Eagle Financial Services Inc 8-K, filed Feb 1, 2023

Eagle Financial Services Inc (EFSI)

8-K 2023-02-01 For: 2023-01-31

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Added on April 12, 2026

About this 8-K

Eagle Financial Services Inc filed this 8-K on February 1, 2023, reporting on events of January 31, 2023.

Items reported

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

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Virginia	0-20146	54-1601306
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2 East Main Street
Berryville, Virginia		22611
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A


Exhibit No.		Description

99.1 104		Press release, dated January 31, 2023 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
	4Q22			3Q22			2Q22			1Q22			4Q21
Net Income (dollars in thousands)	$	3,197		$	4,082		$	3,992		$	3,250		$	2,283
Earnings per share, basic	$	0.92		$	1.17		$	1.14		$	0.94		$	0.66
Earnings per share, diluted	$	0.92		$	1.17		$	1.14		$	0.94		$	0.66
Return on average total assets		0.83	%		1.12	%		1.16	%		0.99	%		0.70	%
Return on average total equity		12.70	%		15.93	%		15.86	%		12.08	%		8.20	%
Dividend payout ratio		32.61	%		24.79	%		24.56	%		29.79	%		42.42	%
Fee revenue as a percent of total revenue		14.92	%		16.11	%		15.73	%		15.32	%		15.16	%
Net interest margin(1)		3.68	%		3.72	%		3.70	%		3.61	%		3.67	%
Yield on average earning assets		4.48	%		4.14	%		3.93	%		3.73	%		3.79	%
Rate on average interest-bearing liabilities		1.25	%		0.68	%		0.38	%		0.21	%		0.22	%
Net interest spread		3.23	%		3.46	%		3.55	%		3.52	%		3.57	%
Tax equivalent adjustment to net interest income (dollars in thousands)	$	20		$	32		$	25		$	27		$	32
Non-interest income to average assets		0.80	%		0.87	%		1.12	%		0.99	%		1.04	%
Non-interest expense to average assets		2.99	%		3.04	%		3.07	%		3.02	%		3.66	%
Efficiency ratio(2)		70.53	%		65.73	%		66.62	%		68.87	%		81.53	%


	Unaudited 12/31/2022			Unaudited 09/30/2022			Unaudited 06/30/2022			Unaudited 03/31/2022			Audited 12/31/2021
Assets
Cash and due from banks	$	66,531		$	30,782		$	31,457		$	86,965		$	63,840
Federal funds sold		363			5,153			680			8,945			228
Securities available for sale, at fair value		158,389			156,361			181,162			194,554			193,370
Loans held for sale		153			90			399			843			876
Loans, net of allowance for loan losses		1,312,565			1,191,099			1,110,993			1,012,144			976,933
Bank premises and equipment, net		18,064			17,972			18,155			18,333			18,249
Bank owned life insurance		23,862			23,731			23,593			23,415			23,236
Other assets		36,790			47,932			36,074			29,096			26,306
Total assets	$	1,616,717		$	1,473,120		$	1,402,513		$	1,374,295		$	1,303,038
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest bearing demand deposits	$	478,750		$	491,184		$	477,540		$	489,426		$	470,355
Savings and interest bearing demand deposits		627,431			632,081			638,951			619,224			583,296
Time deposits		157,894			130,849			115,022			122,673			123,584
Total deposits	$	1,264,075		$	1,254,114		$	1,231,513		$	1,231,323		$	1,177,235
Federal funds purchased		32,980			—			28,575			—			—
Federal Home Loan Bank advances		175,000			75,000			—			—			—
Subordinated debt		29,377			29,360			29,343			29,327			—
Other liabilities		13,556			16,146			13,592			11,542			15,523
Commitments and contingent liabilities		—			—			—			—			—
Total liabilities	$	1,514,988		$	1,374,620		$	1,303,023		$	1,272,192		$	1,192,758
Shareholders' Equity
Preferred stock, $10 par value		—			—			—			—			—
Common stock, $2.50 par value		8,619			8,600			8,594			8,586			8,556
Surplus		13,278			13,003			12,594			12,260			12,115
Retained earnings		100,278			98,128			95,058			92,040			89,764
Accumulated other comprehensive (loss)		(20,446	)		(21,231	)		(16,756	)		(10,783	)		(155	)
Total shareholders' equity	$	101,729		$	98,500		$	99,490		$	102,103		$	110,280
Total liabilities and shareholders' equity	$	1,616,717		$	1,473,120		$	1,402,513		$	1,374,295		$	1,303,038


