annualizzato sul patrimonio medio dell'11,99%. Durante il trimestre c'è stata una crescita dei depositi di 57,4 milioni di dollari (3,9%) e i ricavi da attività non di interesse sono aumentati di 946 mila dollari (22%). Il margine di interesse netto dell'azienda è migliorato al 2,88%, e le attivi consolidati totali hanno raggiunto 1,88 miliardi di dollari. Il Consiglio ha dichiarato un dividendo trimestrale di 0,31 dollari per azione, pagabile il 15 novembre 2024.
Eagle Financial Services (OTCQX: EFSI) reportó un ingreso neto de 3,4 millones de dólares en el tercer trimestre de 2024, un aumento respecto a los 3,2 millones del segundo trimestre de 2024 y a los 2,3 millones del tercer trimestre de 2023. Las ganancias por acción aumentaron a 0,97 dólares, con un rendimiento anualizado sobre el patrimonio promedio del 11,99%. Durante el trimestre, los depósitos crecieron en 57,4 millones de dólares (3,9%) y los ingresos no relacionados con intereses aumentaron en 946 mil dólares (22%). El margen de interés neto de la compañía mejoró al 2,88%, y los activos consolidados totales alcanzaron 1,88 mil millones de dólares. La Junta declaró un dividendo trimestral de 0,31 dólares por acción, pagadero el 15 de noviembre de 2024.
Eagle Financial Services (OTCQX: EFSI)는 2024년 3분기 순이익이 340만 달러에 달했다고 보고했으며, 이는 2024년 2분기의 320만 달러 및 2023년 3분기의 230만 달러에서 증가한 수치입니다. 주당 순이익은 0.97달러로 증가하였고, 평균 자본에 대한 연환산 수익률은 11.99%에 달했습니다. 이번 분기 동안 예금은 5740만 달러(3.9%) 증가하였고, 비이자 수익은 94만6000달러(22%) 증가했습니다. 회사의 순이자 마진은 2.88%로 개선되었으며, 총 통합 자산은 18억 8천만 달러에 도달했습니다. 이사회는 주당 0.31달러의 분기 배당금을 선언하였으며, 이는 2024년 11월 15일에 지급될 예정입니다.
Eagle Financial Services (OTCQX: EFSI) a annoncé un bénéfice net au troisième trimestre 2024 de 3,4 millions de dollars, en hausse par rapport à 3,2 millions de dollars au deuxième trimestre 2024 et 2,3 millions de dollars au troisième trimestre 2023. Le bénéfice par action a augmenté à 0,97 dollar, avec un rendement annualisé sur les fonds propres moyens de 11,99%. Au cours du trimestre, les dépôts ont augmenté de 57,4 millions de dollars (3,9%) et les revenus non liés aux intérêts ont augmenté de 946 000 dollars (22%). La marge d'intérêt nette de l'entreprise s'est améliorée à 2,88%, et l'actif consolidé total a atteint 1,88 milliard de dollars. Le Conseil a déclaré un dividende trimestriel de 0,31 dollar par action, payable le 15 novembre 2024.
Eagle Financial Services (OTCQX: EFSI) meldete einen Nettogewinn von 3,4 Millionen Dollar im dritten Quartal 2024, ein Anstieg von 3,2 Millionen Dollar im zweiten Quartal 2024 und 2,3 Millionen Dollar im dritten Quartal 2023. Der Gewinn pro Aktie stieg auf 0,97 Dollar, mit einer annualisierten Rendite auf das durchschnittliche Eigenkapital von 11,99%. Im Quartal gab es ein Einlagenwachstum von 57,4 Millionen Dollar (3,9%) und die nichtzinsbezogenen Einkünfte stiegen um 946.000 Dollar (22%). Die Zinsmarge des Unternehmens verbesserte sich auf 2,88%, und die konsolidierten Gesamtaktiva erreichten 1,88 Milliarden Dollar. Der Vorstand erklärte eine vierteljährliche Dividende von 0,31 Dollar pro Aktie, die am 15. November 2024 zahlbar ist.
