EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2025 SECOND QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
Eagle Financial Services (NASDAQ: EFSI) reported strong Q2 2025 financial results, with record net income of $5.3 million and earnings per share of $0.98. The company announced a quarterly dividend of $0.31 per share, payable August 15, 2025.
Key highlights include a 17.7% increase in net interest income to $15.7 million, improved net interest margin of 3.42% (up 44 basis points), and successful sales of $17.1 million in mortgage loans and $8.4 million in SBA loans. The efficiency ratio improved from 72.20% to 64.91%.
Asset quality metrics showed some pressure with nonperforming assets at $17.5 million (0.86% of total assets), primarily due to two large relationships placed in nonaccrual status. The allowance for credit losses to total loans ratio stood at 1.11%, with a provision of $856,000 for Q2 2025.
Eagle Financial Services (NASDAQ: EFSI) ha riportato risultati finanziari solidi per il secondo trimestre 2025, con un utile netto record di 5,3 milioni di dollari e un utile per azione di 0,98 dollari. La società ha annunciato un dividendo trimestrale di 0,31 dollari per azione, pagabile il 15 agosto 2025.
I punti salienti includono un aumento del 17,7% del reddito netto da interessi, che ha raggiunto i 15,7 milioni di dollari, un miglioramento del margine di interesse netto al 3,42% (in crescita di 44 punti base) e vendite riuscite di mutui per 17,1 milioni di dollari e prestiti SBA per 8,4 milioni di dollari. Il rapporto di efficienza è migliorato dal 72,20% al 64,91%.
Gli indicatori della qualità degli attivi hanno mostrato alcune pressioni, con attività in sofferenza pari a 17,5 milioni di dollari (0,86% del totale degli attivi), principalmente a causa di due grandi rapporti posti in stato di non maturazione degli interessi. Il rapporto tra accantonamenti per perdite su crediti e prestiti totali si è attestato all'1,11%, con una dotazione di 856.000 dollari per il secondo trimestre 2025.
Eagle Financial Services (NASDAQ: EFSI) presentó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto récord de 5,3 millones de dólares y ganancias por acción de 0,98 dólares. La compañía anunció un dividendo trimestral de 0,31 dólares por acción, pagadero el 15 de agosto de 2025.
Los aspectos destacados incluyen un aumento del 17,7% en los ingresos netos por intereses hasta 15,7 millones de dólares, una mejora en el margen neto de intereses al 3,42% (incremento de 44 puntos básicos) y ventas exitosas de 17,1 millones de dólares en préstamos hipotecarios y 8,4 millones en préstamos SBA. La ratio de eficiencia mejoró del 72,20% al 64,91%.
Los indicadores de calidad de activos mostraron cierta presión con activos no productivos por 17,5 millones de dólares (0,86% del total de activos), principalmente debido a dos grandes relaciones clasificadas como no acumulativas de intereses. La provisión para pérdidas crediticias sobre préstamos totales se situó en 1,11%, con una provisión de 856.000 dólares para el segundo trimestre de 2025.
Eagle Financial Services (NASDAQ: EFSI)는 2025년 2분기 강력한 재무 실적을 보고했으며, 기록적인 순이익 530만 달러와 주당순이익 0.98달러를 기록했습니다. 회사는 2025년 8월 15일 지급 예정인 주당 0.31달러의 분기 배당금을 발표했습니다.
주요 내용으로는 순이자수익이 17.7% 증가하여 1,570만 달러를 기록했고, 순이자마진이 3.42%(44bp 상승)로 개선되었으며, 1,710만 달러의 주택담보대출과 840만 달러의 SBA 대출 판매에 성공했습니다. 효율성비율은 72.20%에서 64.91%로 개선되었습니다.
자산 품질 지표는 일부 압박을 받았으며, 부실 자산은 1,750만 달러(전체 자산의 0.86%)로, 주로 두 건의 대규모 거래가 이자 미발생 상태로 전환된 데 기인합니다. 대출 총액 대비 신용손실충당금 비율은 1.11%이며, 2025년 2분기 충당금은 85만 6천 달러였습니다.
Eagle Financial Services (NASDAQ : EFSI) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un revenu net record de 5,3 millions de dollars et un bénéfice par action de 0,98 dollar. La société a annoncé un dividende trimestriel de 0,31 dollar par action, payable le 15 août 2025.
Les points clés incluent une augmentation de 17,7 % du revenu net d’intérêts à 15,7 millions de dollars, une marge nette d’intérêts améliorée de 3,42 % (en hausse de 44 points de base), ainsi que des ventes réussies de prêts hypothécaires à hauteur de 17,1 millions de dollars et de prêts SBA à hauteur de 8,4 millions de dollars. Le ratio d’efficacité s’est amélioré, passant de 72,20 % à 64,91 %.