	Three Months Ended						Year Ended
	December 31,						December 31,
	2022			2021			2022			2021
Interest and Dividend Income
Interest and fees on loans	$	15,117		$	10,665		$	50,682		$	39,871
Interest on federal funds sold		15			—			30			—
Interest and dividends on securities available for sale:
Taxable interest income		815			676			3,292			2,272
Interest income exempt from federal income taxes		4			98			221			419
Dividends		60			10			109			45
Interest on deposits in banks		153			16			352			69
Total interest and dividend income	$	16,164		$	11,465		$	54,686		$	42,676
Interest Expense
Interest on deposits	$	1,474		$	373		$	2,941		$	1,677
Interest on federal funds purchased		151			—			170			—
Interest on Federal Home Loan Bank advances		891			—			1,295			—
Interest on subordinated debt		392			—			1,067			—
Total interest expense	$	2,908		$	373		$	5,473		$	1,677
Net interest income	$	13,256		$	11,092		$	49,213		$	40,999
Provision For Loan Losses		930			300			1,830			1,483
Net interest income after provision for loan losses	$	12,326		$	10,792		$	47,383		$	39,516
Noninterest Income
Income from fiduciary activities	$	1,072		$	922		$	4,149		$	1,891
Service charges on deposit accounts		423			366			1,618			1,087
Other service charges and fees		944			903			3,943			5,252
(Loss) on the sale of bank premises and equipment		(8	)		—			(11	)		—
(Loss) gain on sales of AFS securities		—			—			(737	)		24
Gain on sale of loans HFS		331			813			1,875			1,658
Officer insurance income		219			160			714			527
Other operating income		108			198			1,794			881
Total noninterest income	$	3,089		$	3,362		$	13,345		$	11,320
Noninterest Expenses
Salaries and employee benefits	$	6,857		$	5,881		$	25,730		$	21,854
Occupancy expenses		506			484			2,068			1,803
Equipment expenses		307			251			1,121			959
Advertising and marketing expenses		332			185			770			659
Stationery and supplies		64			30			199			155
ATM network fees		233			288			1,210			1,135
Other real estate owned expenses		34			4			34			41
Loss on the sale of other real estate owned		—			73			—			201
FDIC assessment		184			197			614			606
Computer software expense		270			244			960			996
Bank franchise tax		233			198			886			781
Professional fees		409			2,642			2,019			3,760
Data processing fees		393			348			1,779			1,541
Other operating expenses		1,726			1,058			5,667			3,558
Total noninterest expenses	$	11,548		$	11,883		$	43,057		$	38,049
Income before income taxes	$	3,867		$	2,271		$	17,671		$	12,787
Income Tax Expense		670			(12	)		3,150			1,766
Net income	$	3,197		$	2,283		$	14,521		$	11,021
Earnings Per Share
Net income per common share, basic	$	0.92		$	0.66		$	4.17		$	3.20
Net income per common share, diluted	$	0.92		$	0.66		$	4.17		$	3.20



	For the Year Ended
	December 31, 2022								December 31, 2021
				Interest								Interest
	Average			Income/		Average			Average			Income/		Average
Assets:	Balance			Expense		Yield			Balance			Expense		Yield
Securities:
Taxable	$	172,501		$	3,401		1.97	%	$	162,717		$	2,317		1.42	%
Tax-Exempt (1)		8,305			280		3.37	%		15,936			530		3.33	%
Total Securities	$	180,806		$	3,681		2.04	%	$	178,653		$	2,847		1.59	%
Loans:
Taxable	$	1,121,429		$	50,509		4.50	%	$	889,035		$	39,643		4.46	%
Non-accrual		2,350			—		—	%		4,024			—		—	%
Tax-Exempt (1)		5,671			218		3.85	%		6,734			289		4.29	%
Total Loans	$	1,129,450		$	50,727		4.49	%	$	899,793		$	39,932		4.44	%
Federal funds sold		5,311			30		0.57	%		223			—		0.10	%
Interest-bearing deposits in other banks		27,251			352		1.29	%		68,868			69		0.10	%
Total earning assets	$	1,340,468		$	54,790		4.09	%	$	1,143,513		$	42,848		3.75	%
Allowance for loan losses		(9,852	)							(7,980	)
Total non-earning assets		95,639								83,146
Total assets	$	1,426,255							$	1,218,679
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
NOW accounts	$	173,843		$	663		0.38	%	$	145,652		$	312		0.21	%
Money market accounts		270,725			1,155		0.43	%		225,960			583		0.26	%
Savings accounts		179,709			130		0.07	%		156,861			92		0.06	%
Time deposits:
$250,000 and more		62,757			560		0.89	%		67,287			411		0.61	%
Less than $250,000		62,907			433		0.69	%		58,565			279		0.48	%
Total interest-bearing deposits	$	749,941		$	2,941		0.39	%	$	654,325		$	1,677		0.26	%
Federal funds purchased		7,882			170		2.16	%		1			—		0.36	%
Federal Home Loan Bank advances		39,589			1,295		3.27	%		—			—		—	%
Subordinated debt		22,193			1,067		4.81	%		—			—
Total interest-bearing liabilities	$	819,605		$	5,473		0.67	%	$	654,326		$	1,677		0.26	%
Noninterest-bearing liabilities:
Demand deposits		485,061								443,662
Other Liabilities		18,293								12,521
Total liabilities	$	1,322,959							$	1,110,509
Shareholders' equity		103,296								108,170
Total liabilities and shareholders' equity	$	1,426,255							$	1,218,679
Net interest income				$	49,317							$	41,171
Net interest spread							3.42	%							3.49	%
Interest expense as a percent of average earning assets							0.41	%							0.15	%
Net interest margin							3.68	%							3.60	%


