Eagle Financial Services Inc 8-K, filed Oct 29, 2021

Eagle Financial Services Inc (EFSI)

8-K 2021-10-29 For: 2021-10-29

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Added on April 12, 2026

About this 8-K

Eagle Financial Services Inc filed this 8-K on October 29, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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2 East Main Street P.O. Box 391 Berryville, Virginia		22611
(Address of principal executive offices)		(Zip Code)


Exhibit No.		Description

99.1 104		Press release, dated October 29, 2021 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document



Eagle Financial Services, Inc.

By:		/s/ KATHLEEN J. CHAPPELL
		Kathleen J. Chappell
		Executive Vice President and CFO

Contact:	Kathleen J. Chappell, Executive Vice President and CFO	540-955-2510
		kchappell@bankofclarke.com

	For the Three Months Ended
	3Q21			2Q21			1Q21			4Q20			3Q20
Net Income (dollars in thousands)	$	2,873		$	3,003		$	2,862		$	2,506		$	3,406
Earnings per share, basic	$	0.83		$	0.87		$	0.84		$	0.74		$	0.99
Earnings per share, diluted	$	0.83		$	0.87		$	0.84		$	0.74		$	0.99
Return on average total assets		0.92	%		1.01	%		1.02	%		0.91	%		1.30	%
Return on average total equity		10.48	%		11.47	%		11.04	%		9.56	%		13.21	%
Dividend payout ratio		33.73	%		31.03	%		32.14	%		35.14	%		26.26	%
Fee revenue as a percent of total revenue		16.40	%		15.79	%		15.62	%		15.61	%		15.85	%
Net interest margin(1)		3.56	%		3.56	%		3.62	%		3.63	%		3.86	%
Yield on average earning assets		3.69	%		3.71	%		3.81	%		3.85	%		4.14	%
Rate on average interest-bearing liabilities		0.23	%		0.27	%		0.32	%		0.40	%		0.48	%
Net interest spread		3.46	%		3.44	%		3.49	%		3.45	%		3.66	%
Tax equivalent adjustment to net interest income (dollars in thousands)	$	37		$	50		$	53		$	56		$	61
Non-interest income to average assets		0.92	%		0.89	%		0.86	%		0.81	%		0.84	%
Non-interest expense to average assets		3.05	%		2.95	%		2.82	%		2.92	%		2.84	%
Efficiency ratio(2)		71.31	%		67.83	%		66.25	%		69.21	%		64.43	%


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	Unaudited 09/30/2021		Unaudited 06/30/2021		Unaudited 03/31/2021		Audited 12/31/2020		Unaudited 9/30/2020
Assets
Cash and due from banks	$	68,168	$	104,229	$	86,916	$	79,698	$	63,774
Federal funds sold		240		234		234		222		270
Securities available for sale, at fair value		202,488		177,536		175,033		166,222		153,688
Loans held for sale		1,148		1,073		—		—		—
Loans, net of allowance for loan losses		914,628		869,271		867,195		829,238		799,040
Bank premises and equipment, net		18,572		18,627		18,822		18,725		18,906
Other assets		47,509		48,174		36,757		36,047		37,582
Total assets	$	1,252,753	$	1,219,144	$	1,184,957	$	1,130,152	$	1,073,260
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest bearing demand deposits	$	448,217	$	441,051	$	435,296	$	407,576	$	379,198
Savings and interest bearing demand deposits		557,804		532,269		504,775		476,864		446,687
Time deposits		124,644		126,078		127,918		128,658		129,353
Total deposits	$	1,130,665	$	1,099,398	$	1,067,989	$	1,013,098	$	955,238
Federal Home Loan Bank advances		—		—		—		—		—
Other liabilities		12,286		12,144		11,904		11,980		14,139
Commitments and contingent liabilities		—		—		—		—		—
Total liabilities	$	1,142,951	$	1,111,542	$	1,079,893	$	1,025,078	$	969,377
Shareholders' Equity
Preferred stock, $10 par value		—		—		—		—		—
Common stock, $2.50 par value		8,521		8,515		8,495		8,460		8,472
Surplus		11,750		11,426		11,021		10,811		10,862
Retained earnings		88,446		86,539		84,462		82,524		80,907
Accumulated other comprehensive income		1,085		1,122		1,086		3,279		3,642
Total shareholders' equity	$	109,802	$	107,602	$	105,064	$	105,074	$	103,883
Total liabilities and shareholders' equity	$	1,252,753	$	1,219,144	$	1,184,957	$	1,130,152	$	1,073,260

