Eagle Financial Services Inc 8-K, filed Apr 26, 2024

Eagle Financial Services Inc (EFSI)

8-K 2024-04-26 For: 2024-04-26

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Added on April 12, 2026

About this 8-K

Eagle Financial Services Inc filed this 8-K on April 26, 2024.

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 April 26, 2024 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
	1Q24			4Q23			3Q23			2Q23			1Q23
Net Income (dollars in thousands)	$	2,548		$	2,395		$	2,319		$	2,058		$	2,585
Earnings per share, basic	$	0.72		$	0.69		$	0.66		$	0.58		$	0.73
Earnings per share, diluted	$	0.72		$	0.69		$	0.66		$	0.58		$	0.73
Return on average total assets		0.57	%		0.53	%		0.51	%		0.48	%		0.63	%
Return on average total equity		9.41	%		9.33	%		8.87	%		7.93	%		9.99	%
Dividend payout ratio		41.67	%		43.48	%		45.45	%		51.72	%		41.10	%
Fee revenue as a percent of total revenue		18.11	%		17.32	%		16.95	%		18.01	%		16.33	%
Net interest margin(1)		2.91	%		2.85	%		2.93	%		2.99	%		3.27	%
Yield on average earning assets		5.13	%		5.10	%		5.03	%		4.88	%		4.79	%
Rate on average interest-bearing liabilities		3.10	%		3.09	%		2.98	%		2.71	%		2.23	%
Net interest spread		2.03	%		2.01	%		2.05	%		2.17	%		2.56	%
Tax equivalent adjustment to net interest income (dollars in thousands)	$	29		$	29		$	28		$	25		$	26
Non-interest income to average assets		0.78	%		0.80	%		0.93	%		0.78	%		0.85	%
Non-interest expense to average assets		2.79	%		2.92	%		3.13	%		3.00	%		3.00	%
Efficiency ratio(2)		77.73	%		83.01	%		84.71	%		81.91	%		76.52	%


	Unaudited 03/31/2024			Audited 12/31/2023			Unaudited 09/30/2023			Unaudited 06/30/2023			Unaudited 03/31/2023
Assets
Cash and due from banks	$	68,280		$	112,066		$	63,239		$	48,907		$	117,342
Federal funds sold		59,353			26,287			78,799			29,988			11,373
Securities available for sale, at fair value		141,106			147,011			142,559			151,513			160,192
Loans held for sale		1,593			1,661			3,564			3,570			—
Loans, net of allowance for credit losses		1,424,604			1,448,193			1,426,412			1,456,459			1,386,750
Bank premises and equipment, net		17,954			18,108			18,421			18,064			17,827
Bank owned life insurance		29,843			29,575			24,404			24,219			24,041
Other assets		40,168			42,696			44,072			43,996			39,197
Total assets	$	1,782,901		$	1,825,597		$	1,801,470		$	1,776,716		$	1,756,722
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest bearing demand deposits	$	424,869		$	436,619		$	430,910		$	433,220		$	464,123
Savings and interest bearing demand deposits		666,730			656,439			656,111			645,834			652,802
Time deposits		382,343			413,264			411,359			378,954			273,026
Total deposits	$	1,473,942		$	1,506,322		$	1,498,380		$	1,458,008		$	1,389,951
Federal funds purchased		347			—			—			—			—
Federal Home Loan Bank advances, short-term		10,000			—			—			25,000			125,000
Federal Home Loan Bank advances, long-term		145,000			165,000			145,000			145,000			95,000
Subordinated debt		29,461			29,444			29,428			29,411			29,394
Other liabilities		16,446			16,452			27,479			15,327			12,917
Commitments and contingent liabilities		—			—			—			—			—
Total liabilities	$	1,675,196		$	1,717,218		$	1,700,287		$	1,672,746		$	1,652,262
Shareholders' Equity
Preferred stock, $10 par value		—			—			—			—			—
Common stock, $2.50 par value		8,705			8,660			8,660			8,661			8,651
Surplus		14,368			14,280			13,970			13,881			13,435
Retained earnings		104,449			103,445			102,106			100,844			99,845
Accumulated other comprehensive (loss)		(19,817	)		(18,006	)		(23,553	)		(19,416	)		(17,471	)
Total shareholders' equity	$	107,705		$	108,379		$	101,183		$	103,970		$	104,460
Total liabilities and shareholders' equity	$	1,782,901		$	1,825,597		$	1,801,470		$	1,776,716		$	1,756,722


