EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2025 FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
Eagle Financial Services (NASDAQ: EFSI) reported first quarter 2025 results with a net loss of $7.0 million, compared to net income of $6.2 million in Q4 2024. The loss was primarily due to a $12.4 million pre-tax loss from securities sales during balance sheet repositioning.
Key Q1 2025 highlights include: completion of a $53.5 million public offering of 1,796,875 shares at $32.00 per share, core deposit growth of $42.2 million (3.3%), reduction in FHLB borrowings by $55.0 million to $65.0 million, and Wealth Management fee income increase of 21.8% to $1.7 million.
The company's net interest margin was 2.98%, with nonperforming assets increasing to $16.4 million (0.86% of total assets) from $3.0 million in Q4 2024. The Board declared a quarterly dividend of $0.31 per share, payable May 16, 2025.
Eagle Financial Services (NASDAQ: EFSI) ha riportato i risultati del primo trimestre 2025 con una perdita netta di 7,0 milioni di dollari, rispetto a un utile netto di 6,2 milioni di dollari nel quarto trimestre 2024. La perdita è stata principalmente causata da una perdita ante imposte di 12,4 milioni di dollari derivante dalla vendita di titoli durante la riposizionamento del bilancio.
I punti salienti del primo trimestre 2025 includono: completamento di un'offerta pubblica da 53,5 milioni di dollari per 1.796.875 azioni a 32,00 dollari per azione, crescita dei depositi core di 42,2 milioni di dollari (3,3%), riduzione dei prestiti FHLB di 55,0 milioni di dollari a 65,0 milioni di dollari e aumento delle commissioni di Wealth Management del 21,8% a 1,7 milioni di dollari.
Il margine di interesse netto della società è stato del 2,98%, con un aumento degli asset non performanti a 16,4 milioni di dollari (0,86% del totale attivo) rispetto ai 3,0 milioni di dollari del quarto trimestre 2024. Il Consiglio ha dichiarato un dividendo trimestrale di 0,31 dollari per azione, pagabile il 16 maggio 2025.
Eagle Financial Services (NASDAQ: EFSI) reportó resultados del primer trimestre de 2025 con una pérdida neta de 7,0 millones de dólares, en comparación con una ganancia neta de 6,2 millones en el cuarto trimestre de 2024. La pérdida se debió principalmente a una pérdida antes de impuestos de 12,4 millones por la venta de valores durante el reposicionamiento del balance.
Los aspectos destacados del primer trimestre de 2025 incluyen: la finalización de una oferta pública de 53,5 millones de dólares por 1.796.875 acciones a 32,00 dólares por acción, un crecimiento de depósitos centrales de 42,2 millones (3,3%), una reducción en los préstamos FHLB de 55,0 millones a 65,0 millones y un aumento del 21,8% en los ingresos por comisiones de Gestión de Patrimonios a 1,7 millones.
El margen de interés neto de la compañía fue del 2,98%, con un aumento de activos improductivos a 16,4 millones (0,86% del total de activos) desde 3,0 millones en el cuarto trimestre de 2024. La Junta declaró un dividendo trimestral de 0,31 dólares por acción, pagadero el 16 de mayo de 2025.
Eagle Financial Services (NASDAQ: EFSI)는 2025년 1분기 실적을 발표하며 700만 달러의 순손실을 기록했습니다. 이는 2024년 4분기 620만 달러 순이익과 비교되는 수치입니다. 손실은 주로 대차대조표 재조정 과정에서 증권 매각으로 인한 1,240만 달러의 세전 손실 때문입니다.
2025년 1분기 주요 내용으로는 주당 32.00달러에 1,796,875주, 총 5,350만 달러 규모의 공모주 발행 완료, 핵심 예금 4,220만 달러(3.3%) 증가, FHLB 차입금 5,500만 달러 감소하여 6,500만 달러로 축소, 자산관리 수수료 수익 21.8% 증가하여 170만 달러 달성이 포함됩니다.
회사의 순이자마진은 2.98%였으며, 부실 자산은 1,640만 달러(총 자산의 0.86%)로 2024년 4분기 300만 달러에서 증가했습니다. 이사회는 주당 0.31달러의 분기 배당금을 선언했으며, 지급일은 2025년 5월 16일입니다.
Eagle Financial Services (NASDAQ : EFSI) a publié ses résultats du premier trimestre 2025 avec une perte nette de 7,0 millions de dollars, contre un bénéfice net de 6,2 millions au quatrième trimestre 2024. Cette perte est principalement due à une perte avant impôts de 12,4 millions liée à la vente de titres dans le cadre du repositionnement du bilan.
Les faits marquants du premier trimestre 2025 incluent : la réalisation d’une offre publique de 53,5 millions de dollars portant sur 1 796 875 actions à 32,00 dollars l’action, une croissance des dépôts de base de 42,2 millions (3,3 %), une réduction des emprunts FHLB de 55,0 millions à 65,0 millions, et une augmentation de 21,8 % des revenus de commissions en gestion de patrimoine à 1,7 million.