	9/30/2021		6/30/2021			3/31/2021			12/31/2020			9/30/2020
Interest and Dividend Income
Interest and fees on loans	$	10,049	$	9,749		$	9,408		$	9,249		$	9,312
Interest on federal funds sold		—		—			—			—			—
Interest and dividends on securities available for sale:
Taxable interest income		600		530			466			588			660
Interest income exempt from federal income taxes		96		107			118			127			142
Dividends		11		12			12			14			28
Interest on deposits in banks		26		15			12			12			8
Total interest and dividend income	$	10,782	$	10,413		$	10,016		$	9,990		$	10,150
Interest Expense
Interest on deposits	$	383	$	434		$	487		$	592		$	683
Total interest expense	$	383	$	434		$	487		$	592		$	683
Net interest income	$	10,399	$	9,979		$	9,529		$	9,398		$	9,467
Provision For Loan Losses		300		284			599			702			100
Net interest income after provision for loan losses	$	10,099	$	9,695		$	8,930		$	8,696		$	9,367
Noninterest Income
Income from fiduciary activities	$	503	$	399		$	341		$	317		$	381
Service charges on deposit accounts		301		241			217			246			220
Other service charges and fees		1,374		1,354			1,309			1,255			1,251
Gain on the sale of bank premises and equipment		—		—			—			5			—
(Loss) gain on sales of AFS securities		—		(52	)		76			—			158
Gain on sale of loans HFS		486		359			—			—			—
Officer insurance income		145		118			105			93			102
Other operating income		72		231			379			335			104
Total noninterest income	$	2,881	$	2,650		$	2,427		$	2,251		$	2,216
Noninterest Expenses
Salaries and employee benefits	$	5,947	$	5,310		$	4,716		$	4,874		$	4,739
Occupancy expenses		450		413			456			380			414
Equipment expenses		246		238			224			222			282
Advertising and marketing expenses		168		198			108			198			152
Stationery and supplies		27		60			38			50			28
ATM network fees		285		312			250			272			252
Other real estate owned expenses		32		6			(1	)		13			(3	)
Loss (gain) on the sale of other real estate owned		26		92			10			(11	)		—
FDIC assessment		169		133			107			105			75
Computer software expense		282		281			189			198			200
Bank franchise tax		199		195			189			177			178
Professional fees		289		369			460			261			188
Data processing fees		418		373			402			493			301
Other operating expenses		985		747			768			855			659
Total noninterest expenses	$	9,523	$	8,727		$	7,916		$	8,087		$	7,465
Income before income taxes	$	3,457	$	3,618		$	3,441		$	2,860		$	4,118
Income Tax Expense		584		615			579			354			712
Net income	$	2,873	$	3,003		$	2,862		$	2,506		$	3,406
Earnings Per Share
Net income per common share, basic	$	0.83	$	0.87		$	0.84		$	0.74		$	0.99
Net income per common share, diluted	$	0.83	$	0.87		$	0.84		$	0.74		$	0.99

	September 30, 2021								June 30, 2021								September 30, 2020
				Interest								Interest								Interest
	Average			Income/		Average			Average			Income/		Average			Average			Income/		Average
Assets:	Balance			Expense		Rate			Balance			Expense		Rate			Balance			Expense		Rate
Securities:
Taxable	$	164,203		$	611		1.47	%	$	159,246		$	542		1.36	%	$	122,761		$	688		2.23	%
Tax-Exempt (1)		15,338			122		3.14	%		16,237			135		3.35	%		21,374			180		3.35	%
Total Securities	$	179,541		$	733		1.62	%	$	175,483		$	677		1.55	%	$	144,135		$	868		2.40	%
Loans:
Taxable	$	893,781		$	10,006		4.44	%	$	862,078		$	9,667		4.50	%	$	784,302		$	9,226		4.68	%
Non-accrual		3,834			—		—	%		4,280			—		—	%		4,229			—		—	%
Tax-Exempt (1)		5,191			54		4.13	%		9,473			104		4.39	%		9,873			109		4.40	%
Total Loans	$	902,806		$	10,060		4.42	%	$	875,831		$	9,771		4.47	%	$	798,404		$	9,335		4.65	%
Federal funds sold		232			—		0.12	%		234			—		0.08	%		254			—		0.07	%
Interest-bearing deposits in other banks		83,133			26		0.12	%		83,366			15		0.08	%		42,740			8		0.07	%
Total earning assets	$	1,161,878		$	10,819		3.69	%	$	1,130,634		$	10,463		3.71	%	$	981,304		$	10,211		4.14	%
Allowance for loan losses		(8,195	)							(7,862	)							(6,520	)
Total non-earning assets		86,862								78,573								71,375
Total assets	$	1,240,545							$	1,201,345							$	1,046,159
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
NOW accounts	$	151,624		$	79		0.21	%	$	144,914		$	79		0.22	%	$	112,267		$	78		0.28	%
Money market accounts		229,864			137		0.24	%		213,311			148		0.28	%		189,033			191		0.40	%
Savings accounts		161,192			24		0.06	%		155,065			22		0.06	%		128,009			23		0.07	%
Time deposits:
$250,000 and more		67,325			79		0.47	%		67,706			114		0.67	%		76,072			249		1.30	%
Less than $250,000		58,261			64		0.43	%		58,520			71		0.49	%		60,096			142		0.94	%
Total interest-bearing deposits	$	668,266		$	383		0.23	%	$	639,516		$	434		0.27	%	$	565,477		$	683		0.48	%
Total interest-bearing liabilities	$	668,266		$	383		0.23	%	$	639,516		$	434		0.27	%	$	565,477		$	683		0.48	%
Noninterest-bearing liabilities:
Demand deposits		452,122								443,397								364,473
Other Liabilities		11,392								12,265								13,664
Total liabilities	$	1,131,780							$	1,095,178							$	943,614
Shareholders' equity		108,765								106,167								102,545
Total liabilities and shareholders' equity	$	1,240,545							$	1,201,345							$	1,046,159
Net interest income				$	10,436							$	10,029							$	9,528
Net interest spread							3.46	%							3.44	%							3.66	%
Interest expense as a percent of average earning assets							0.13	%							0.15	%							0.28	%
Net interest margin							3.56	%							3.56	%							3.86	%