- Net income increased 7.5% QoQ to $3.4 million and 47.6% YoY
- Earnings per share grew to $0.97 from $0.89 in Q2 2024
- Deposit growth of $57.4 million (3.9%) during the quarter
- Net interest margin improved to 2.88% from 2.80% in Q2 2024
- Noninterest income increased by 22% to $5.3 million
- Net charge-offs increased to $1.2 million in Q3 2024 compared to $252k net recoveries in Q2
- Provision for credit losses increased to $1.5 million from $181k in Q2 2024
- Net interest margin declined YoY from 2.93% in Q3 2023
Three Months Ended | |||||||||||
September 30, | June 30, | September 30, | |||||||||
2024 | 2024 | 2023 | |||||||||
(in thousands) | |||||||||||
Consolidated net income | $ | 3,424 | $ | 3,185 | $ | 2,319 | |||||
Earnings per share - basic and diluted | $ | 0.97 | $ | 0.89 | $ | 0.66 | |||||
Annualized return on average equity | 11.99 | % | 11.76 | % | 8.87 | % | |||||
Annualized return on average assets | 0.75 | % | 0.72 | % | 0.51 | % | |||||
Net interest margin | 2.88 | % | 2.80 | % | 2.93 | % | |||||
Brandon Lorey, President and CEO, stated, "The success of the third quarter of 2024 reflects the continued execution of the 2024 strategic plan, coupled with a focus on deepening both existing and new relationships. The Bank of
Key highlights for the third quarter of 2024 are as follows:
- Noninterest income increased
$946 thousand 22.0% during the quarter. - Net interest margin increased eight basis points during the quarter.
- Deposit growth of
$57.4 million 3.9% during the quarter. - Sales of
$14.9 million $4.3 million $626 thousand - Earnings per share increased by
$0.08 $0.97
Income Statement Review
Net income for the quarter ended September 30, 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 September 30, 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 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 September 30, 2024 were
Total net loans increased
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 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 October 23, 2024, the Board of Directors announced a quarterly common stock cash dividend of
Total consolidated equity increased
As of September 30, 2024, the most recent notification from the FDIC categorized the Bank of
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. | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | ||||||||||||||||
Net Income (dollars in thousands) | $ | 3,424 | $ | 3,185 | $ | 2,548 | $ | 2,395 | $ | 2,319 | ||||||||||
Earnings per share, basic | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.69 | $ | 0.66 | ||||||||||
Earnings per share, diluted | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.69 | $ | 0.66 | ||||||||||
Return on average total assets | 0.75 | % | 0.72 | % | 0.58 | % | 0.53 | % | 0.51 | % | ||||||||||
Return on average total equity | 11.99 | % | 11.76 | % | 9.43 | % | 9.33 | % | 8.87 | % | ||||||||||
Dividend payout ratio | 30.93 | % | 33.71 | % | 41.67 | % | 43.48 | % | 45.45 | % | ||||||||||
Fee revenue as a percent of total revenue | 17.11 | % | 17.57 | % | 18.11 | % | 17.32 | % | 16.95 | % | ||||||||||
Net interest margin(1) | 2.88 | % | 2.81 | % | 2.91 | % | 2.85 | % | 2.93 | % | ||||||||||
Yield on average earning assets | 5.17 | % | 5.01 | % | 5.13 | % | 5.10 | % | 5.03 | % | ||||||||||
Rate on average interest-bearing liabilities | 3.27 | % | 3.14 | % | 3.10 | % | 3.09 | % | 2.98 | % | ||||||||||
