EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2026 FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
Rhea-AI Summary
Eagle Financial Services (NASDAQ: EFSI) reported Q1 2026 net income $3.74M and EPS $0.69. The Board declared a $0.31 per share quarterly cash dividend payable May 15, 2026 (record date May 4, 2026). Net interest income was $15.9M and net interest margin was 3.63%. Net income decreased 13.7% sequentially and improved 153.6% year-over-year, driven by lower 2025 one-time loss and higher loan sales and yields.
Positive
- Net income +153.6% year-over-year to $3.74M
- Net interest income +19.2% year-over-year to $15.9M
- EPS $0.69 for Q1 2026
- Quarterly dividend $0.31 per share payable May 15, 2026
Negative
- Net income -13.7% sequentially from Q4 2025
- Noninterest expense +12.9% year-over-year to $14.2M
News Market Reaction – EFSI
In the Apr 24 session, EFSI declined 3.13%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Dividends,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 23 | Q3 2025 earnings/dividend | Positive | +0.9% | Strong Q3 2025 results with higher net income and steady dividend. |
| Jul 24 | Q2 2025 earnings/dividend | Positive | -0.4% | Record Q2 2025 net income and dividend, but slight negative price move. |
| Apr 25 | Q1 2025 earnings/dividend | Negative | -5.9% | Q1 2025 net loss driven by large securities repositioning loss. |
| Jan 24 | Q4 2024 earnings/dividend | Positive | -0.0% | Strong Q4 2024 earnings and dividend with flat price reaction. |
| Oct 25 | Q3 2024 earnings/dividend | Positive | +2.0% | Improving Q3 2024 earnings and dividend alongside asset growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-and-dividend releases often see modest moves, with both positive and negative reactions; strongly negative quarters have aligned with notable declines.
Over the past five similar dividends/earnings releases, Eagle Financial has reported a mix of strong quarters and one loss-driven period tied to a securities repositioning. Net income has ranged from record levels in Q2 2025 to a loss in Q1 2025, while the quarterly dividend of $0.31 per share has been maintained throughout. Market reactions have been small, with three instances where share moves aligned with the tone of results and two where performance and price diverged.
Key Terms
non-gaap financial
net interest margin financial
net interest spread financial
efficiency ratio financial
provision for credit losses financial
nonaccrual loans financial
allowance for credit losses financial
nonperforming assets financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Three Months Ended | |||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||
2026 | 2025 | 2025 | |||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
As adjusted (1) | |||||||||||||||
Consolidated net income (loss) | $ | 3,740 | $ | 4,334 | $ | (6,974) | $ | 2,842 | |||||||
Consolidated noninterest income (loss) | $ | 4,928 | $ | 5,355 | $ | (8,554) | $ | 3,871 | |||||||
Earnings (loss) per share - basic and diluted | $ | 0.69 | $ | 0.81 | $ | (1.53) | $ | 0.62 | |||||||
Annualized return on average equity | 7.98 | % | 9.18 | % | -20.75 | % | 8.46 | % | |||||||
Annualized return on average assets | 0.81 | % | 0.91 | % | -1.48 | % | 0.59 | % | |||||||
Net interest margin | 3.63 | % | 3.61 | % | 2.98 | % | 2.98 | % | |||||||
(1) Non-GAAP financial measure - Excluding the tax effected impact of the loss on sale of securities in connection with the Company's balance sheet repositioning transactions during the quarter 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 first quarter of 2026 are as follows:
- Net interest margin increased from
3.61% for the quarter ended December 31, 2025 to3.63% for the quarter ended March 31, 2026. Net interest spread increased from2.74% for the quarter ended December 31, 2025 to2.80% for the quarter ended March 31, 2026. - Efficiency ratio decreased from
70.39% for the quarter ended December 31, 2025 to67.97% for the quarter ended March 31, 2026.