Les indicateurs de qualité des actifs ont montré une certaine pression avec des actifs non performants s’élevant à 17,5 millions de dollars (0,86 % du total des actifs), principalement en raison de deux relations importantes placées en statut de non-accrual. Le ratio des provisions pour pertes sur prêts par rapport au total des prêts s’établit à 1,11 %, avec une provision de 856 000 dollars pour le deuxième trimestre 2025.
Eagle Financial Services (NASDAQ: EFSI) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem rekordverdächtigen Nettogewinn von 5,3 Millionen US-Dollar und einem Gewinn je Aktie von 0,98 US-Dollar. Das Unternehmen kündigte eine Quartalsdividende von 0,31 US-Dollar je Aktie an, zahlbar am 15. August 2025.
Zu den wichtigsten Highlights zählen ein 17,7%iger Anstieg der Nettozinserträge auf 15,7 Millionen US-Dollar, eine verbesserte Nettozinsmarge von 3,42% (plus 44 Basispunkte) sowie erfolgreiche Verkäufe von Hypothekendarlehen in Höhe von 17,1 Millionen US-Dollar und SBA-Darlehen in Höhe von 8,4 Millionen US-Dollar. Die Effizienzquote verbesserte sich von 72,20% auf 64,91%.
Die Kennzahlen zur Vermögensqualität zeigten gewissen Druck mit notleidenden Vermögenswerten in Höhe von 17,5 Millionen US-Dollar (0,86% der Gesamtaktiva), hauptsächlich bedingt durch zwei große Beziehungen, die in die Zinsaussetzung gestellt wurden. Die Rückstellung für Kreditverluste im Verhältnis zu den Gesamtkrediten lag bei 1,11%, mit einer Rückstellung von 856.000 US-Dollar für das zweite Quartal 2025.
- Record quarterly net income of $5.3 million, up 85.4% from adjusted Q1 2025
- Net interest margin improved significantly to 3.42%, up 44 basis points
- Net interest income increased 17.7% to $15.7 million
- Efficiency ratio improved from 72.20% to 64.91%
- Strong loan sales with $1.1 million gain recognized
- FHLB borrowings reduced by $25.0 million during the quarter
- Nonperforming assets increased to $17.5 million (0.86% of total assets) from $3.3 million year-over-year
- Net charge-offs of $159,000 in Q2 2025 compared to net recoveries of $252,000 in Q2 2024
- Specific reserves on nonaccrual loans increased to $1.5 million from $346,000 year-over-year
- Noninterest expense increased 7.1% year-over-year to $13.4 million
Insights
Eagle Financial reports strong Q2 recovery with record $5.3M profit, boosted by strategic portfolio repositioning and improved net interest margin.
Eagle Financial Services has delivered record quarterly earnings of
The company's net interest margin expanded substantially to
The efficiency ratio improved meaningfully from
Noninterest income showed strength at
Asset quality presents a mixed picture. Nonperforming assets remained at
The declaration of a
Three Months Ended | ||||||||||||||||
June 30, | March 31, | June 30, | ||||||||||||||
2025 | 2025 | 2024 | ||||||||||||||
(in thousands) | ||||||||||||||||
As adjusted (1) | ||||||||||||||||
Consolidated net income (loss) | $ | 5,270 | $ | (6,974) | $ | 2,842 | $ | 3,185 | ||||||||
Consolidated noninterest income (loss) | $ | 4,917 | $ | (8,554) | $ | 3,871 | $ | 4,305 | ||||||||
Earnings (loss) per share - basic and | $ | 0.98 | $ | (1.53) | $ | 0.62 | $ | 0.89 | ||||||||
Annualized return on average equity | 11.93 | % | -20.75 | % | 8.46 | % | 11.89 | % | ||||||||
Annualized return on average assets | 1.09 | % | -1.48 | % | 0.59 | % | 0.72 | % | ||||||||
Net interest margin | 3.42 | % | 2.98 | % | 2.98 | % | 2.92 | % | ||||||||
(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. 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. |
Additional key highlights for the second quarter of 2025 are as follows:
- Net interest income increased by
$2.4 million 17.7% during the quarter to$15.7 million - FHLB borrowings decreased by
$25.0 million $40.0 million - Sales of
$17.1 million $8.4 million $1.1 million - Efficiency ratio decreased from
72.20% to64.91% during the quarter.