Net interest spread | 1.91 | % | 1.87 | % | 2.03 | % | 2.01 | % | 2.05 | % | ||||||||||
Tax equivalent adjustment to net interest income (dollars in thousands) | $ | 28 | $ | 29 | $ | 29 | $ | 29 | $ | 28 | ||||||||||
Non-interest income to average assets | 1.15 | % | 0.97 | % | 0.78 | % | 0.80 | % | 0.93 | % | ||||||||||
Non-interest expense to average assets | 2.81 | % | 2.82 | % | 2.80 | % | 2.92 | % | 3.13 | % | ||||||||||
Efficiency ratio(2) | 71.34 | % | 77.00 | % | 77.73 | % | 83.01 | % | 84.71 | % | ||||||||||
(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. | ||||||||||||||||||||
3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | ||||||||||||||||
BALANCE SHEET RATIOS | ||||||||||||||||||||
Loans to deposits | 95.95 | % | 97.34 | % | 97.63 | % | 97.10 | % | 96.17 | % | ||||||||||
Average interest-earning assets to average-interest | 142.24 | % | 142.64 | % | 139.97 | % | 137.35 | % | 142.07 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Dividends | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Book value | 33.20 | 31.24 | 30.28 | 30.78 | 28.74 | |||||||||||||||
Tangible book value | 33.20 | 31.24 | 30.28 | 30.78 | 28.74 | |||||||||||||||
SHARE PRICE DATA | ||||||||||||||||||||
Closing price | $ | 32.40 | $ | 32.99 | $ | 29.85 | $ | 30.00 | $ | 31.90 | ||||||||||
Diluted earnings multiple(1) | 8.35 | 9.27 | 10.36 | 11.03 | 12.08 | |||||||||||||||
Book value multiple(2) | 0.98 | 1.06 | 0.99 | 0.97 | 1.11 | |||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||
Outstanding shares at end of period | 3,549,581 | 3,556,844 | 3,557,229 | 3,520,894 | 3,520,894 | |||||||||||||||
Weighted average shares outstanding | 3,552,026 | 3,556,935 | 3,557,203 | 3,520,894 | 3,523,943 | |||||||||||||||
Weighted average shares outstanding, diluted | 3,552,026 | 3,556,935 | 3,557,203 | 3,520,894 | 3,523,943 | |||||||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Net charge-offs to average loans | 0.08 | % | (0.02) | % | 0.04 | % | 0.03 | % | 0.01 | % | ||||||||||
Total non-performing loans to total loans | 0.16 | % | 0.20 | % | 0.32 | % | 0.40 | % | 0.40 | % | ||||||||||
Total non-performing assets to total assets | 0.13 | % | 0.18 | % | 0.28 | % | 0.34 | % | 0.33 | % | ||||||||||
Non-accrual loans to: | ||||||||||||||||||||
total loans | 0.16 | % | 0.19 | % | 0.29 | % | 0.39 | % | 0.40 | % | ||||||||||
total assets | 0.12 | % | 0.15 | % | 0.23 | % | 0.31 | % | 0.32 | % | ||||||||||
Allowance for credit/loan losses to: | ||||||||||||||||||||
total loans | 1.03 | % | 1.04 | % | 1.00 | % | 0.99 | % | 1.01 | % | ||||||||||
non-performing assets | 605.82 | % | 458.72 | % | 290.00 | % | 236.43 | % | 242.83 | % | ||||||||||
non-accrual loans | 652.86 | % | 555.46 | % | 347.64 | % | 256.74 | % | 255.80 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Loans delinquent over 90 days | $ | 83 | $ | 167 | $ | 411 | $ | 181 | $ | 0 | ||||||||||
Non-accrual loans | 2,344 | 2,703 | 4,156 | 5,645 | 5,697 | |||||||||||||||
Other real estate owned and repossessed assets | 99 | 403 | 415 | 304 | 304 | |||||||||||||||
NET LOAN CHARGE-OFFS (RECOVERIES): | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Loans charged off | $ | 1,382 | $ | 172 | $ | 705 | $ | 427 | $ | 187 | ||||||||||
(Recoveries) | (145) | (424) | (185) | (44) | (31) | |||||||||||||||
Net charge-offs (recoveries) | 1,237 | (252) | 520 | 383 | 156 | |||||||||||||||