Brandon Lorey, President and CEO, stated, "Our first quarter results reflect steady progress in our core operating performance and continued improvement in several key metrics. Net interest margin increased modestly, efficiency improved from the prior quarter, and asset quality remained stable. These results demonstrate the impact of the balance sheet actions we have taken and our ongoing focus on disciplined execution. We continue to maintain solid capital and liquidity levels, which positions us to thoughtfully support our customers and communities while remaining mindful of the broader economic environment."
Summary
Total net income for the quarters ended March 31, 2026 and December 31, 2025 was
Interest Income
Total loan interest income was
Interest and dividend income from the investment portfolio was
Interest Expense
Total interest expense was
Net Interest Income
Net interest income for the quarter ended March 31, 2026 was
The net interest margin was
The Company's net interest margin is not a measurement under accounting principles generally accepted in
Noninterest Income and Expense
Total noninterest income was
For The Three Months Ended | ||||||||||||||||||||||||||
(Dollars in thousands) | 3/31/2026 | 12/31/2025 | $ | % | 3/31/2025 | $ | % | |||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Wealth management fees | $ | 1,782 | $ | 2,299 | $ | (517) | -22.5 | % | $ | 1,681 | $ | 101 | 6.0 | % | ||||||||||||
Service charges on deposit accounts | 556 | 574 | (18) | -3.1 | % | 492 | 64 | 13.0 | % | |||||||||||||||||
Other service charges and fees | 921 | 1,009 | (88) | -8.7 | % | 972 | (51) | -5.2 | % | |||||||||||||||||
(Loss) on the sale and disposal of bank premises and equipment | — | (1) | 1 | NA | (16) | 16 | NA | |||||||||||||||||||
(Loss) on the sale of AFS securities | — | — | — | NA | (12,425) | 12,425 | NA | |||||||||||||||||||
Gain on sale of loans held for sale | 1,012 | 830 | 182 | 21.9 | % | 429 | 583 | 135.9 | % | |||||||||||||||||
Small business investment company income | 266 | 40 | 226 | 565.0 | % | 20 | 246 | 1230.0 | % | |||||||||||||||||
Bank owned life insurance income | 284 | 280 | 4 | 1.4 | % | 273 | 11 | 4.0 | % | |||||||||||||||||
Other operating income | 107 | 324 | (217) | -67.0 | % | 20 | 87 | 435.0 | % | |||||||||||||||||
Total noninterest income (loss) | $ | 4,928 | $ | 5,355 | $ | (427) | -8.0 | % | $ | (8,554) | $ | 13,482 | -157.6 | % | ||||||||||||
The decrease in total noninterest income for the first quarter of 2026 compared to the fourth quarter of 2025 was primarily driven by lower wealth management fee income. The prior quarter benefited from higher transaction‑based revenues related to estates and other services, which did not recur at the same level in the first quarter. This decline was partially offset by an increase in small business investment company income. Cash distributions from these investments are dependent on performance results and the timing of distributions, which can result in quarter‑to‑quarter fluctuations.
Noninterest income, as adjusted to exclude the one-time effect of the previously disclosed significant transaction, was
Noninterest expense decreased
For The Three Months Ended | ||||||||||||||||||||||||||
(Dollars in thousands) | 3/31/2026 | 12/31/2025 | $ | % | 3/31/2025 | $ | % | |||||||||||||||||||
Noninterest Expenses | ||||||||||||||||||||||||||
Salaries and employee benefits | $ | 8,229 | $ | 9,462 | $ | (1,233) | -13.0 | % | $ | 7,179 | $ | 1,050 | 14.6 | % | ||||||||||||
Occupancy expenses | 666 | 663 | 3 | 0.5 | % | 662 | 4 | 0.6 | % | |||||||||||||||||
Equipment expenses | 462 | 442 | 20 | 4.5 | % | 423 | 39 | 9.2 | % | |||||||||||||||||
Advertising and marketing expenses | 191 | 209 | (18) | -8.6 | % | 183 | 8 | 4.4 | % | |||||||||||||||||
Stationery and supplies | 46 | 20 | 26 | 130.0 | % | 42 | 4 | 9.5 | % | |||||||||||||||||
ATM network fees | 327 | 324 | 3 | 0.9 | % | 362 | (35) | -9.7 | % | |||||||||||||||||