Brandon Lorey, President and CEO, stated, "We are very pleased to report record net income of
Income Statement Review
Total net income (loss) for the quarters ended June 30, 2025 and March 31, 2025 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 June 30, 2025 was
The net interest margin was
Total noninterest income (loss) was
Noninterest expense increased
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 first relationship had an outstanding balance of
The second relationship was comprised of four residential multifamily income producing properties in
The majority of all nonaccrual loans are secured by real estate and management evaluates the financial condition of these borrowers and the value of any collateral on these loans. The results of these evaluations are used to estimate the amount of losses which may be realized on the disposition of these nonaccrual loans. Specific reserves on nonaccrual loans totaled
The Company realized
The ratio of allowance for credit losses to total loans was
Balance Sheet
Total consolidated assets of the Company at June 30, 2025 were
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 nonpledged 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 July 24, 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 increased to
As of June 30, 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.
Second Quarter 2025 Earnings Release Conference Call and Webcast
Eagle Financial Services' Chief Executive Officer, Brandon Lorey, and Chief Financial Officer, Kate Chappell, will hold a listen-only conference call and webcast to discuss second quarter results on Friday, July 25, 2025, at 10 a.m. eastern time. Those wishing to listen to the conference call should call the applicable number below and reference the Conference ID below.
Conference ID – 3461943 and press #
A replay of the call and webcast will be accessible at investors.bankofclarke.bank. Webcast URL: https://events.q4inc.com/attendee/115138030
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. | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
(Dollars in thousands, except per share data) | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 | |||||||||||||||
Net income (loss) | $ | 5,270 | $ | (6,974) | $ | 6,186 | $ | 3,424 | $ | 3,185 | ||||||||||
Earnings (loss) per share, basic | $ | 0.98 | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | ||||||||||
Earnings (loss) per share, diluted | $ | 0.98 | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | ||||||||||
Return on average total assets (annualized) | 1.09 | % | (1.48) | % | 1.32 | % | 0.75 | % | 0.72 | % | ||||||||||
Return on average total equity (annualized) | 11.93 | % | (20.75) | % | 21.10 | % | 11.99 | % | 11.89 | % | ||||||||||
Dividend payout ratio | 31.63 | % | N/M | 17.82 | % | 30.93 | % | 33.71 | % | |||||||||||
Fee revenue as a percent of total revenue (1) | 15.65 | % | N/M | 12.79 | % | 17.11 | % | 17.57 | % | |||||||||||
Net interest margin(2) | 3.42 | % | 2.98 | % | 3.03 | % | 3.03 | % | 2.92 | % | ||||||||||
Yield on average earning assets (annualized) | 5.41 | % | 5.25 | % | 5.39 | % | 5.45 | % | 5.22 | % | ||||||||||
Rate on average interest-bearing liabilities (annualized) | 2.90 | % | 3.12 | % | 3.18 | % | 3.27 | % | 3.14 | % | ||||||||||
Net interest spread | 2.51 | % | 2.13 | % | 2.21 | % | 2.18 | % | 2.08 | % | ||||||||||
Non-interest income (loss) to average assets | 1.02 | % | (1.82) | % | 1.81 | % | 1.15 | % | 0.97 | % | ||||||||||
Non-interest expense to average assets | 2.78 | % | 2.68 | % | 2.88 | % | 2.81 | % | 2.82 | % | ||||||||||
Efficiency ratio(3) | 64.91 | % | 72.20 | % | 74.58 | % | 71.34 | % | 77.00 | % | ||||||||||
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) | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 | |||||||||||||||
BALANCE SHEET RATIOS | ||||||||||||||||||||