	Three Months Ended
	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021
GAAP Financial Measurements:
Interest Income - Loans	$	15,117	$	13,282	$	11,663	$	10,620	$	10,665
Interest Income - Securities and Other Interest-Earnings Assets		1,047		1,084		984		889		800
Interest Expense - Deposits		1,474		714		383		370		373
Interest Expense - Other Borrowings		1,434		753		345		—		—
Total Net Interest Income	$	13,256	$	12,899	$	11,919	$	11,139	$	11,092
Non-GAAP Financial Measurements:
Add: Tax Benefit on Tax-Exempt Interest Income - Loans	$	19	$	16	$	5	$	5	$	6
Add: Tax Benefit on Tax-Exempt Interest Income - Securities		1		16		20		22		26
Total Tax Benefit on Tax-Exempt Interest Income	$	20	$	32	$	25	$	27	$	32
Tax-Equivalent Net Interest Income	$	13,276	$	12,931	$	11,944	$	11,166	$	11,124


	4Q22			3Q22			2Q22			1Q22			4Q21
BALANCE SHEET RATIOS
Loans to deposits		104.72	%		95.83	%		91.01	%		82.96	%		83.73	%
Average interest-earning assets to average-interest bearing liabilities		155.58	%		161.11	%		166.35	%		173.69	%		173.49	%
PER SHARE DATA
Dividends	$	0.30		$	0.29		$	0.28		$	0.28		$	0.28
Book value		29.15			28.28			28.58			29.37			32.22
Tangible book value		29.15			28.28			28.58			29.37			32.22
SHARE PRICE DATA
Closing price	$	35.95		$	36.92		$	35.44		$	35.45		$	34.65
Diluted earnings multiple(1)		9.77			7.89			7.77			9.43			13.13
Book value multiple(2)		1.23			1.31			1.24			1.21			1.08
COMMON STOCK DATA
Outstanding shares at end of period		3,490,086			3,483,571			3,481,188			3,477,020			3,454,128
Weighted average shares outstanding		3,489,764			3,487,555			3,479,573			3,472,332			3,451,383
Weighted average shares outstanding, diluted		3,489,764			3,482,820			3,479,591			3,472,332			3,451,383
CAPITAL RATIOS
Common equity Tier 1 capital ratio		8.80	%		9.35	%		9.67	%		10.19	%		10.72	%
Tier 1 risk-based capital ratio		8.80	%		9.35	%		9.67	%		10.19	%		10.72	%
Total risk-based capital ratio		10.34	%		10.98	%		11.33	%		11.94	%		11.58	%
Tier 1 leverage ratio		7.84	%		8.09	%		8.34	%		8.44	%		8.57	%
Total equity to total assets		6.29	%		6.69	%		7.09	%		7.43	%		8.46	%
CREDIT QUALITY
Net charge-offs to average loans		0.04	%		(0.08	)%		(0.02	)%		0.00	%		—	%
Total non-performing loans to total loans		0.19	%		0.20	%		0.19	%		0.26	%		0.28	%
Total non-performing assets to total assets		0.16	%		0.16	%		0.15	%		0.19	%		0.21	%
Non-accrual loans to:
total loans		0.16	%		0.20	%		0.18	%		0.26	%		0.28	%
total assets		0.13	%		0.16	%		0.14	%		0.19	%		0.21	%
Allowance for loan losses to:
total loans		0.85	%		0.89	%		0.88	%		0.91	%		0.89	%
non-performing assets		433.45	%		442.59	%		472.67	%		357.47	%		317.68	%
non-accrual loans		518.86	%		442.59	%		488.85	%		357.47	%		322.70	%
NON-PERFORMING ASSETS:
(dollars in thousands)
Loans delinquent over 90 days	$	318		$	—		$	69		$	—		$	43
Non-accrual loans		2,162			2,427			2,015			2,606			2,723
Other real estate owned and repossessed assets		108			—			—			—			—
NET LOAN CHARGE-OFFS (RECOVERIES):