Other real estate owned expense (gain), net | (5) | 20 | (25) | NA | — | (5) | NA | |||||||||||||||||||
Loss on the sale of other real estate owned | — | 51 | (51) | NA | — | — | NA | |||||||||||||||||||
Loss of sale of repossessed assets | 39 | 169 | (130) | -76.9 | % | 133 | (94) | -70.7 | % | |||||||||||||||||
FDIC assessment | 227 | 200 | 27 | 13.5 | % | 322 | (95) | -29.5 | % | |||||||||||||||||
Computer software expense | 354 | 373 | (19) | -5.1 | % | 282 | 72 | 25.5 | % | |||||||||||||||||
Bank franchise tax | 481 | 388 | 93 | 24.0 | % | 367 | 114 | 31.1 | % | |||||||||||||||||
Professional fees | 604 | 723 | (119) | -16.5 | % | 563 | 41 | 7.3 | % | |||||||||||||||||
Data processing fees | 486 | 558 | (72) | -12.9 | % | 550 | (64) | -11.6 | % | |||||||||||||||||
Other operating expenses | 2,105 | 1,937 | 168 | 8.7 | % | 1,521 | 584 | 38.4 | % | |||||||||||||||||
Total noninterest expenses | $ | 14,212 | $ | 15,539 | $ | (1,327) | -8.5 | % | $ | 12,589 | $ | 1,623 | 12.9 | % | ||||||||||||
The decrease in total noninterest expense when comparing the first quarter of 2026 to the fourth quarter of 2025 is mainly due to the decrease in salaries and benefits expense. This decrease was largely due to increased incentive accruals resulting from plan metrics reaching payout levels during the fourth quarter of 2025.
When comparing the first quarter of 2026 to the same quarter of 2025, the increase in total noninterest expense was mainly due to the increases in salaries and employee benefits expenses as well as other operating expenses. The increase in salaries and benefit expense is mostly due to the increase in the number of full time equivalent "FTE" employees. During this period, FTE's increased from 233 to 253. Other operating expenses increased largely due to higher contributions toward charitable activities, primarily driven by the Bank's matching of donations from a very successful Give with BOC campaign as well as elevated loan collection costs associated with a single multifamily relationship included in the nonaccrual loan balance discussed below.
Asset Quality and Provision for Credit Losses
As of | ||||||||||||
(dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
Nonaccrual loans | $ | 14,711 | $ | 14,398 | $ | 16,122 | ||||||
Loans past due 90 days or more and accruing interest | 13 | 60 | 230 | |||||||||
Other real estate owned and repossessed assets | — | 135 | — | |||||||||
Total nonperforming assets | $ | 14,724 | $ | 14,593 | $ | 16,352 | ||||||
Allowance for credit losses on loans | $ | 17,326 | $ | 15,320 | $ | 15,282 | ||||||
Allowance for credit losses on loans to total gross loans | 1.19 | % | 1.04 | % | 1.05 | % | ||||||
Non-performing assets to total assets | 0.80 | % | 0.77 | % | 0.86 | % | ||||||
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 slightly between December 31, 2025 to and March 31, 2026. This increase was due to the addition of two small loans to nonaccrual status which was partially offset by the sale of one repossessed asset during the first quarter of 2026. Based on a recent valuation, the Bank believes that there is sufficient collateral to cover the entirety of the outstanding balance of the new nonaccrual relationships. Nonperforming assets decreased as of March 31, 2026 in comparison to March 31, 2025 mainly due to one large loan being paid off during the period. The collateral for this loan (multifamily real estate) was offered for sale on July 8, 2025, for
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
The amount of provision for credit losses on loans reflects the results of the Bank's analysis used to determine the adequacy of the allowance for credit losses. The Company recorded
Management's judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower's ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. The Company is committed to maintaining an allowance at a level that adequately reflects expected credit losses over the life of the loan portfolio.