La marge nette d’intérêt de la société s’est établie à 2,98 %, avec une augmentation des actifs non performants à 16,4 millions (0,86 % du total des actifs) contre 3,0 millions au quatrième trimestre 2024. Le conseil d’administration a déclaré un dividende trimestriel de 0,31 dollar par action, payable le 16 mai 2025.
Eagle Financial Services (NASDAQ: EFSI) meldete die Ergebnisse für das erste Quartal 2025 mit einem Nettoverlust von 7,0 Millionen US-Dollar, verglichen mit einem Nettogewinn von 6,2 Millionen US-Dollar im vierten Quartal 2024. Der Verlust resultierte hauptsächlich aus einem Vorsteuerverlust von 12,4 Millionen US-Dollar durch Wertpapierverkäufe im Rahmen der Bilanzumstrukturierung.
Wichtige Highlights des ersten Quartals 2025 umfassen: den Abschluss einer öffentlichen Emission über 53,5 Millionen US-Dollar für 1.796.875 Aktien zu je 32,00 US-Dollar, ein Wachstum der Kerneinlagen um 42,2 Millionen US-Dollar (3,3 %), eine Reduzierung der FHLB-Kredite um 55,0 Millionen US-Dollar auf 65,0 Millionen US-Dollar sowie eine Steigerung der Vermögensverwaltungsgebühren um 21,8 % auf 1,7 Millionen US-Dollar.
Die Nettomarge des Unternehmens lag bei 2,98 %, wobei sich notleidende Vermögenswerte von 3,0 Millionen US-Dollar im vierten Quartal 2024 auf 16,4 Millionen US-Dollar (0,86 % der Gesamtaktiva) erhöhten. Der Vorstand erklärte eine Quartalsdividende von 0,31 US-Dollar je Aktie, zahlbar am 16. Mai 2025.
- Completed $53.5 million public offering
- Core deposit growth of $42.2 million (3.3%)
- Reduced FHLB borrowings by $55.0 million
- Wealth Management fee income increased 21.8% to $1.7 million
- Successfully uplisted to NASDAQ exchange
- Net loss of $7.0 million in Q1 2025
- $12.4 million pre-tax loss on securities sale
- Nonperforming assets increased to $16.4 million (0.86% of assets)
- Net interest margin declined to 2.98% from 3.03% in Q4 2024
- Net charge-offs increased to $891,000 from $486,000 in Q4 2024
Insights
Eagle Financial reported Q1 loss due to strategic balance sheet repositioning; core operations remain steady amid increasing credit concerns.
Eagle Financial Services (EFSI) reported a net loss of $6.97 million for Q1 2025, representing a significant shift from $6.19 million profit in Q4 2024. However, this headline figure requires context. The loss primarily stems from a strategic balance sheet repositioning that resulted in a $12.4 million pre-tax loss ($9.8 million after-tax) from selling securities with a 1.72% yield and purchasing new securities yielding 4.72%. Excluding this one-time event, adjusted net income was $2.84 million – down 9.0% from Q4 2024 but up 11.5% year-over-year.
The company successfully completed a public offering of 1.8 million shares at $32 per share, generating net proceeds of $53.5 million. This capital raise, combined with core deposit growth of $42.2 million (3.3%), enabled EFSI to reduce higher-cost FHLB borrowings by $55 million. The wealth management division showed strong performance with fee income increasing 21.8% to $1.7 million.
Credit quality metrics warrant attention, as nonperforming assets increased dramatically from $3.0 million (0.16% of assets) to $16.4 million (0.86%), primarily due to two large relationships totaling $13.7 million being placed on nonaccrual status. Net charge-offs rose to $891,000 from $486,000 in the previous quarter, and the provision for credit losses increased to $1.1 million from $210,000. The allowance for credit losses to total loans ratio rose slightly to 1.05% from 1.02%.
The net interest margin remained relatively stable at 2.98%, compared to 3.03% in Q4 2024 and 3.00% in Q1 2024. This slight compression was partly due to the sale of higher-yielding mortgage loans and the reversal of accrued interest on newly nonaccrual loans.
The company maintained its quarterly dividend at $0.31 per share, suggesting confidence in its fundamental operating performance despite the reported loss.