PROVISION FOR CREDIT LOSSES (dollars in | $ | 1,525 | $ | 315 | $ | 475 | $ | 366 | $ | 218 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES (dollars in | $ | 15,303 | $ | 15,014 | $ | 14,448 | $ | 14,493 | $ | 14,573 | ||||||||||
(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 | $ | 177,605 | $ | 61,179 | $ | 68,280 | $ | 112,066 | $ | 63,239 | ||||||||||
Federal funds sold | 3,586 | 62,476 | 59,353 | 26,287 | 78,799 | |||||||||||||||
Securities available for sale, at fair value | 140,018 | 138,269 | 141,106 | 147,011 | 142,559 | |||||||||||||||
Loans held for sale | 3,657 | 3,058 | 1,593 | 1,661 | 3,564 | |||||||||||||||
Loans, net of allowance for credit losses | 1,468,025 | 1,433,920 | 1,424,604 | 1,448,193 | 1,426,412 | |||||||||||||||
Bank premises and equipment, net | 18,101 | 18,114 | 17,954 | 18,108 | 18,421 | |||||||||||||||
Bank owned life insurance | 30,361 | 30,103 | 29,843 | 29,575 | 24,404 | |||||||||||||||
Other assets | 40,348 | 43,286 | 40,168 | 42,696 | 44,072 | |||||||||||||||
Total assets | $ | 1,881,701 | $ | 1,790,405 | $ | 1,782,901 | $ | 1,825,597 | $ | 1,801,470 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 413,615 | $ | 415,017 | $ | 424,869 | $ | 436,619 | $ | 430,910 | ||||||||||
Savings and interest bearing demand deposits | 655,601 | 647,358 | 666,730 | 656,439 | 656,111 | |||||||||||||||
Time deposits | 476,720 | 426,209 | 382,343 | 413,264 | 411,359 | |||||||||||||||
Total deposits | $ | 1,545,936 | $ | 1,488,584 | $ | 1,473,942 | $ | 1,506,322 | $ | 1,498,380 | ||||||||||
Federal funds purchased | 244 | 302 | 347 | — | — | |||||||||||||||
Federal Home Loan Bank advances, short-term | — | — | 10,000 | — | — | |||||||||||||||
Federal Home Loan Bank advances, long-term | 170,000 | 145,000 | 145,000 | 165,000 | 145,000 | |||||||||||||||
Subordinated debt | 29,495 | 29,478 | 29,461 | 29,444 | 29,428 | |||||||||||||||
Other liabilities | 18,182 | 15,926 | 16,446 | 16,452 | 27,479 | |||||||||||||||
Commitments and contingent liabilities | — | — | — | — | — | |||||||||||||||
Total liabilities | $ | 1,763,857 | $ | 1,679,290 | $ | 1,675,196 | $ | 1,717,218 | $ | 1,700,287 | ||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 8,714 | 8,707 | 8,705 | 8,660 | 8,660 | |||||||||||||||
Surplus | 14,633 | 14,604 | 14,368 | 14,280 | 13,970 | |||||||||||||||
Retained earnings | 108,927 | 106,567 | 104,449 | 103,445 | 102,106 | |||||||||||||||
Accumulated other comprehensive (loss) | (14,430) | (18,763) | (19,817) | (18,006) | (23,553) | |||||||||||||||
Total shareholders' equity | $ | 117,844 | $ | 111,115 | $ | 107,705 | $ | 108,379 | $ | 101,183 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,881,701 | $ | 1,790,405 | $ | 1,782,901 | $ | 1,825,597 | $ | 1,801,470 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||||||||||||||||
Mortgage real estate loans: | ||||||||||||||||||||
Construction & Secured by Farmland | $ | 97,170 | $ | 81,609 | $ | 82,692 | $ | 84,145 | $ | 80,012 | ||||||||||
HELOCs | 50,452 | 46,697 | 46,329 | 47,674 | 44,719 | |||||||||||||||
Residential First Lien – Investment | 106,323 | 112,790 | 113,813 | 117,431 | 120,547 | |||||||||||||||
Residential First Lien - Owner Occupied | 198,570 | 187,807 | 181,323 | 178,180 | 162,919 | |||||||||||||||
Residential Junior Liens | 11,956 | 12,387 | 12,690 | 12,831 | 12,284 | |||||||||||||||
Commercial - Owner Occupied | 273,249 | 257,675 | 254,744 | 251,456 | 244,088 | |||||||||||||||