Loans to deposits | 81.44 | % | 89.99 | % | 93.14 | % | 95.95 | % | 97.34 | % | ||||||||||
Average interest-earning assets to average-interest | 146.08 | % | 137.78 | % | 134.93 | % | 135.10 | % | 136.75 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Dividends | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.30 | $ | 0.30 | ||||||||||
Book value | 33.41 | 32.81 | 33.52 | 33.20 | 31.24 | |||||||||||||||
SHARE PRICE DATA | ||||||||||||||||||||
Closing price | $ | 30.62 | $ | 32.79 | $ | 36.40 | $ | 32.40 | $ | 32.99 | ||||||||||
Diluted earnings multiple(1) | 7.81 | N/M | 5.23 | 8.35 | 9.27 | |||||||||||||||
Book value multiple(2) | 0.92 | 1.00 | 1.09 | 0.98 | 1.06 | |||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||
Outstanding shares at end of period | 5,376,346 | 5,378,653 | 3,549,581 | 3,549,581 | 3,556,844 | |||||||||||||||
Weighted average shares outstanding | 5,378,214 | 4,572,297 | 3,549,581 | 3,552,026 | 3,556,935 | |||||||||||||||
Weighted average shares outstanding, diluted | 5,378,214 | 4,572,297 | 3,549,581 | 3,552,026 | 3,556,935 | |||||||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Net charge-offs (recoveries) to average loans | 0.01 | % | 0.06 | % | 0.03 | % | 0.08 | % | (0.02) | % | ||||||||||
Total non-performing loans to total loans | 1.20 | % | 1.13 | % | 0.17 | % | 0.16 | % | 0.20 | % | ||||||||||
Total non-performing assets to total assets | 0.86 | % | 0.86 | % | 0.16 | % | 0.13 | % | 0.18 | % | ||||||||||
Non-accrual loans to: | ||||||||||||||||||||
Total loans | 1.16 | % | 1.11 | % | 0.14 | % | 0.16 | % | 0.19 | % | ||||||||||
Total assets | 0.82 | % | 0.85 | % | 0.11 | % | 0.12 | % | 0.15 | % | ||||||||||
Allowance for credit losses to: | ||||||||||||||||||||
Total loans | 1.11 | % | 1.05 | % | 1.02 | % | 1.03 | % | 1.04 | % | ||||||||||
Non-performing assets | 91.24 | % | 93.45 | % | 506.30 | % | 605.82 | % | 458.72 | % | ||||||||||
Non-accrual loans | 95.48 | % | 94.79 | % | 725.24 | % | 652.86 | % | 555.46 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
Loans delinquent over 90 days and still accruing | $ | 593 | $ | 230 | $ | 382 | $ | 83 | $ | 167 | ||||||||||
Non-accrual loans | 16,735 | 16,122 | 2,072 | 2,344 | 2,703 | |||||||||||||||
Other real estate owned and repossessed assets | 186 | — | 514 | 99 | 403 | |||||||||||||||
NET LOAN CHARGE-OFFS (RECOVERIES): | ||||||||||||||||||||
Loans charged off | $ | 335 | $ | 1,076 | $ | 585 | $ | 1,382 | $ | 172 | ||||||||||
(Recoveries) | (176) | (185) | (99) | (145) | (424) | |||||||||||||||
Net charge-offs (recoveries) | 159 | 891 | 486 | 1,237 | (252) | |||||||||||||||
PROVISION FOR CREDIT LOSSES ON | $ | 856 | $ | 1,146 | $ | 210 | $ | 1,525 | $ | 315 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES ON | $ | 15,979 | $ | 15,282 | $ | 15,027 | $ | 15,303 | $ | 15,014 | ||||||||||
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. | ||||||||||||||||||||
Unaudited | Unaudited | * | Unaudited | Unaudited | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 17,401 | $ | 16,527 | $ | 13,129 | $ | 15,418 | $ | 15,202 | ||||||||||
Interest-bearing deposits with other institutions | 260,568 | 187,018 | 162,595 | 162,187 | 45,977 | |||||||||||||||
Federal funds sold | 118,033 | 61,401 | 17,435 | 3,586 | 62,476 | |||||||||||||||
Securities available for sale, at fair value | 124,693 | 114,844 | 128,887 | 140,018 | 138,269 | |||||||||||||||
Loans held for sale | 3,302 | 3,173 | 2,660 | 3,657 | 3,058 | |||||||||||||||
Loans, net of allowance for credit losses | 1,422,653 | 1,436,982 | 1,452,022 | 1,468,025 | 1,433,920 | |||||||||||||||
Bank premises and equipment, net | 14,693 | 14,625 | 14,339 | 18,101 | 18,114 | |||||||||||||||
Bank owned life insurance | 31,172 | 30,894 | 30,621 | 30,361 | 30,103 | |||||||||||||||
Other assets | 42,565 | 39,013 | 44,527 | 40,348 | 43,286 | |||||||||||||||