	Three Months Ended
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
GAAP Financial Measurements:
Interest Income - Loans	$	10,049	$	9,749	$	9,408	$	9,249	$	9,312
Interest Income - Securities and Other Interest-Earnings Assets		733		664		608		741		838
Interest Expense - Deposits		383		434		487		592		683
Interest Expense - Other Borrowings		—		—		—		—		—
Total Net Interest Income	$	10,399	$	9,979	$	9,529	$	9,398	$	9,467
Non-GAAP Financial Measurements:
Add: Tax Benefit on Tax-Exempt Interest Income - Loans	$	11	$	22	$	22	$	22	$	23
Add: Tax Benefit on Tax-Exempt Interest Income - Securities		26		28		31		34		38
Total Tax Benefit on Tax-Exempt Interest Income	$	37	$	50	$	53	$	56	$	61
Tax-Equivalent Net Interest Income	$	10,436	$	10,029	$	9,582	$	9,454	$	9,528

	3Q21			2Q21			1Q21			4Q20			3Q20
BALANCE SHEET RATIOS
Loans to deposits		81.74	%		79.90	%		81.93	%		82.55	%		84.35	%
Average interest-earning assets to average-interest bearing liabilities		173.86	%		176.80	%		174.95	%		175.23	%		173.54	%
PER SHARE DATA
Dividends	$	0.28		$	0.27		$	0.27		$	0.26		$	0.26
Book value		32.21			31.59			30.92			31.05			30.65
Tangible book value		32.21			31.59			30.92			31.05			30.65
SHARE PRICE DATA
Closing price	$	34.20		$	34.10		$	31.99		$	29.50		$	25.20
Diluted earnings multiple(1)		10.30			9.80			9.52			9.97			6.36
Book value multiple(2)		1.06			1.08			1.03			0.95			0.82
COMMON STOCK DATA
Outstanding shares at end of period		3,449,204			3,437,782			3,429,686			3,405,035			3,416,013
Weighted average shares outstanding		3,448,352			3,433,057			3,426,839			3,410,220			3,413,304
Weighted average shares outstanding, diluted		3,448,352			3,433,057			3,426,839			3,410,220			3,413,304
CAPITAL RATIOS
Total equity to total assets		8.76	%		8.83	%		8.87	%		9.30	%		9.68	%
CREDIT QUALITY
Net charge-offs to average loans		(0.01	)%		(0.01	)%		(0.01	)%		0.03	%		(0.02	)%
Total non-performing loans to total loans		0.38	%		0.56	%		0.49	%		0.58	%		0.53	%
Total non-performing assets to total assets		0.30	%		0.44	%		0.41	%		0.48	%		0.44	%
Non-accrual loans to:
total loans		0.38	%		0.51	%		0.49	%		0.58	%		0.53	%
total assets		0.28	%		0.36	%		0.36	%		0.43	%		0.40	%
Allowance for loan losses to:
total loans		0.91	%		0.92	%		0.88	%		0.85	%		0.83	%
non-performing assets		226.79	%		151.22	%		160.64	%		130.46	%		140.10	%
non-accrual loans		239.18	%		182.71	%		179.82	%		146.85	%		155.10	%
NON-PERFORMING ASSETS:
(dollars in thousands)
Loans delinquent over 90 days	$	—		$	500		$	—		$	—		$	—
Non-accrual loans		3,532			4,432			4,313			4,832			4,286
Other real estate owned and repossessed assets		193			423			515			607			442
NET LOAN CHARGE-OFFS (RECOVERIES):
(dollars in thousands)
Loans charged off	$	45		$	19		$	5		$	300		$	22
(Recoveries)		(95	)		(77	)		(66	)		(33	)		(218	)
Net charge-offs (recoveries)		(50	)		(58	)		(61	)		267			(196	)
PROVISION FOR LOAN LOSSES (dollars in thousands)	$	300		$	284		$	599		$	702		$	100