Balance Sheet
Total consolidated assets of the Company at March 31, 2026 were
Total net loans decreased
Total deposits decreased to
Core deposit change for the quarter and twelve months ended March 31, 2026 was an increase of
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 April 23, 2026, 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 March 31, 2026, 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 transactions 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.
First Quarter 2026 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 first quarter results on Friday, April 24, 2026, 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/201720331
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 | ||||||||||||||||||||
(Dollars in thousands, except per share data) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | |||||||||||||||
Net income (loss) | $ | 3,740 | $ | 4,334 | $ | 5,584 | $ | 5,270 | $ | (6,974) | ||||||||||
Earnings (loss) per share, basic | $ | 0.69 | $ | 0.81 | $ | 1.04 | $ | 0.98 | $ | (1.53) | ||||||||||
Earnings (loss) per share, diluted | $ | 0.69 | $ | 0.81 | $ | 1.04 | $ | 0.98 | $ | (1.53) | ||||||||||
Return on average total assets (annualized) | 0.81 | % | 0.91 | % | 1.10 | % | 1.09 | % | (1.48) | % | ||||||||||
Return on average total equity (annualized) | 7.98 | % | 9.18 | % | 12.20 | % | 11.93 | % | (20.75) | % | ||||||||||
Dividend payout ratio | 44.93 | % | 38.27 | % | 29.81 | % | 31.63 | % | N/M | |||||||||||
Fee revenue as a percent of total revenue (1) | 15.64 | % | 17.86 | % | 15.81 | % | 15.65 | % | N/M | |||||||||||
Net interest margin (annualized) (2) | 3.63 | % | 3.61 | % | 3.58 | % | 3.42 | % | 2.98 | % | ||||||||||
Yield on average earning assets (annualized) | 5.44 | % | 5.45 | % | 5.39 | % | 5.41 | % | 5.25 | % | ||||||||||
Rate on average interest-bearing liabilities (annualized) | 2.64 | % | 2.71 | % | 2.82 | % | 2.90 | % | 3.12 | % | ||||||||||
Net interest spread | 2.80 | % | 2.74 | % | 2.57 | % | 2.51 | % | 2.13 | % | ||||||||||
Tax equivalent adjustment to net interest income | $ | 20 | $ | 26 | $ | 25 | $ | 26 | $ | 28 | ||||||||||
Non-interest income (loss) to average assets | 1.07 | % | 1.12 | % | 1.02 | % | 1.02 | % | (1.82) | % | ||||||||||
Non-interest expense to average assets | 3.09 | % | 3.24 | % | 2.83 | % | 2.78 | % | 2.68 | % | ||||||||||
Efficiency ratio(3) | 67.97 | % | 70.39 | % | 64.06 | % | 64.91 | % | 72.20 | % | ||||||||||
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) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | |||||||||||||||
BALANCE SHEET RATIOS | ||||||||||||||||||||
Loans to deposits | 91.28 | % | 91.65 | % | 88.21 | % | 81.44 | % | 89.99 | % | ||||||||||
Average interest-earning assets to average-interest bearing liabilities | 146.04 | % | 147.54 | % | 155.33 | % | 146.08 | % | 137.78 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Dividends | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | ||||||||||
Book value | 35.16 | 35.14 | 34.52 | 33.41 | 32.81 | |||||||||||||||
Tangible book value | 35.16 | 35.14 | 34.52 | 33.41 | 32.81 | |||||||||||||||
SHARE PRICE DATA | ||||||||||||||||||||
Closing price | $ | 34.98 | $ | 39.80 | $ | 37.83 | $ | 30.62 | $ | 32.79 | ||||||||||
Diluted earnings multiple(1) | 12.67 | 12.28 | 9.09 | 7.81 | N/M | |||||||||||||||