Three Months Ended | |||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||
2025 | 2024 | 2024 | |||||||||||||||||
(in thousands) | |||||||||||||||||||
As adjusted (1) | As adjusted (1) | ||||||||||||||||||
Consolidated net income (loss) | $ | (6,974) | $ | 2,842 | $ | 6,186 | $ | 3,125 | $ | 2,548 | |||||||||
Consolidated noninterest income (loss) | $ | (8,554) | $ | 3,871 | $ | 8,521 | $ | 4,647 | $ | 3,480 | |||||||||
Earnings (loss) per share - basic and diluted | $ | (1.53) | $ | 0.62 | $ | 1.74 | $ | 0.88 | $ | 0.72 | |||||||||
Annualized return on average equity | (20.75) | % | 8.46 | % | 21.10 | % | 10.66 | % | 9.53 | % | |||||||||
Annualized return on average assets | (1.48) | % | 0.59 | % | 1.32 | % | 0.67 | % | 0.58 | % | |||||||||
Net interest margin | 2.98 | % | 2.98 | % | 3.03 | % | 3.03 | % | 3.00 | % | |||||||||
(1) Non-GAAP financial measure - Excluding the tax effected impact of the loss on sale of securities for the three months ended March 31, 2025 and the gain on sale of the Old Town Center ("OTC") building as a result of the executed sale-leaseback transaction for the three months ended December 31, 2024. See the "Reconciliation of GAAP to Non-GAAP Performance Highlights" table for a reconciliation of these measures to comparable measures calculated in accordance with GAAP. |
On February 13, 2025, the Company completed an underwritten public offering of 1,796,875 shares of its common stock at a public offering price of
Additional key highlights for the first quarter of 2025 are as follows:
- Core deposit growth of
$42.2 million 3.3% during the quarter. - FHLB borrowings decreased by
$55.0 million $65.0 million - Wealth Management fee income increased by
$301 thousand 21.8% during the quarter to$1.7 million - Sales of
$33.7 million $2.0 million $429 thousand
Brandon Lorey, President and CEO, stated, "The first quarter of 2025 has been a period of transformation for Eagle Financial Services and the Bank of
Income Statement Review
Total net income (loss) for the quarters ended March 31, 2025 and December 31, 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 March 31, 2025 was
The net interest margin was
Total noninterest income (loss) was
Noninterest expense decreased
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 increased from
The Company realized
The ratio of allowance for credit losses to total loans was
Balance Sheet
Total consolidated assets of the Company at March 31, 2025 was
Total net loans decreased
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 non-pledged 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 April 23, 2025, the Board of Directors announced a quarterly common stock cash dividend of
Total consolidated equity increased
The Company's securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Company expects to recover its investments in debt securities through scheduled payments of principal and interest. The accumulated other comprehensive loss related to the Company's securities available for sale decreased to
As of March 31, 2025, the most recent notification from the FDIC categorized the Bank of
Explanation of Non-GAAP Financial Measures
This release contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental Non-GAAP information provides a better comparison of period-to-period operating performance and the impact of non-recurring expenses on the Bank's results. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company's results and financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for or more important than financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
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. KEY STATISTICS (unaudited) | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | ||||||||||||||||
Net income (loss) (dollars in thousands) | $ | (6,974) | $ | 6,186 | $ | 3,424 | $ | 3,185 | $ | 2,548 | ||||||||||
Earnings (loss) per share, basic | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | ||||||||||
Earnings (loss) per share, diluted | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | ||||||||||
Return on average total assets (annualized) | (1.48) | % | 1.32 | % | 0.75 | % | 0.72 | % | 0.58 | % | ||||||||||
Return on average total equity (annualized) | (20.75) | % | 21.10 | % | 11.99 | % | 11.76 | % | 9.53 | % | ||||||||||
Dividend payout ratio | N/M | 17.82 | % | 30.93 | % | 33.71 | % | 41.67 | % | |||||||||||