Total assets | $ | 2,035,080 | $ | 1,904,477 | $ | 1,866,215 | $ | 1,881,701 | $ | 1,790,405 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 574,596 | $ | 421,342 | $ | 406,180 | $ | 413,615 | $ | 415,017 | ||||||||||
Savings and interest bearing demand deposits | 728,370 | 697,679 | 679,330 | 655,601 | 647,358 | |||||||||||||||
Time deposits | 463,558 | 494,770 | 489,646 | 476,720 | 426,209 | |||||||||||||||
Total deposits | $ | 1,766,524 | $ | 1,613,791 | $ | 1,575,156 | $ | 1,545,936 | $ | 1,488,584 | ||||||||||
Federal funds purchased | 172 | — | — | 244 | 302 | |||||||||||||||
Federal Home Loan Bank advances, short-term | — | 25,000 | — | — | — | |||||||||||||||
Federal Home Loan Bank advances, long-term | 40,000 | 40,000 | 120,000 | 170,000 | 145,000 | |||||||||||||||
Subordinated debt, net | 29,545 | 29,529 | 29,512 | 29,495 | 29,478 | |||||||||||||||
Other liabilities | 19,191 | 19,682 | 22,560 | 18,182 | 15,926 | |||||||||||||||
Total liabilities | $ | 1,855,432 | $ | 1,728,002 | $ | 1,747,228 | $ | 1,763,857 | $ | 1,679,290 | ||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 13,260 | 13,252 | 8,714 | 8,714 | 8,707 | |||||||||||||||
Surplus | 64,154 | 63,922 | 14,901 | 14,633 | 14,604 | |||||||||||||||
Retained earnings | 109,530 | 105,928 | 114,012 | 108,927 | 106,567 | |||||||||||||||
Accumulated other comprehensive (loss) | (7,296) | (6,627) | (18,640) | (14,430) | (18,763) | |||||||||||||||
Total shareholders' equity | $ | 179,648 | $ | 176,475 | $ | 118,987 | $ | 117,844 | $ | 111,115 | ||||||||||
Total liabilities and shareholders' equity | $ | 2,035,080 | $ | 1,904,477 | $ | 1,866,215 | $ | 1,881,701 | $ | 1,790,405 | ||||||||||
* Derived from audited consolidated financial statements. |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
Mortgage real estate loans: | ||||||||||||||||||||
Construction & Secured by Farmland | $ | 76,060 | $ | 98,660 | $ | 95,200 | $ | 97,170 | $ | 81,609 | ||||||||||
HELOCs | 52,032 | 50,543 | 50,646 | 50,452 | 46,697 | |||||||||||||||
Residential First Lien - Investment | 106,493 | 108,519 | 105,910 | 106,323 | 112,790 | |||||||||||||||
Residential First Lien - Owner Occupied | 177,000 | 174,822 | 194,065 | 198,570 | 187,807 | |||||||||||||||
Residential Junior Liens | 10,865 | 10,983 | 11,184 | 11,956 | 12,387 | |||||||||||||||
Commercial - Owner Occupied | 288,821 | 268,990 | 272,236 | 273,249 | 257,675 | |||||||||||||||
Commercial - Non-Owner Occupied & Multifamily | 372,833 | 374,471 | 367,680 | 357,351 | 352,892 | |||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||
BHG loans | 2,928 | 3,248 | 3,566 | 3,810 | 4,284 | |||||||||||||||
SBA PPP loans | 16 | 22 | 28 | 34 | 39 | |||||||||||||||
Other commercial and industrial loans | 103,571 | 109,658 | 106,749 | 107,320 | 102,345 | |||||||||||||||
Marine loans | 196,434 | 203,455 | 210,095 | 225,902 | 236,890 | |||||||||||||||
Triad Loans | 22,111 | 22,528 | 22,894 | 23,616 | 24,579 | |||||||||||||||
Consumer loans | 7,628 | 7,898 | 8,123 | 8,447 | 9,497 | |||||||||||||||
Overdrafts | 240 | 208 | 309 | 215 | 257 | |||||||||||||||
Other loans | 15,372 | 11,822 | 11,911 | 11,932 | 11,951 | |||||||||||||||
Total loans | $ | 1,432,404 | $ | 1,445,827 | $ | 1,460,596 | $ | 1,476,347 | $ | 1,441,699 | ||||||||||
Net deferred loan costs and premiums | 6,228 | 6,437 | 6,453 | 6,981 | 7,235 | |||||||||||||||
Allowance for credit losses | (15,979) | (15,282) | (15,027) | (15,303) | (15,014) | |||||||||||||||
Net loans | $ | 1,422,653 | $ | 1,436,982 | $ | 1,452,022 | $ | 1,468,025 | $ | 1,433,920 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Interest and fees on loans | $ | 20,409 | $ | 19,971 | $ | 21,148 | $ | 21,143 | $ | 19,525 | ||||||||||
Interest on federal funds sold | 87 | 39 | 5 | 11 | 68 | |||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||
Taxable interest income | 1,142 | 695 | 713 | 712 | 739 | |||||||||||||||