Commercial - Non-Owner Occupied & Multifamily | 357,351 | 352,892 | 344,192 | 348,879 | 355,122 | |||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||
BHG loans | 3,810 | 4,284 | 4,740 | 5,105 | 5,419 | |||||||||||||||
SBA PPP loans | 34 | 39 | 45 | 51 | 57 | |||||||||||||||
Other commercial and industrial loans | 107,320 | 102,345 | 95,327 | 102,672 | 91,411 | |||||||||||||||
Marine loans | 225,902 | 236,890 | 247,042 | 251,168 | 260,518 | |||||||||||||||
Triad Loans | 23,616 | 24,579 | 25,335 | 25,877 | 26,519 | |||||||||||||||
Consumer loans | 8,447 | 9,497 | 9,194 | 16,542 | 16,019 | |||||||||||||||
Overdrafts | 215 | 257 | 1,559 | 253 | 207 | |||||||||||||||
Other loans | 11,932 | 11,951 | 12,466 | 12,895 | 13,089 | |||||||||||||||
Total loans | $ | 1,476,347 | $ | 1,441,699 | $ | 1,431,491 | $ | 1,455,159 | $ | 1,432,930 | ||||||||||
Net deferred loan costs and premiums | 6,981 | 7,235 | 7,561 | 7,527 | 8,055 | |||||||||||||||
Allowance for credit/loan losses | (15,303) | (15,014) | (14,448) | (14,493) | (14,573) | |||||||||||||||
Net loans | $ | 1,468,025 | $ | 1,433,920 | $ | 1,424,604 | $ | 1,448,193 | $ | 1,426,412 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Interest and fees on loans | $ | 21,143 | $ | 19,525 | $ | 19,963 | $ | 19,420 | $ | 20,179 | ||||||||||
Interest on federal funds sold | 11 | 68 | 39 | 71 | 51 | |||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||
Taxable interest income | 712 | 739 | 758 | 771 | 781 | |||||||||||||||
Interest income exempt from federal income taxes | 4 | 3 | 5 | 4 | 3 | |||||||||||||||
Dividends | 157 | 155 | 156 | 157 | 147 | |||||||||||||||
Interest on deposits in banks | 1,659 | 1,248 | 982 | 1,583 | 1,021 | |||||||||||||||
Total interest and dividend income | $ | 23,686 | $ | 21,738 | $ | 21,903 | $ | 22,006 | $ | 22,182 | ||||||||||
Interest Expense | ||||||||||||||||||||
Interest on deposits | $ | 8,419 | $ | 7,515 | $ | 7,424 | $ | 7,658 | $ | 6,978 | ||||||||||
Interest on federal funds purchased | — | — | — | — | — | |||||||||||||||
Interest on Federal Home Loan Bank advances | 1,756 | 1,712 | 1,710 | 1,714 | 1,943 | |||||||||||||||
Interest on subordinated debt | 354 | 355 | 354 | 354 | 354 | |||||||||||||||
Total interest expense | $ | 10,529 | $ | 9,582 | $ | 9,488 | $ | 9,726 | $ | 9,275 | ||||||||||
Net interest income | $ | 13,157 | $ | 12,156 | $ | 12,415 | $ | 12,280 | $ | 12,907 | ||||||||||
Provision For Credit Losses | 1,544 | 181 | 475 | 366 | 216 | |||||||||||||||
Net interest income after provision for credit losses | $ | 11,613 | $ | 11,975 | $ | 11,940 | $ | 11,914 | $ | 12,691 | ||||||||||
Noninterest Income | ||||||||||||||||||||
Wealth management fees | $ | 1,515 | $ | 1,273 | $ | 1,456 | $ | 1,315 | $ | 1,190 | ||||||||||
Service charges on deposit accounts | 518 | 456 | 454 | 467 | 460 | |||||||||||||||
Other service charges and fees | 1,117 | 1,164 | 969 | 979 | 1,252 | |||||||||||||||
(Loss) gain on the sale of marine finance business | — | — | — | (28) | 463 | |||||||||||||||
(Gain) loss on the sale of bank premises and equipment | — | (11) | — | — | 7 | |||||||||||||||
(Loss) on the sale of AFS securities | — | — | — | — | — | |||||||||||||||
Gain on sale of loans HFS | 627 | 492 | 161 | 515 | 265 | |||||||||||||||
Small business investment company income | 496 | 259 | 127 | 35 | 151 | |||||||||||||||
Officer insurance income | 930 | 269 | 268 | 171 | 184 | |||||||||||||||