	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Mortgage real estate loans:
Construction & Secured by Farmland	$	82,692		$	84,145		$	80,012		$	95,433		$	90,660
HELOCs		46,329			47,674			44,719			44,333			41,827
Residential First Lien - Investor		113,813			117,431			120,547			117,265			113,483
Residential First Lien - Owner Occupied		181,323			178,180			162,919			142,417			130,383
Residential Junior Liens		12,690			12,831			12,284			11,869			11,142
Commercial - Owner Occupied		254,744			251,456			244,088			243,610			238,578
Commercial - Non-Owner Occupied & Multifamily		344,192			348,879			355,122			350,210			353,330
Commercial and industrial loans:
BHG loans		4,740			5,105			5,419			5,747			6,185
SBA PPP loans		45			51			57			62			69
Other commercial and industrial loans		95,327			102,672			91,411			95,012			95,943
Marine loans		247,042			251,168			260,518			299,304			253,893
Triad Loans		25,335			25,877			26,519			27,157			27,795
Consumer loans		9,194			16,542			16,019			16,486			16,046
Overdrafts		1,559			253			207			308			151
Other loans		12,466			12,895			13,089			13,805			13,608
Total loans	$	1,431,491		$	1,455,159		$	1,432,930		$	1,463,018		$	1,393,093
Net deferred loan costs and premiums		7,561			7,527			8,055			7,952			7,609
Allowance for credit/loan losses		(14,448	)		(14,493	)		(14,573	)		(14,511	)		(13,950	)
Net loans	$	1,424,604		$	1,448,193		$	1,426,412		$	1,456,459		$	1,386,752


	Three Months Ended
	March 31, 2024								December 31, 2023								March 31, 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	$	142,700		$	914		2.58	%	$	139,978		$	928		2.63	%	$	157,078		$	886		2.29	%
Tax-Exempt (1)		499			6		4.08	%		485			5		4.13	%		545			6		4.16	%
Total Securities	$	143,199		$	920		2.58	%	$	140,463		$	933		2.63	%	$	157,623		$	892		2.29	%
Loans:
Taxable	$	1,433,871		$	19,858		5.57	%	$	1,434,928		$	19,316		5.34	%	$	1,355,259		$	17,076		5.11	%
Non-accrual		5,618			—		—	%		5,452			—		—	%		2,093			—		—	%
Tax-Exempt (1)		10,706			133		4.99	%		10,602			132		4.95	%		9,594			116		4.91	%
Total Loans	$	1,450,195		$	19,991		5.54	%	$	1,450,982		$	19,448		5.32	%	$	1,366,946		$	17,192		5.10	%
Federal funds sold and interest-bearing deposits in other banks		127,205			1,030		3.26	%		122,502			1,663		5.39	%		48,779			500		4.16	%
Total earning assets	$	1,720,599		$	21,941		5.13	%	$	1,713,947		$	22,044		5.10	%	$	1,573,348		$	18,584		4.79	%
Allowance for loan losses		(14,536	)							(14,420	)							(13,426	)
Total non-earning assets		53,112								103,876								97,863
Total assets	$	1,759,175							$	1,803,403							$	1,657,785
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
NOW accounts	$	256,282		$	1,497		2.35	%	$	258,935		$	1,582		2.42	%	$	236,210		$	1,055		1.81	%
Money market accounts		263,755			1,413		2.15	%		257,360			1,297		2.00	%		258,077			841		1.32	%
Savings accounts		138,737			41		0.12	%		140,445			42		0.12	%		166,803			53		0.13	%
Time deposits:
$250,000 and more		143,294			1,701		4.77	%		148,133			1,758		4.71	%		77,777			567		2.96	%
Less than $250,000		251,853			2,772		4.43	%		267,873			2,979		4.41	%		128,118			943		2.99	%
Total interest-bearing deposits	$	1,053,921		$	7,424		2.83	%	$	1,072,746		$	7,658		2.83	%	$	866,985		$	3,459		1.62	%
Federal funds purchased		11			—		—	%		—			—		—	%		11,179			70		2.54	%
Federal Home Loan Bank advances		145,879			1,710		4.72	%		145,652			1,714		4.67	%		169,667			2,031		4.85	%
Subordinated debt		29,450			354		4.84	%		29,434			354		4.78	%		29,383			354		4.89	%
Total interest-bearing liabilities	$	1,229,261		$	9,488		3.10	%	$	1,247,832		$	9,726		3.09	%	$	1,077,214		$	5,914		2.23	%
Noninterest-bearing liabilities:
Demand deposits		405,166								432,767								462,265
Other Liabilities		17,268								20,948								14,567
Total liabilities	$	1,651,695							$	1,701,547							$	1,554,046
Shareholders' equity		107,480								101,856								103,739
Total liabilities and shareholders' equity	$	1,759,175							$	1,803,403							$	1,657,785
Net interest income				$	12,453							$	12,318							$	12,670
Net interest spread							2.03	%							2.01	%							2.56	%
Interest expense as a percent of average earning assets							2.22	%							2.25	%							1.52	%
Net interest margin							2.91	%							2.85	%							3.27	%