Interest income exempt from federal income taxes | — | 3 | 4 | 4 | 3 | |||||||||||||||
Dividends | 117 | 150 | 162 | 157 | 155 | |||||||||||||||
Interest on deposits in banks | 3,060 | 2,644 | 1,962 | 1,659 | 1,248 | |||||||||||||||
Total interest and dividend income | $ | 24,815 | $ | 23,502 | $ | 23,994 | $ | 23,686 | $ | 21,738 | ||||||||||
Interest Expense | ||||||||||||||||||||
Interest on deposits | $ | 8,263 | $ | 8,504 | $ | 8,496 | $ | 8,419 | $ | 7,515 | ||||||||||
Interest on Federal Home Loan Bank advances | 499 | 1,308 | 1,645 | 1,756 | 1,712 | |||||||||||||||
Interest on subordinated debt | 355 | 354 | 354 | 354 | 355 | |||||||||||||||
Total interest expense | $ | 9,117 | $ | 10,166 | $ | 10,495 | $ | 10,529 | $ | 9,582 | ||||||||||
Net interest income | $ | 15,698 | $ | 13,336 | $ | 13,499 | $ | 13,157 | $ | 12,156 | ||||||||||
Provision For Credit Losses | 668 | 1,233 | 351 | 1,544 | 181 | |||||||||||||||
Net interest income after provision for credit losses | $ | 15,030 | $ | 12,103 | $ | 13,148 | $ | 11,613 | $ | 11,975 | ||||||||||
Noninterest Income | ||||||||||||||||||||
Wealth management fees | $ | 1,650 | $ | 1,681 | $ | 1,380 | $ | 1,515 | $ | 1,273 | ||||||||||
Service charges on deposit accounts | 517 | 492 | 508 | 518 | 456 | |||||||||||||||
Other service charges and fees | 1,060 | 972 | 929 | 1,117 | 1,164 | |||||||||||||||
(Loss) gain on the sale and disposal of bank premises | — | (16) | 3,874 | — | (11) | |||||||||||||||
(Loss) on the sale of AFS securities | — | (12,425) | — | — | — | |||||||||||||||
Gain on sale of loans held for sale | 1,104 | 429 | 861 | 627 | 492 | |||||||||||||||
Small business investment company income | 133 | 20 | 475 | 496 | 259 | |||||||||||||||
Bank owned life insurance income | 278 | 273 | 260 | 930 | 523 | |||||||||||||||
Other operating income | 175 | 20 | 234 | 48 | 149 | |||||||||||||||
Total noninterest income (loss) | $ | 4,917 | $ | (8,554) | $ | 8,521 | $ | 5,251 | $ | 4,305 | ||||||||||
Noninterest Expenses | ||||||||||||||||||||
Salaries and employee benefits | $ | 7,845 | $ | 7,179 | $ | 7,973 | $ | 7,548 | $ | 7,353 | ||||||||||
Occupancy expenses | 598 | 662 | 508 | 530 | 470 | |||||||||||||||
Equipment expenses | 401 | 423 | 456 | 427 | 401 | |||||||||||||||
Advertising and marketing expenses | 152 | 183 | 309 | 247 | 245 | |||||||||||||||
Stationery and supplies | 35 | 42 | 54 | 35 | 32 | |||||||||||||||
ATM network fees | 332 | 362 | 371 | 406 | 373 | |||||||||||||||
Loss of sale of repossessed assets | — | 133 | — | 204 | — | |||||||||||||||
FDIC assessment | 254 | 322 | 330 | 343 | 351 | |||||||||||||||
Computer software expense | 325 | 282 | 388 | 226 | 221 | |||||||||||||||
Bank franchise tax | 381 | 367 | 342 | 342 | 338 | |||||||||||||||
Professional fees | 641 | 563 | 640 | 408 | 511 | |||||||||||||||
Data processing fees | 633 | 550 | 616 | 679 | 558 | |||||||||||||||
Other operating expenses | 1,802 | 1,521 | 1,568 | 1,495 | 1,657 | |||||||||||||||
Total noninterest expenses | $ | 13,399 | $ | 12,589 | $ | 13,555 | $ | 12,890 | $ | 12,510 | ||||||||||
Income (loss) before income taxes | $ | 6,548 | $ | (9,040) | $ | 8,114 | $ | 3,974 | $ | 3,770 | ||||||||||
Income Tax Expense (Benefit) | 1,278 | (2,066) | 1,928 | 550 | 585 | |||||||||||||||
Net income (loss) | $ | 5,270 | $ | (6,974) | $ | 6,186 | $ | 3,424 | $ | 3,185 | ||||||||||
Earnings (Loss) Per Share | ||||||||||||||||||||
Net income (loss) per common share, basic | $ | 0.98 | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | ||||||||||
Net income (loss) per common share, diluted | $ | 0.98 | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
June 30, 2025 | March 31, 2025 | June 30, 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 | $ | 115,712 | $ | 1,260 | 4.37 | % | $ | 117,367 | $ | 845 | 2.92 | % | $ | 137,588 | $ | 893 | 2.61 | % | ||||||||||||||||||