Other operating income | 48 | 403 | 45 | 208 | 246 | |||||||||||||||
Total noninterest income | $ | 5,251 | $ | 4,305 | $ | 3,480 | $ | 3,662 | $ | 4,218 | ||||||||||
Noninterest Expenses | ||||||||||||||||||||
Salaries and employee benefits | $ | 7,548 | $ | 7,353 | $ | 7,185 | $ | 7,849 | $ | 7,598 | ||||||||||
Occupancy expenses | 530 | 470 | 569 | 581 | 570 | |||||||||||||||
Equipment expenses | 427 | 401 | 373 | 320 | 341 | |||||||||||||||
Advertising and marketing expenses | 247 | 245 | 237 | 291 | 228 | |||||||||||||||
Stationery and supplies | 35 | 32 | 24 | 44 | 69 | |||||||||||||||
ATM network fees | 406 | 373 | 380 | 421 | 426 | |||||||||||||||
Loss of sale of reposessed assets | 204 | — | — | — | — | |||||||||||||||
FDIC assessment | 343 | 351 | 409 | 478 | 495 | |||||||||||||||
Computer software expense | 226 | 221 | 233 | 373 | 396 | |||||||||||||||
Bank franchise tax | 342 | 338 | 331 | 339 | 340 | |||||||||||||||
Professional fees | 408 | 511 | 506 | 577 | 497 | |||||||||||||||
Data processing fees | 679 | 558 | 565 | 513 | 542 | |||||||||||||||
Other operating expenses | 1,495 | 1,657 | 1,565 | 1,494 | 2,631 | |||||||||||||||
Total noninterest expenses | $ | 12,890 | $ | 12,510 | $ | 12,377 | $ | 13,280 | $ | 14,133 | ||||||||||
Income before income taxes | $ | 3,974 | $ | 3,770 | $ | 3,043 | $ | 2,296 | $ | 2,776 | ||||||||||
Income Tax Expense (Benefit) | 550 | 585 | 495 | (99) | 457 | |||||||||||||||
Net income | $ | 3,424 | $ | 3,185 | $ | 2,548 | $ | 2,395 | $ | 2,319 | ||||||||||
Earnings Per Share | ||||||||||||||||||||
Net income per common share, basic | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.68 | $ | 0.66 | ||||||||||
Net income per common share, diluted | $ | 0.97 | $ | 0.89 | $ | 0.72 | $ | 0.68 | $ | 0.66 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 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 | $ | 137,183 | $ | 869 | 2.52 | % | $ | 137,588 | $ | 893 | 2.61 | % | $ | 148,549 | $ | 928 | 2.48 | % | ||||||||||||||||||
Tax-Exempt (1) | 493 | 5 | 4.03 | % | 492 | 5 | 4.13 | % | 490 | 4 | 4.10 | % | ||||||||||||||||||||||||
Total Securities | $ | 137,676 | $ | 874 | 2.53 | % | $ | 138,080 | $ | 898 | 2.62 | % | $ | 149,039 | $ | 932 | 2.48 | % | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,461,660 | $ | 21,041 | 5.73 | % | $ | 1,424,304 | $ | 19,421 | 5.48 | % | $ | 1,458,347 | $ | 20,077 | 5.46 | % | ||||||||||||||||||
Non-accrual | 2,553 | — | — | % | 4,600 | — | — | % | 3,639 | — | — | % | ||||||||||||||||||||||||
Tax-Exempt (1) | 10,162 | 129 | 5.04 | % | 10,603 | 132 | 5.01 | % | 10,403 | 129 | 4.94 | % | ||||||||||||||||||||||||
Total Loans | $ | 1,474,375 | $ | 21,170 | 5.71 | % | $ | 1,439,507 | $ | 19,553 | 5.46 | % | $ | 1,472,389 | $ | 20,206 | 5.44 | % | ||||||||||||||||||
Federal funds sold and interest-bearing deposits in other banks | 211,888 | 1,670 | 3.14 | % | 170,858 | 1,316 | 3.10 | % | 132,432 | 1,072 | 3.21 | % | ||||||||||||||||||||||||
Total earning assets | $ | 1,823,939 | $ | 23,714 | 5.17 | % | $ | 1,748,445 | $ | 21,767 | 5.01 | % | $ | 1,753,860 | $ | 22,210 | 5.02 | % | ||||||||||||||||||
Allowance for loan losses | (14,729) | (14,604) | (14,642) | |||||||||||||||||||||||||||||||||
Total non-earning assets | 14,268 | 33,281 | 52,307 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,823,478 | $ | 1,767,122 | $ | 1,791,525 | ||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 254,996 | $ | 1,535 | 2.39 | % | $ | 258,965 | $ | 1,538 | 2.39 | % | $ | 241,033 | $ | 1,354 | 2.23 | % | ||||||||||||||||||