Book value multiple(2) | 0.99 | 1.13 | 1.10 | 0.92 | 1.00 | |||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||
Outstanding shares at end of period | 5,412,376 | 5,374,205 | 5,376,346 | 5,376,346 | 5,378,653 | |||||||||||||||
Weighted average shares outstanding | 5,412,021 | 5,376,088 | 5,376,346 | 5,378,214 | 4,572,297 | |||||||||||||||
Weighted average shares outstanding, diluted | 5,412,021 | 5,376,088 | 5,376,346 | 5,378,214 | 4,572,297 | |||||||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Net (recoveries) charge-offs to average loans | (0.00) | % | 0.02 | % | 0.16 | % | 0.01 | % | 0.06 | % | ||||||||||
Total non-performing loans to total loans (3) | 1.01 | % | 0.98 | % | 0.91 | % | 1.20 | % | 1.13 | % | ||||||||||
Total non-performing assets to total assets (4) | 0.80 | % | 0.77 | % | 0.74 | % | 0.86 | % | 0.86 | % | ||||||||||
Non-accrual loans to: | ||||||||||||||||||||
Total loans | 1.01 | % | 0.98 | % | 0.90 | % | 1.16 | % | 1.11 | % | ||||||||||
Total assets | 0.80 | % | 0.76 | % | 0.68 | % | 0.82 | % | 0.85 | % | ||||||||||
Allowance for credit losses to: | ||||||||||||||||||||
Total loans | 1.19 | % | 1.04 | % | 1.01 | % | 1.11 | % | 1.05 | % | ||||||||||
Non-performing assets (4) | 117.67 | % | 104.98 | % | 103.81 | % | 91.24 | % | 93.45 | % | ||||||||||
Non-accrual loans | 117.78 | % | 106.40 | % | 112.48 | % | 95.48 | % | 94.79 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
Loans delinquent over 90 days and still accruing | $ | 13 | $ | 60 | $ | 91 | $ | 593 | $ | 230 | ||||||||||
Non-accrual loans | 14,711 | 14,398 | 13,167 | 16,735 | 16,122 | |||||||||||||||
Other real estate owned and repossessed assets | — | 135 | 1,009 | 186 | — | |||||||||||||||
NET LOAN (RECOVERIES) CHARGE-OFFS: | ||||||||||||||||||||
Loans charged off | $ | 155 | $ | 318 | $ | 2,417 | $ | 335 | $ | 1,076 | ||||||||||
(Recoveries) | (189) | (81) | (117) | (176) | (185) | |||||||||||||||
Net (recoveries) charge-offs | (34) | 237 | 2,300 | 159 | 891 | |||||||||||||||
PROVISION FOR CREDIT LOSSES ON LOANS | $ | 1,972 | $ | 747 | $ | 1,131 | $ | 856 | $ | 1,146 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | $ | 17,326 | $ | 15,320 | $ | 14,810 | $ | 15,979 | $ | 15,282 | ||||||||||
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. |
(3) Non-performing loans include non-accrual loans and loans 90 days or more past due and still accruing interest. |
(4) Non-performing assets include non-accrual loans, loans 90 days or more past due and still accruing interest, repossessed assets and other real estate owned (OREO) acquired through foreclosure. |
EAGLE FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
As of: | ||||||||||||||||||||
(Dollars in thousands) | Unaudited | * | Unaudited | Unaudited | Unaudited | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 14,500 | $ | 13,942 | $ | 15,558 | $ | 17,401 | $ | 16,527 | ||||||||||
Interest-bearing deposits with other institutions | 94,974 | 103,984 | 189,119 | 260,568 | 187,018 | |||||||||||||||
Federal funds sold | 80,293 | 99,268 | 63,452 | 118,033 | 61,401 | |||||||||||||||
Securities available for sale, at fair value | 117,245 | 123,329 | 125,165 | 124,693 | 114,844 | |||||||||||||||
Loans held for sale | 5,214 | 4,786 | 3,479 | 3,302 | 3,173 | |||||||||||||||
Loans, net of allowance for credit losses | 1,441,533 | 1,457,757 | 1,445,118 | 1,422,653 | 1,436,982 | |||||||||||||||