Tax-Exempt (1) | — | — | — | % | 353 | 4 | 4.25 | % | 492 | 5 | 4.13 | % | ||||||||||||||||||||||||
Total Securities | $ | 115,712 | $ | 1,260 | 4.37 | % | $ | 117,720 | $ | 849 | 2.93 | % | $ | 138,080 | $ | 898 | 2.62 | % | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,419,117 | $ | 20,309 | 5.74 | % | $ | 1,442,343 | $ | 19,871 | 5.59 | % | $ | 1,424,304 | $ | 19,421 | 5.48 | % | ||||||||||||||||||
Non-accrual | 16,337 | — | — | % | 3,959 | — | — | % | 4,600 | — | — | % | ||||||||||||||||||||||||
Tax-Exempt (1) | 9,999 | 126 | 5.04 | % | 10,130 | 127 | 5.07 | % | 10,603 | 132 | 5.01 | % | ||||||||||||||||||||||||
Total Loans | $ | 1,445,453 | $ | 20,435 | 5.67 | % | $ | 1,456,432 | $ | 19,998 | 5.57 | % | $ | 1,439,507 | $ | 19,553 | 5.46 | % | ||||||||||||||||||
Federal funds sold and interest-bearing | 281,749 | 3,146 | 4.48 | % | 244,780 | 2,683 | 4.45 | % | 98,672 | 1,316 | 5.36 | % | ||||||||||||||||||||||||
Total earning assets | $ | 1,842,914 | $ | 24,841 | 5.41 | % | $ | 1,818,932 | $ | 23,530 | 5.25 | % | $ | 1,676,259 | $ | 21,767 | 5.22 | % | ||||||||||||||||||
Allowance for credit losses | (15,439) | (15,228) | (14,604) | |||||||||||||||||||||||||||||||||
Total non-earning assets | 105,484 | 102,727 | 105,467 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,932,959 | $ | 1,906,431 | $ | 1,767,122 | ||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 303,498 | $ | 1,632 | 2.16 | % | $ | 275,462 | $ | 1,463 | 2.15 | % | $ | 258,965 | $ | 1,538 | 2.39 | % | ||||||||||||||||||
Money market accounts | 273,415 | 1,521 | 2.23 | % | 274,142 | 1,512 | 2.24 | % | 261,557 | 1,463 | 2.25 | % | ||||||||||||||||||||||||
Savings accounts | 130,166 | 36 | 0.11 | % | 132,905 | 37 | 0.11 | % | 136,370 | 39 | 0.12 | % | ||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||
174,030 | 1,911 | 4.41 | % | 186,048 | 2,115 | 4.61 | % | 138,531 | 1,652 | 4.80 | % | |||||||||||||||||||||||||
Less than | 310,108 | 3,163 | 4.09 | % | 311,499 | 3,377 | 4.40 | % | 255,776 | 2,823 | 4.44 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | $ | 1,191,217 | $ | 8,263 | 2.78 | % | $ | 1,180,056 | $ | 8,504 | 2.92 | % | $ | 1,051,199 | $ | 7,515 | 2.88 | % | ||||||||||||||||||
Federal funds purchased | 2 | — | n/m | 8 | — | n/m | 15 | — | n/m | |||||||||||||||||||||||||||
Federal Home Loan Bank advances | 40,824 | 499 | 4.90 | % | 110,556 | 1,308 | 4.80 | % | 145,110 | 1,712 | 4.74 | % | ||||||||||||||||||||||||
Subordinated debt | 29,535 | 355 | 4.82 | % | 29,517 | 354 | 4.87 | % | 29,467 | 355 | 4.84 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,261,578 | $ | 9,117 | 2.90 | % | $ | 1,320,137 | $ | 10,166 | 3.12 | % | $ | 1,225,791 | $ | 9,582 | 3.14 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 473,911 | 426,947 | 417,128 | |||||||||||||||||||||||||||||||||
Other Liabilities | 20,286 | 23,071 | 16,489 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,755,775 | $ | 1,770,155 | $ | 1,659,408 | ||||||||||||||||||||||||||||||
Shareholders' equity | 177,184 | 136,276 | 107,714 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,932,959 | $ | 1,906,431 | $ | 1,767,122 | ||||||||||||||||||||||||||||||
Net interest income (1) | $ | 15,724 | $ | 13,364 | $ | 12,185 | ||||||||||||||||||||||||||||||
Net interest spread | 2.51 | % | 2.13 | % | 2.08 | % | ||||||||||||||||||||||||||||||
Interest expense as a percent of average | 1.98 | % | 2.27 | % | 2.30 | % | ||||||||||||||||||||||||||||||
Net interest margin (1) | 3.42 | % | 2.98 | % | 2.92 | % | ||||||||||||||||||||||||||||||
N/M - Not meaningful |
(1) Non-GAAP financial measure - Income and yields are reported on tax-equivalent basis using a federal tax rate of |
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
Interest Income - Loans | $ | 20,409 | $ | 19,971 | $ | 21,148 | $ | 21,143 | $ | 19,525 | ||||||||||