Fee revenue as a percent of total revenue (1) | N/M | 12.79 | % | 17.11 | % | 17.57 | % | 18.11 | % | |||||||||||
Net interest margin(2) | 2.98 | % | 3.03 | % | 3.03 | % | 2.92 | % | 3.00 | % | ||||||||||
Yield on average earning assets (annualized) | 5.25 | % | 5.39 | % | 5.45 | % | 5.22 | % | 5.28 | % | ||||||||||
Rate on average interest-bearing liabilities (annualized) | 3.12 | % | 3.18 | % | 3.27 | % | 3.14 | % | 3.10 | % | ||||||||||
Net interest spread | 2.13 | % | 2.21 | % | 2.18 | % | 2.08 | % | 2.18 | % | ||||||||||
Non-interest income (loss) to average assets | (1.82) | % | 1.81 | % | 1.15 | % | 0.97 | % | 0.78 | % | ||||||||||
Non-interest expense to average assets | 2.68 | % | 2.88 | % | 2.81 | % | 2.82 | % | 2.80 | % | ||||||||||
Efficiency ratio(3) | 72.20 | % | 74.58 | % | 71.34 | % | 77.00 | % | 77.73 | % | ||||||||||
N/M - Not meaningful |
(1) Fee revenue as a percentage of total revenue is calculated by dividing the sum of wealth management fees, service charges on deposit accounts and other service charges and fees by the sum of net interest income and non-interest income. |
(2) Non-GAAP financial measure - The annualized 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 |
(3) Non-GAAP financial measure - The efficiency ratio is not a measurement under accounting principles generally accepted in |
EAGLE FINANCIAL SERVICES, INC. SELECTED FINANCIAL DATA BY QUARTER (unaudited)
| ||||||||||||||||||||
(Dollars in thousands, except per share data) | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | |||||||||||||||
BALANCE SHEET RATIOS | ||||||||||||||||||||
Loans to deposits | 89.99 | % | 93.14 | % | 95.95 | % | 97.34 | % | 97.63 | % | ||||||||||
Average interest-earning assets to average-interest bearing liabilities | 137.78 | % | 134.93 | % | 135.10 | % | 136.75 | % | 135.92 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Dividends | $ | 0.31 | $ | 0.31 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Book value | 32.81 | 33.52 | 33.20 | 31.24 | 30.28 | |||||||||||||||
SHARE PRICE DATA | ||||||||||||||||||||
Closing price | $ | 32.79 | $ | 36.40 | $ | 32.40 | $ | 32.99 | $ | 29.85 | ||||||||||
Diluted earnings multiple(1) | N/M | 5.23 | 8.35 | 9.27 | 10.36 | |||||||||||||||
Book value multiple(2) | 1.00 | 1.09 | 0.98 | 1.06 | 0.99 | |||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||
Outstanding shares at end of period | 5,378,653 | 3,549,581 | 3,549,581 | 3,556,844 | 3,557,229 | |||||||||||||||
Weighted average shares outstanding | 4,572,297 | 3,549,581 | 3,552,026 | 3,556,935 | 3,557,203 | |||||||||||||||
Weighted average shares outstanding, diluted | 4,572,297 | 3,549,581 | 3,552,026 | 3,556,935 | 3,557,203 | |||||||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Net charge-offs (recoveries) to average loans | 0.06 | % | 0.03 | % | 0.08 | % | (0.02) | % | 0.04 | % | ||||||||||
Total non-performing loans to total loans | 1.13 | % | 0.17 | % | 0.16 | % | 0.20 | % | 0.32 | % | ||||||||||
Total non-performing assets to total assets | 0.86 | % | 0.16 | % | 0.13 | % | 0.18 | % | 0.28 | % | ||||||||||
Non-accrual loans to: | ||||||||||||||||||||
Total loans | 1.11 | % | 0.14 | % | 0.16 | % | 0.19 | % | 0.29 | % | ||||||||||
Total assets | 0.85 | % | 0.11 | % | 0.12 | % | 0.15 | % | 0.23 | % | ||||||||||
Allowance for credit losses to: | ||||||||||||||||||||
Total loans | 1.05 | % | 1.02 | % | 1.03 | % | 1.04 | % | 1.00 | % | ||||||||||
Non-performing assets | 93.45 | % | 506.30 | % | 605.82 | % | 458.72 | % | 290.00 | % | ||||||||||
Non-accrual loans | 94.79 | % | 725.24 | % | 652.86 | % | 555.46 | % | 347.64 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
Loans delinquent over 90 days | $ | 230 | $ | 382 | $ | 83 | $ | 167 | $ | 411 | ||||||||||
Non-accrual loans | 16,122 | 2,072 | 2,344 | 2,703 | 4,156 | |||||||||||||||
Other real estate owned and repossessed assets | — | 514 | 99 | 403 | 415 | |||||||||||||||
NET LOAN CHARGE-OFFS (RECOVERIES): | ||||||||||||||||||||
Loans charged off | $ | 1,076 | $ | 585 | $ | 1,382 | $ | 172 | $ | 705 | ||||||||||
(Recoveries) | (185) | (99) | (145) | (424) | (185) | |||||||||||||||
Net charge-offs (recoveries) | 891 | 486 | 1,237 | (252) | 520 | |||||||||||||||
PROVISION FOR CREDIT LOSSES ON LOANS | $ | 1,146 | $ | 210 | $ | 1,525 | $ | 315 | $ | 475 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES | $ | 15,282 | $ | 15,027 | $ | 15,303 | $ | 15,014 | $ | 14,448 | ||||||||||
N/M - Not meaningful |