	1Q24			4Q23			3Q23			2Q23			1Q23
BALANCE SHEET RATIOS
Loans to deposits		97.63	%		97.10	%		96.17	%		100.89	%		100.77	%
Average interest-earning assets to average-interest bearing liabilities		139.97	%		137.35	%		142.07	%		142.63	%		146.06	%
PER SHARE DATA
Dividends	$	0.30		$	0.30		$	0.30		$	0.30		$	0.30
Book value		30.28			30.78			28.74			29.47			29.65
Tangible book value		30.28			30.78			28.74			29.47			29.65
SHARE PRICE DATA
Closing price	$	29.85		$	30.00		$	31.90		$	30.50		$	33.96
Diluted earnings multiple(1)		10.36			11.03			12.08			13.15			11.63
Book value multiple(2)		0.99			0.97			1.11			1.04			1.15
COMMON STOCK DATA
Outstanding shares at end of period		3,557,229			3,520,894			3,520,894			3,528,240			3,522,874
Weighted average shares outstanding		3,557,203			3,520,894			3,523,943			3,526,934			3,522,431
Weighted average shares outstanding, diluted		3,557,203			3,520,894			3,523,943			3,526,934			3,522,431
CAPITAL RATIOS (BANK ONLY)
Leverage ratio		8.77	%		8.48	%		8.36	%		8.61	%		9.02	%
CREDIT QUALITY
Net charge-offs to average loans		0.04	%		0.03	%		0.01	%		(0.01	)%		0.00	%
Total non-performing loans to total loans		0.32	%		0.40	%		0.40	%		0.23	%		0.14	%
Total non-performing assets to total assets		0.28	%		0.34	%		0.33	%		0.19	%		0.11	%
Non-accrual loans to:
total loans		0.29	%		0.39	%		0.40	%		0.21	%		0.13	%
total assets		0.23	%		0.31	%		0.32	%		0.17	%		0.10	%
Allowance for credit/loan losses to:
total loans		1.00	%		0.99	%		1.01	%		0.99	%		1.00	%
non-performing assets		290.00	%		236.43	%		242.83	%		433.94	%		702.77	%
non-accrual loans		347.64	%		256.74	%		255.80	%		466.74	%		758.56	%
NON-PERFORMING ASSETS:
(dollars in thousands)
Loans delinquent over 90 days	$	411		$	181		$	0		$	235		$	146
Non-accrual loans		4,156			5,645			5,697			3,109			1,839
Other real estate owned and repossessed assets		415			304			304			—			—
NET LOAN CHARGE-OFFS (RECOVERIES):
(dollars in thousands)
Loans charged off	$	705		$	427		$	187		$	52		$	75
(Recoveries)		(185	)		(44	)		(31	)		(202	)		(21	)
Net charge-offs (recoveries)		520			383			156			(150	)		54


	3/31/2024		12/31/2023			9/30/2023		6/30/2023		3/31/2023
Interest and Dividend Income
Interest and fees on loans	$	19,963	$	19,420		$	20,179	$	18,754	$	17,167
Interest on federal funds sold		39		71			51		28		10
Interest and dividends on securities available for sale:
Taxable interest income		758		771			781		785		804
Interest income exempt from federal income taxes		5		4			3		5		4
Dividends		156		157			147		136		83
Interest on deposits in banks		991		1,592			1,030		656		490
Total interest and dividend income	$	21,912	$	22,015		$	22,191	$	20,364	$	18,558
Interest Expense
Interest on deposits	$	7,424	$	7,658		$	6,978	$	5,535	$	3,459
Interest on federal funds purchased		—		—			—		—		70
Interest on Federal Home Loan Bank advances		1,710		1,714			1,943		2,032		2,031
Interest on subordinated debt		354		354			354		355		354
Total interest expense	$	9,488	$	9,726		$	9,275	$	7,922	$	5,914
Net interest income	$	12,424	$	12,289		$	12,916	$	12,442	$	12,644
Provision For Credit Losses		475		366			216		403		664
Net interest income after provision for credit losses	$	11,949	$	11,923		$	12,700	$	12,039	$	11,980
Noninterest Income
Wealth management fees	$	1,456	$	1,315		$	1,190	$	1,263	$	1,158
Service charges on deposit accounts		454		467			460		447		436
Other service charges and fees		969		979			1,252		1,135		1,047
Gain on the sale of marine finance business		—		(28	)		463		—		—
Gain (loss) on the sale of bank premises and equipment		—		—			7		7		—
(Loss) on the sale of AFS securities		—		—			—		—		—
Gain on sale of loans HFS		161		515			265		192		456
Officer insurance income		267		171			184		179		179
Other operating income		164		234			388		134		250
Total noninterest income	$	3,471	$	3,653		$	4,209	$	3,357	$	3,526
Noninterest Expenses
Salaries and employee benefits	$	7,185	$	7,849		$	7,598	$	7,561	$	7,298
Occupancy expenses		569		581			570		533		518
Equipment expenses		373		320			341		315		323
Advertising and marketing expenses		237		291			228		342		296
Stationery and supplies		24		44			69		56		22
ATM network fees		380		421			426		365		351
Other real estate owned expenses		—		—			—		—		5
(Gain) on the sale of other real estate owned		—		—			—		—		(7	)