Money market accounts | 261,653 | 1,555 | 2.36 | % | 261,557 | 1,463 | 2.25 | % | 260,692 | 1,260 | 1.92 | % | ||||||||||||||||||||||||
Savings accounts | 132,983 | 38 | 0.11 | % | 136,370 | 39 | 0.12 | % | 145,673 | 44 | 0.12 | % | ||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||
159,761 | 1,932 | 4.81 | % | 138,531 | 1,652 | 4.80 | % | 137,487 | 1,543 | 4.45 | % | |||||||||||||||||||||||||
Less than | 294,579 | 3,359 | 4.54 | % | 255,776 | 2,823 | 4.44 | % | 257,257 | 2,777 | 4.28 | % | ||||||||||||||||||||||||
Total interest-bearing | $ | 1,103,972 | $ | 8,419 | 3.03 | % | $ | 1,051,199 | $ | 7,515 | 2.88 | % | $ | 1,042,142 | $ | 6,978 | 2.66 | % | ||||||||||||||||||
Federal funds purchased | 12 | — | — | % | 15 | — | — | % | — | — | — | % | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 148,804 | 1,756 | 4.69 | % | 145,110 | 1,712 | 4.74 | % | 162,935 | 1,943 | 4.73 | % | ||||||||||||||||||||||||
Subordinated debt | 29,484 | 354 | 4.78 | % | 29,467 | 355 | 4.84 | % | 29,416 | 354 | 4.78 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,282,272 | $ | 10,529 | 3.27 | % | $ | 1,225,791 | $ | 9,582 | 3.14 | % | $ | 1,234,493 | $ | 9,275 | 2.98 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 409,753 | 417,128 | 434,807 | |||||||||||||||||||||||||||||||||
Other Liabilities | 17,838 | 16,489 | 18,505 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,709,863 | $ | 1,659,408 | $ | 1,687,805 | ||||||||||||||||||||||||||||||
Shareholders' equity | 113,615 | 107,714 | 103,720 | |||||||||||||||||||||||||||||||||
Total liabilities and | $ | 1,823,478 | $ | 1,767,122 | $ | 1,791,525 | ||||||||||||||||||||||||||||||
Net interest income | $ | 13,185 | $ | 12,185 | $ | 12,935 | ||||||||||||||||||||||||||||||
Net interest spread | 1.91 | % | 1.87 | % | 2.04 | % | ||||||||||||||||||||||||||||||
Interest expense as a percent of average earning assets | 2.30 | % | 2.20 | % | 2.10 | % | ||||||||||||||||||||||||||||||
Net interest margin | 2.88 | % | 2.80 | % | 2.93 | % | ||||||||||||||||||||||||||||||
(1) | Income and yields are reported on tax-equivalent basis using a federal tax rate of |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
Interest Income - Loans | $ | 21,143 | $ | 19,525 | $ | 19,963 | $ | 19,420 | $ | 20,179 | ||||||||||
Interest Income - Securities and Other Interest-Earnings Assets | 2,543 | 2,213 | 1,940 | 2,586 | 2,003 | |||||||||||||||
Interest Expense - Deposits | 8,419 | 7,515 | 7,424 | 7,658 | 6,978 | |||||||||||||||
Interest Expense - Other Borrowings | 2,110 | 2,067 | 2,064 | 2,068 | 2,297 | |||||||||||||||
Total Net Interest Income | $ | 13,157 | $ | 12,156 | $ | 12,415 | $ | 12,280 | $ | 12,907 | ||||||||||
Non-GAAP Financial Measurements: | ||||||||||||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Loans | $ | 27 | $ | 28 | $ | 28 | $ | 28 | $ | 27 | ||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Securities | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 28 | $ | 29 | $ | 29 | $ | 29 | $ | 28 | ||||||||||
Tax-Equivalent Net Interest Income | $ | 13,185 | $ | 12,185 | $ | 12,444 | $ | 12,309 | $ | 12,935 | ||||||||||
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SOURCE Eagle Financial Services, Inc.
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