(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. CONSOLIDATED BALANCE SHEETS (dollars in thousands) | ||||||||||||||||||||
Unaudited | * | Unaudited | Unaudited | Unaudited | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 16,527 | $ | 13,129 | $ | 15,418 | $ | 15,202 | $ | 12,887 | ||||||||||
Interest-bearing deposits with other institutions | 187,018 | 162,595 | 162,187 | 45,977 | 55,393 | |||||||||||||||
Federal funds sold | 61,401 | 17,435 | 3,586 | 62,476 | 59,353 | |||||||||||||||
Securities available for sale, at fair value | 114,844 | 128,887 | 140,018 | 138,269 | 141,106 | |||||||||||||||
Loans held for sale | 3,173 | 2,660 | 3,657 | 3,058 | 1,593 | |||||||||||||||
Loans, net of allowance for credit losses | 1,436,982 | 1,452,022 | 1,468,025 | 1,433,920 | 1,424,604 | |||||||||||||||
Bank premises and equipment, net | 14,625 | 14,339 | 18,101 | 18,114 | 17,954 | |||||||||||||||
Bank owned life insurance | 30,894 | 30,621 | 30,361 | 30,103 | 29,843 | |||||||||||||||
Other assets | 39,013 | 44,527 | 40,348 | 43,286 | 40,168 | |||||||||||||||
Total assets | $ | 1,904,477 | $ | 1,866,215 | $ | 1,881,701 | $ | 1,790,405 | $ | 1,782,901 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 421,342 | $ | 406,180 | $ | 413,615 | $ | 415,017 | $ | 424,869 | ||||||||||
Savings and interest bearing demand deposits | 697,679 | 679,330 | 655,601 | 647,358 | 666,730 | |||||||||||||||
Time deposits | 494,770 | 489,646 | 476,720 | 426,209 | 382,343 | |||||||||||||||
Total deposits | $ | 1,613,791 | $ | 1,575,156 | $ | 1,545,936 | $ | 1,488,584 | $ | 1,473,942 | ||||||||||
Federal funds purchased | — | — | 244 | 302 | 347 | |||||||||||||||
Federal Home Loan Bank advances, short-term | 25,000 | — | — | — | 10,000 | |||||||||||||||
Federal Home Loan Bank advances, long-term | 40,000 | 120,000 | 170,000 | 145,000 | 145,000 | |||||||||||||||
Subordinated debt, net | 29,529 | 29,512 | 29,495 | 29,478 | 29,461 | |||||||||||||||
Other liabilities | 19,682 | 22,560 | 18,182 | 15,926 | 16,446 | |||||||||||||||
Total liabilities | $ | 1,728,002 | $ | 1,747,228 | $ | 1,763,857 | $ | 1,679,290 | $ | 1,675,196 | ||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 13,252 | 8,714 | 8,714 | 8,707 | 8,705 | |||||||||||||||
Surplus | 63,922 | 14,901 | 14,633 | 14,604 | 14,368 | |||||||||||||||
Retained earnings | 105,928 | 114,012 | 108,927 | 106,567 | 104,449 | |||||||||||||||
Accumulated other comprehensive (loss) | (6,627) | (18,640) | (14,430) | (18,763) | (19,817) | |||||||||||||||
Total shareholders' equity | $ | 176,475 | $ | 118,987 | $ | 117,844 | $ | 111,115 | $ | 107,705 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,904,477 | $ | 1,866,215 | $ | 1,881,701 | $ | 1,790,405 | $ | 1,782,901 | ||||||||||
* Derived from audited consolidated financial statements. |
EAGLE FINANCIAL SERVICES, INC. LOAN DATA (unaudited) (dollars in thousands) | ||||||||||||||||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||||
Mortgage real estate loans: | ||||||||||||||||||||
Construction & Secured by Farmland | $ | 98,660 | $ | 95,200 | $ | 97,170 | $ | 81,609 | $ | 82,692 | ||||||||||
HELOCs | 50,543 | 50,646 | 50,452 | 46,697 | 46,329 | |||||||||||||||
Residential First Lien - Investment | 108,519 | 105,910 | 106,323 | 112,790 | 113,813 | |||||||||||||||
Residential First Lien - Owner Occupied | 174,822 | 194,065 | 198,570 | 187,807 | 181,323 | |||||||||||||||
Residential Junior Liens | 10,983 | 11,184 | 11,956 | 12,387 | 12,690 | |||||||||||||||
Commercial - Owner Occupied | 268,990 | 272,236 | 273,249 | 257,675 | 254,744 | |||||||||||||||
Commercial - Non-Owner Occupied & Multifamily | 374,471 | 367,680 | 357,351 | 352,892 | 344,192 | |||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||
BHG loans | 3,248 | 3,566 | 3,810 | 4,284 | 4,740 | |||||||||||||||
SBA PPP loans | 22 | 28 | 34 | 39 | 45 | |||||||||||||||
Other commercial and industrial loans | 109,658 | 106,749 | 107,320 | 102,345 | 95,327 | |||||||||||||||
Marine loans | 203,455 | 210,095 | 225,902 | 236,890 | 247,042 | |||||||||||||||
Triad Loans | 22,528 | 22,894 | 23,616 | 24,579 | 25,335 | |||||||||||||||
Consumer loans | 7,898 | 8,123 | 8,447 | 9,497 | 9,194 | |||||||||||||||
Overdrafts | 208 | 309 | 215 | 257 | 1,559 | |||||||||||||||
Other loans | 11,822 | 11,911 | 11,932 | 11,951 | 12,466 | |||||||||||||||
Total loans | $ | 1,445,827 | $ | 1,460,596 | $ | 1,476,347 | $ | 1,441,699 | $ | 1,431,491 | ||||||||||