Interest Income - Securities and Other Interest- | 4,406 | 3,531 | 2,846 | 2,543 | 2,213 | |||||||||||||||
Interest Expense - Deposits | 8,263 | 8,504 | 8,496 | 8,419 | 7,515 | |||||||||||||||
Interest Expense - Other Borrowings | 854 | 1,662 | 1,999 | 2,110 | 2,067 | |||||||||||||||
Total Net Interest Income | $ | 15,698 | $ | 13,336 | $ | 13,499 | $ | 13,157 | $ | 12,156 | ||||||||||
Non-GAAP Financial Measurements: | ||||||||||||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - | $ | 26 | $ | 27 | $ | 27 | $ | 27 | $ | 28 | ||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - | — | 1 | 1 | 1 | 1 | |||||||||||||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 26 | $ | 28 | $ | 28 | $ | 28 | $ | 29 | ||||||||||
Tax-Equivalent Net Interest Income | $ | 15,724 | $ | 13,364 | $ | 13,527 | $ | 13,185 | $ | 12,185 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
Summary of Operating Results: | ||||||||||||||||||||
Noninterest expenses (GAAP) | $ | 13,399 | $ | 12,589 | $ | 13,555 | $ | 12,890 | $ | 12,510 | ||||||||||
Less: Loss on sale of repossessed assets | — | 133 | — | 204 | — | |||||||||||||||
Adjusted noninterest expenses (non-GAAP) | $ | 13,399 | $ | 12,456 | $ | 13,555 | $ | 12,686 | $ | 12,510 | ||||||||||
Net interest income | 15,698 | 13,336 | 13,499 | 13,157 | 12,156 | |||||||||||||||
Noninterest income (loss) (GAAP) | 4,917 | (8,554) | 8,521 | 5,251 | 4,305 | |||||||||||||||
Less: (Loss) gain on the sale and disposal of premises | — | (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) | $ | 4,917 | $ | 3,887 | $ | 4,647 | $ | 4,598 | $ | 4,062 | ||||||||||
Tax equivalent adjustment (2) | 26 | 28 | 28 | 28 | 29 | |||||||||||||||
Total net interest income and noninterest income, | $ | 20,641 | $ | 17,251 | $ | 18,174 | $ | 17,783 | $ | 16,247 | ||||||||||
Efficiency ratio | 64.91 | % | 72.20 | % | 74.58 | % | 71.34 | % | 77.00 | % | ||||||||||
(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. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
GAAP Net income (loss) | $ | 5,270 | $ | (6,974) | $ | 6,186 | $ | 3,424 | $ | 3,185 | ||||||||||
Adjustments to net income (loss): | ||||||||||||||||||||
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 | $ | 5,270 | $ | 2,842 | $ | 3,125 | $ | 3,424 | $ | 3,185 | ||||||||||
GAAP Noninterest income (loss) | $ | 4,917 | $ | (8,554) | $ | 8,521 | $ | 5,251 | $ | 4,305 | ||||||||||
Adjustments to noninterest income (loss): | ||||||||||||||||||||
Loss on sales of securities | — | 12,425 | — | — | — | |||||||||||||||
Gain on sale of fixed assets | — | — | (3,874) | — | — | |||||||||||||||
Non-GAAP Noninterest income | $ | 4,917 | $ | 3,871 | $ | 4,647 | $ | 5,251 | $ | 4,305 | ||||||||||
Earnings per share, basic and diluted | $ | 0.98 | $ | (1.53) | $ | 1.74 | $ | 0.97 | $ | 0.89 | ||||||||||
Effect of adjustments to net income | — | 2.15 | (0.86) | — | — | |||||||||||||||
Non-GAAP Earnings per share, basic and diluted | $ | 0.98 | $ | 0.62 | $ | 0.88 | $ | 0.97 | $ | 0.89 | ||||||||||
Annualized return on average equity | 11.93 | % | -20.75 | % | 21.10 | % | 11.99 | % | 11.89 | % | ||||||||||
Effect of adjustments to net income | 0.00 | % | 29.21 | % | -10.44 | % | — | — | ||||||||||||
Non-GAAP Annualized return on average equity | 11.93 | % | 8.46 | % | 10.66 | % | 11.99 | % | 11.89 | % | ||||||||||
Annualized return on average assets | 1.09 | % | -1.48 | % | 1.32 | % | 0.75 | % | 0.72 | % | ||||||||||
Effect of adjustments to net income | 0.00 | % | 2.07 | % | -0.65 | % | — | — | ||||||||||||
Non-GAAP Annualized return on average assets | 1.09 | % | 0.59 | % | 0.67 | % | 0.75 | % | 0.72 | % | ||||||||||
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SOURCE Eagle Financial Services, Inc.
FAQ
What was Eagle Financial Services (EFSI) earnings per share in Q2 2025?
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