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Eagle Financial Services, Inc. (OTCQX: EFSI), headquartered in Berryville, Virginia, is the holding company for the Bank of Clarke, which includes divisions such as Bank of Clarke Wealth Management. EFSI has recently announced its quarterly financial results, reflecting its stability and consistent performance amidst a challenging economic environment.
The Company reported a total loan interest income of $20 million for the quarter ended March 31, 2024, marking a 16.3% increase compared to the same period in the previous year. This growth is primarily attributed to an increase in average loans outstanding and the rising interest rate environment, pushing the tax equivalent yield on average loans to 5.54%.
Despite the increase in loan interest income, EFSI faced a slight decrease in net interest income, which stood at $12.4 million. This was largely due to the higher cost of interest-bearing liabilities, a common trend given the rising interest rates. However, the Company's strategic management of its loan portfolio and deposit growth has maintained its financial health.
One of the notable recent transactions was the sale of EFSI's marine finance arm, LaVictoire Finance, to Axos Bank. This move is expected to streamline operations by reducing non-interest expenses significantly, while the retained marine assets are projected to generate substantial interest income in the coming year.
EFSI's noninterest income also reflects robust performance, with $3.5 million reported in the first quarter of 2024, signifying the success of its Wealth Management division and increased gains from saleable mortgage loans. However, the company continues to manage noninterest expenses carefully, which have decreased by 6.8% compared to the previous quarter, indicating effective cost control measures.
The Company's asset quality remains strong, with nonperforming assets decreasing to $5 million, illustrating an effective risk management strategy. The total consolidated assets of EFSI were $1.78 billion, experiencing a minor decline from the previous quarter but showing year-over-year growth.
The shareholders’ equity stood at $107.7 million, with a book value of $30.28 per common share, reflecting a solid financial foundation. EFSI continues to reward its shareholders with a consistent quarterly dividend, demonstrating its commitment to delivering value.
Overall, Eagle Financial Services, Inc. is showing resilience and adaptability, well-positioned for continued growth and profitability in the evolving financial landscape.
Eagle Financial Services, Inc. (EFSI) reported its fourth quarter 2022 results with a net income of $3.2 million, a 21.7% decrease from Q3 2022 but a 40% increase from Q4 2021. The company achieved record loan growth of $338 million (25.5%) for the year, with earnings per share reaching a record $4.17. Net interest income rose to $13.3 million, up 2.8% from Q3 2022. Total consolidated assets grew to $1.62 billion, reflecting a 9.75% increase. Despite a $930 thousand provision for loan losses and rising interest expenses totaling $2.9 million, the Trust and Wealth Management division contributed significantly to the company’s after-tax revenue.
Eagle Financial Services, Inc. (OTCQX: EFSI) announced a quarterly cash dividend of $0.30 per common share on January 25, 2023. This dividend will be payable on February 17, 2023, to shareholders who are on record by February 6, 2023. The Bank of Clarke, the primary subsidiary, provides a variety of banking services across several counties in Virginia and Maryland, with a strong presence through its branches and loan production offices. This dividend declaration highlights the company's commitment to returning value to its shareholders and indicates financial stability within the current economic landscape.
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.
Eagle Financial Services, Inc. (EFSI) reported strong second quarter 2022 results with a net income of $4.0 million, a 22.8% increase from Q1 and a 32.9% increase YoY. The company announced a quarterly dividend of $0.29 per share, payable on August 19, 2022. Net interest income rose 7% to $11.9 million thanks to robust loan growth, with total loans increasing by $98.8 million. Noninterest income also saw an 18.7% rise to $3.8 million. However, total assets reached $1.40 billion, and the book value per share is at $28.58, reflecting ongoing growth and commitment to shareholders.
Eagle Financial Services, Inc. (EFSI) reported first quarter 2022 net income of $3.3 million, a 42.4% increase from Q4 2021. Basic and diluted earnings per share were $0.94. Loan portfolio surpassed $1 billion with a net growth of $35.2 million, despite a $7.5 million reduction from PPP loans. Total deposits grew by $54.1 million to $1.23 billion. The company achieved annualized earnings per share of $3.80.
Shareholders' equity decreased to $102.1 million due to unrealized losses. The company declared a cash dividend of $0.28 per share payable on May 18, 2022.
Eagle Financial Services, Inc. (EFSI) has completed a private placement offering of $30 million in 4.50% Fixed-to-Floating Rate Subordinated Notes due 2032. The proceeds will primarily contribute to the Bank of Clarke County's growth and will qualify as Tier 2 capital. The Notes bear a fixed interest rate of 4.50% until April 2027, after which the rate will adjust quarterly based on the SOFR plus 235 basis points. The offering was arranged for accredited institutional investors and is not registered under federal securities laws.
Eagle Financial Services (OTCQX: EFSI) reported fourth quarter 2021 net income of $2.3 million, down 20.7% sequentially and 8.9% year-over-year, amid rising legal expenses. Deposit growth stood at $46.6 million, totaling $1.18 billion. Basic and diluted earnings per share were $0.66. Total loans grew by $62.6 million, with net interest income reaching $11.1 million, driven by a rising loan portfolio. Despite challenges, the bank's noninterest income increased by 16.7% to $3.4 million. The total consolidated assets rose to $1.30 billion, reflecting a 4.0% increase from the previous quarter.
Eagle Financial Services (OTCQX: EFSI) declared a cash dividend of $0.28 per common share on January 26, 2022. This dividend is payable on February 18, 2022, to shareholders of record by February 7, 2022. The company operates the Bank of Clarke County with 12 bank branches, providing various commercial and retail banking services across Clarke and Frederick Counties, as well as the City of Winchester and nearby towns in Virginia.
Eagle Financial Services, Inc. (EFSI) reported third-quarter 2021 net income of $2.9 million, a 4.3% decline from Q2 2021 and 15.6% from Q3 2020. Notable highlights include a deposit increase of $31.3 million and earnings per share of $0.83. The company experienced record loan growth of $45.8 million, alongside a 11% annualized growth in core deposits. Net interest income rose to $10.4 million due to portfolio growth, while noninterest expenses increased by 9.1%. A cash dividend of $0.28 per share was declared, payable on November 19, 2021.
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