Net deferred loan costs and premiums | 6,437 | 6,453 | 6,981 | 7,235 | 7,561 | |||||||||||||||
Allowance for credit losses | (15,282) | (15,027) | (15,303) | (15,014) | (14,448) | |||||||||||||||
Net loans | $ | 1,436,982 | $ | 1,452,022 | $ | 1,468,025 | $ | 1,433,920 | $ | 1,424,604 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited) (dollars in thousands, except per share data) | ||||||||||||||||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Interest and fees on loans | $ | 19,971 | $ | 21,148 | $ | 21,143 | $ | 19,525 | $ | 19,963 | ||||||||||
Interest on federal funds sold | 39 | 5 | 11 | 68 | 39 | |||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||
Taxable interest income | 695 | 713 | 712 | 739 | 758 | |||||||||||||||
Interest income exempt from federal income taxes | 3 | 4 | 4 | 3 | 5 | |||||||||||||||
Dividends | 150 | 162 | 157 | 155 | 156 | |||||||||||||||
Interest on deposits in banks | 2,644 | 1,962 | 1,659 | 1,248 | 982 | |||||||||||||||
Total interest and dividend income | $ | 23,502 | $ | 23,994 | $ | 23,686 | $ | 21,738 | $ | 21,903 | ||||||||||
Interest Expense | ||||||||||||||||||||
Interest on deposits | $ | 8,504 | $ | 8,496 | $ | 8,419 | $ | 7,515 | $ | 7,424 | ||||||||||
Interest on Federal Home Loan Bank advances | 1,308 | 1,645 | 1,756 | 1,712 | 1,710 | |||||||||||||||
Interest on subordinated debt | 354 | 354 | 354 | 355 | 354 | |||||||||||||||
Total interest expense | $ | 10,166 | $ | 10,495 | $ | 10,529 | $ | 9,582 | $ | 9,488 | ||||||||||
Net interest income | $ | 13,336 | $ | 13,499 | $ | 13,157 | $ | 12,156 | $ | 12,415 | ||||||||||
Provision For Credit Losses | 1,233 | 351 | 1,544 | 181 | 475 | |||||||||||||||
Net interest income after provision for credit losses | $ | 12,103 | $ | 13,148 | $ | 11,613 | $ | 11,975 | $ | 11,940 | ||||||||||
Noninterest Income | ||||||||||||||||||||
Wealth management fees | $ | 1,681 | $ | 1,380 | $ | 1,515 | $ | 1,273 | $ | 1,456 | ||||||||||
Service charges on deposit accounts | 492 | 508 | 518 | 456 | 454 | |||||||||||||||
Other service charges and fees | 972 | 929 | 1,117 | 1,164 | 969 | |||||||||||||||
(Loss) gain on the sale and disposal of bank premises and equipment | (16) | 3,874 | — | (11) | — | |||||||||||||||
(Loss) on the sale of AFS securities | (12,425) | — | — | — | — | |||||||||||||||
Gain on sale of loans held for sale | 429 | 861 | 627 | 492 | 161 | |||||||||||||||
Small business investment company income | 20 | 475 | 496 | 259 | 127 | |||||||||||||||
Bank owned life insurance income | 273 | 260 | 930 | 523 | 268 | |||||||||||||||
Other operating income | 20 | 234 | 48 | 149 | 45 | |||||||||||||||
Total noninterest income (loss) | $ | (8,554) | $ | 8,521 | $ | 5,251 | $ | 4,305 | $ | 3,480 | ||||||||||
Noninterest Expenses | ||||||||||||||||||||
Salaries and employee benefits | $ | 7,179 | $ | 7,973 | $ | 7,548 | $ | 7,353 | $ | 7,185 | ||||||||||
Occupancy expenses | 662 | 508 | 530 | 470 | 569 | |||||||||||||||
Equipment expenses | 423 | 456 | 427 | 401 | 373 | |||||||||||||||
Advertising and marketing expenses | 183 | 309 | 247 | 245 | 237 | |||||||||||||||
Stationery and supplies | 42 | 54 | 35 | 32 | 24 | |||||||||||||||
ATM network fees | 362 | 371 | 406 | 373 | 380 | |||||||||||||||
Loss of sale of reposessed assets | 133 | — | 204 | — | — | |||||||||||||||
FDIC assessment | 322 | 330 | 343 | 351 | 409 | |||||||||||||||
Computer software expense | 282 | 388 | 226 | 221 | 233 | |||||||||||||||
Bank franchise tax | 367 | 342 | 342 | 338 | 331 | |||||||||||||||
Professional fees | 563 | 640 | 408 | 511 | 506 | |||||||||||||||
Data processing fees | 550 | 616 | 679 | 558 | 565 | |||||||||||||||
Other operating expenses | 1,521 | 1,568 | 1,495 | 1,657 | 1,565 | |||||||||||||||
Total noninterest expenses | $ | 12,589 | $ | 13,555 | $ | 12,890 | $ | 12,510 | $ | 12,377 | ||||||||||
Income (loss) before income taxes | $ | (9,040) | $ | 8,114 | $ | 3,974 | $ | 3,770 | $ | 3,043 | ||||||||||
Income Tax Expense (Benefit) | (2,066) | 1,928 | 550 | 585 | 495 | |||||||||||||||
Net income (loss) | $ | (6,974) | $ | 6,186 | $ | 3,424 | $ | 3,185 | $ | 2,548 | ||||||||||
Earnings (Loss) Per Share | ||||||||||||||||||||
Net income (loss) per common share, basic | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | ||||||||||
Net income (loss) per common share, diluted | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. Average Balances, Income and Expenses, Yields and Rates (unaudited) (dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average | ||||||||||||||||||||||||||||
Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 117,367 | $ | 845 | 2.92 | % | $ | 135,391 | $ | 874 | 2.57 | % | $ | 142,700 | $ | 914 | 2.58 | % | ||||||||||||||||||
Tax-Exempt (1) | 353 | 4 | 4.25 | % | 497 | 5 | 4.04 | % | 499 | 6 | 4.84 | % | ||||||||||||||||||||||||
Total Securities | $ | 117,720 | $ | 849 | 2.93 | % | $ | 135,888 | $ | 879 | 2.57 | % | $ | 143,199 | $ | 920 | 2.58 | % | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,442,343 | $ | 19,871 | 5.59 | % | $ | 1,466,603 | $ | 21,047 | 5.71 | % | $ | 1,433,871 | $ | 19,858 | 5.57 | % | ||||||||||||||||||
Non-accrual | 3,959 | — | — | % | 2,355 | — | — | % | 5,618 | — | — | % | ||||||||||||||||||||||||
Tax-Exempt (1) | 10,130 | 127 | 5.07 | % | 10,153 | 129 | 5.04 | % | 10,706 | 133 | 4.99 | % | ||||||||||||||||||||||||
Total Loans | $ | 1,456,432 | $ | 19,998 | 5.57 | % | $ | 1,479,111 | $ | 21,176 | 5.70 | % | $ | 1,450,195 | $ | 19,991 | 5.54 | % | ||||||||||||||||||
Federal funds sold and interest-bearing | 244,780 | 2,683 | 4.45 | % | 158,193 | 1,966 | 4.94 | % | 77,434 | 1,021 | 5.30 | % | ||||||||||||||||||||||||
Total earning assets | $ | 1,818,932 | $ | 23,530 | 5.25 | % | $ | 1,773,192 | $ | 24,021 | 5.39 | % | $ | 1,670,828 | $ | 21,932 | 5.28 | % | ||||||||||||||||||
Allowance for credit losses | (15,228) | (15,299) | (14,536) | |||||||||||||||||||||||||||||||||
Total non-earning assets | 102,727 | 110,704 | 102,883 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,906,431 | $ | 1,868,597 | $ | 1,759,175 | ||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 275,462 | $ | 1,463 | 2.15 | % | $ | 267,207 | $ | 1,527 | 2.27 | % | $ | 256,282 | $ | 1,497 | 2.35 | % | ||||||||||||||||||
Money market accounts | 274,142 | 1,512 | 2.24 | % | 268,846 | 1,557 | 2.30 | % | 263,755 | 1,413 | 2.15 | % | ||||||||||||||||||||||||
Savings accounts | 132,905 | 37 | 0.11 | % | 131,541 | 37 | 0.11 | % | 138,737 | 41 | 0.12 | % | ||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||
186,048 | 2,115 | 4.61 | % | 171,735 | 1,976 | 4.58 | % | 143,294 | 1,701 | 4.77 | % | |||||||||||||||||||||||||
Less than | 311,499 | 3,377 | 4.40 | % | 303,617 | 3,399 | 4.45 | % | 251,853 | 2,772 | 4.43 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | $ | 1,180,056 | $ | 8,504 | 2.92 | % | $ | 1,142,946 | $ | 8,496 | 2.96 | % | $ | 1,053,921 | $ | 7,424 | 2.83 | % | ||||||||||||||||||
Federal funds purchased | 8 | — | n/m | 5 | — | n/m | 11 | n/m | — | % | ||||||||||||||||||||||||||
Federal Home Loan Bank advances | 110,556 | 1,308 | 4.80 | % | 141,739 | 1,644 | 4.62 | % | 145,879 | 1,710 | 4.72 | % | ||||||||||||||||||||||||
Subordinated debt | 29,517 | 354 | 4.87 | % | 29,501 | 354 | 4.78 | % | 29,450 | 354 | 4.84 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,320,137 | $ | 10,166 | 3.12 | % | $ | 1,314,191 | $ | 10,494 | 3.18 | % | $ | 1,229,261 | $ | 9,488 | 3.10 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 426,947 | 418,505 | 405,166 | |||||||||||||||||||||||||||||||||
Other Liabilities | 23,071 | 19,245 | 17,268 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,770,155 | $ | 1,751,941 | $ | 1,651,695 | ||||||||||||||||||||||||||||||
Shareholders' equity | 136,276 | 116,656 | 107,480 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,906,431 | $ | 1,868,597 | $ | 1,759,175 | ||||||||||||||||||||||||||||||
Net interest income | $ | 13,364 | $ | 13,527 | $ | 12,444 | ||||||||||||||||||||||||||||||
Net interest spread | 2.13 | % | 2.21 | % | 2.18 | % | ||||||||||||||||||||||||||||||
Interest expense as a percent of average | 2.27 | % | 2.35 | % | 2.28 | % | ||||||||||||||||||||||||||||||
Net interest margin | 2.98 | % | 3.03 | % | 3.00 | % | ||||||||||||||||||||||||||||||
(1) Non-GAAP financial measure - Income and yields are reported on tax-equivalent basis using a federal tax rate of |
EAGLE FINANCIAL SERVICES, INC. Reconciliation of Tax-Equivalent Net Interest Income (unaudited) (dollars in thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
Interest Income - Loans | $ | 19,971 | $ | 21,148 | $ | 21,143 | $ | 19,525 | $ | 19,963 | ||||||||||
Interest Income - Securities and Other Interest-Earnings Assets | 3,531 | 2,846 | 2,543 | 2,213 | 1,940 | |||||||||||||||
Interest Expense - Deposits | 8,504 | 8,496 | 8,419 | 7,515 | 7,424 | |||||||||||||||
Interest Expense - Other Borrowings | 1,662 | 1,999 | 2,110 | 2,067 | 2,064 | |||||||||||||||
Total Net Interest Income | $ | 13,336 | $ | 13,499 | $ | 13,157 | $ | 12,156 | $ | 12,415 | ||||||||||
Non-GAAP Financial Measurements: | ||||||||||||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Loans | $ | 27 | $ | 27 | $ | 27 | $ | 28 | $ | 28 | ||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Securities | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 28 | $ | 28 | $ | 28 | $ | 29 | $ | 29 | ||||||||||
Tax-Equivalent Net Interest Income | $ | 13,364 | $ | 13,527 | $ | 13,185 | $ | 12,185 | $ | 12,444 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. Reconciliation of Efficiency Ratio (unaudited) (dollars in thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||||||
Summary of Operating Results: | |||||||||||||||||||
Noninterest expenses (GAAP) | $ | 12,589 | $ | 13,555 | $ | 12,890 | $ | 12,510 | $ | 12,377 | |||||||||
Less: Loss on sale of repossessed assets | 133 | — | 204 | — | — | ||||||||||||||
Adjusted noninterest expenses (non-GAAP) | $ | 12,456 | $ | 13,555 | $ | 12,686 | $ | 12,510 | $ | 12,377 | |||||||||
Net interest income | 13,336 | 13,499 | 13,157 | 12,156 | 12,415 | ||||||||||||||
Noninterest (loss) income (GAAP) | (8,554) | 8,521 | 5,251 | 4,305 | 3,480 | ||||||||||||||
Less: (Loss) gain on the sale and disposal of premises and equipment | (16) | 3,874 | — | (11) | — | ||||||||||||||
Less: (Loss) on the sale of securities | (12,425) | — | — | — | — | ||||||||||||||
Less: Income from life insurance proceeds (1) | — | — | 653 | 254 | — | ||||||||||||||
Adjusted noninterest income (non-GAAP) | $ | 3,887 | $ | 4,647 | $ | 4,598 | $ | 4,062 | $ | 3,480 | |||||||||
Tax equivalent adjustment (2) | 28 | 28 | 28 | 29 | 29 | ||||||||||||||
Total net interest income and noninterest income, adjusted (non-GAAP) | $ | 17,251 | $ | 18,174 | $ | 17,783 | $ | 16,247 | $ | 15,924 | |||||||||
Efficiency ratio | 72.20 | % | 74.58 | % | 71.34 | % | 77.00 | % | 77.73 | % | |||||||||
(1) Included in the consolidated statements of income (loss) under the heading bank owned life insurance income. |
(2) Non-GAAP financial measure -Includes tax-equivalent adjustments on loans and securities using the federal statutory tax rate of |
EAGLE FINANCIAL SERVICES, INC. Reconciliation of GAAP to Non-GAAP Performance Highlights (unaudited) (dollars in thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
GAAP Net income (loss) | $ | (6,974) | $ | 6,186 | $ | 3,424 | $ | 3,185 | $ | 2,548 | ||||||||||
Adjustments to net income: | ||||||||||||||||||||
Loss on sales of securities | 12,425 | — | — | — | — | |||||||||||||||
Gain on sale of fixed assets | — | (3,874) | — | — | — | |||||||||||||||
Tax effect of adjustments to net income | (2,609) | 813 | — | — | — | |||||||||||||||
Non-GAAP Net income | $ | 2,842 | $ | 3,125 | $ | 3,424 | $ | 3,185 | $ | 2,548 | ||||||||||
GAAP Noninterest income (loss) | $ | (8,554) | $ | 8,521 | $ | 5,251 | $ | 4,305 | $ | 3,480 | ||||||||||
Adjustments to noninterest income: | ||||||||||||||||||||
Loss on sales of securities | 12,425 | — | — | — | — | |||||||||||||||
Gain on sale of fixed assets | — | (3,874) | — | — | — | |||||||||||||||
Non-GAAP Noninterest income | $ | 3,871 | $ | 4,647 | $ | 5,251 | $ | 4,305 | $ | 3,480 | ||||||||||
Earnings per share, basic and diluted | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | $ | 0.72 | ||||||||||
Effect of adjustments to net income | 2.15 | (0.86) | — | — | — | |||||||||||||||
Non-GAAP Earnings per share, basic and diluted | $ | 0.62 | $ | 0.88 | $ | 0.97 | $ | 0.89 | $ | 0.72 | ||||||||||
Annualized return on average equity | -20.75 | % | 21.10 | % | 11.99 | % | 11.76 | % | 9.53 | % | ||||||||||
Effect of adjustments to net income | 29.21 | % | -10.44 | % | — | — | — | |||||||||||||
Non-GAAP Annualized return on average equity | 8.46 | % | 10.66 | % | 11.99 | % | 11.76 | % | 9.53 | % | ||||||||||
Annualized return on average assets | -1.48 | % | 1.32 | % | 0.75 | % | 0.72 | % | 0.58 | % | ||||||||||
Effect of adjustments to net income | 2.07 | % | -0.65 | % | — | — | — | |||||||||||||
Non-GAAP Annualized return on average assets | 0.59 | % | 0.67 | % | 0.75 | % | 0.72 | % | 0.58 | % | ||||||||||
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SOURCE Eagle Financial Services, Inc.
FAQ
What caused EFSI's net loss in Q1 2025?
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