Bank premises and equipment, net | 14,911 | 14,906 | 14,878 | 14,693 | 14,625 | |||||||||||||||
Bank owned life insurance | 32,004 | 31,720 | 31,440 | 31,172 | 30,894 | |||||||||||||||
Other assets | 37,686 | 38,934 | 44,264 | 42,565 | 39,013 | |||||||||||||||
Total assets | $ | 1,838,360 | $ | 1,888,626 | $ | 1,932,473 | $ | 2,035,080 | $ | 1,904,477 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 455,107 | $ | 432,171 | $ | 521,149 | $ | 574,596 | $ | 421,342 | ||||||||||
Savings and interest bearing demand deposits | 728,322 | 728,545 | 687,530 | 728,370 | 697,679 | |||||||||||||||
Time deposits | 414,790 | 446,644 | 446,369 | 463,558 | 494,770 | |||||||||||||||
Total deposits | $ | 1,598,219 | $ | 1,607,360 | $ | 1,655,048 | $ | 1,766,524 | $ | 1,613,791 | ||||||||||
Federal funds purchased | — | — | 101 | 172 | — | |||||||||||||||
Federal Home Loan Bank advances, short-term | — | — | — | — | 25,000 | |||||||||||||||
Federal Home Loan Bank advances, long-term | — | 40,000 | 40,000 | 40,000 | 40,000 | |||||||||||||||
Subordinated debt, net | 29,596 | 29,579 | 29,562 | 29,545 | 29,529 | |||||||||||||||
Other liabilities | 20,219 | 22,848 | 22,181 | 19,191 | 19,682 | |||||||||||||||
Total liabilities | $ | 1,648,034 | $ | 1,699,787 | $ | 1,746,892 | $ | 1,855,432 | $ | 1,728,002 | ||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 13,311 | 13,264 | 13,260 | 13,260 | 13,252 | |||||||||||||||
Surplus | 64,802 | 64,720 | 64,458 | 64,154 | 63,922 | |||||||||||||||
Retained earnings | 118,178 | 116,115 | 113,448 | 109,530 | 105,928 | |||||||||||||||
Accumulated other comprehensive (loss) | (5,965) | (5,260) | (5,585) | (7,296) | (6,627) | |||||||||||||||
Total shareholders' equity | $ | 190,326 | $ | 188,839 | $ | 185,581 | $ | 179,648 | $ | 176,475 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,838,360 | $ | 1,888,626 | $ | 1,932,473 | $ | 2,035,080 | $ | 1,904,477 | ||||||||||
* Derived from audited consolidated financial statements. |
EAGLE FINANCIAL SERVICES, INC. LOAN DATA (unaudited) | ||||||||||||||||||||
As of: | ||||||||||||||||||||
(Dollars in thousands) | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
Mortgage real estate loans: | ||||||||||||||||||||
Construction & Secured by Farmland | $ | 82,594 | $ | 82,336 | $ | 84,467 | $ | 76,060 | $ | 98,660 | ||||||||||
HELOCs | 58,784 | 58,640 | 54,549 | 52,032 | 50,543 | |||||||||||||||
Residential First Lien - Investment | 107,084 | 107,308 | 103,942 | 106,493 | 108,519 | |||||||||||||||
Residential First Lien - Owner Occupied | 176,378 | 178,806 | 178,725 | 177,000 | 174,822 | |||||||||||||||
Residential Junior Liens | 10,775 | 10,724 | 10,497 | 10,865 | 10,983 | |||||||||||||||
Commercial - Owner Occupied | 313,161 | 298,853 | 290,931 | 288,821 | 268,990 | |||||||||||||||
Commercial - Non-Owner Occupied & Multifamily | 389,878 | 398,926 | 398,076 | 372,833 | 374,471 | |||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||
BHG loans | 2,118 | 2,344 | 2,637 | 2,928 | 3,248 | |||||||||||||||
SBA PPP loans | — | 4 | 10 | 16 | 22 | |||||||||||||||
Other commercial and industrial loans | 99,170 | 110,876 | 100,777 | 103,571 | 109,658 | |||||||||||||||
Marine loans | 170,217 | 175,639 | 185,938 | 196,434 | 203,455 | |||||||||||||||
Triad Loans | 20,789 | 21,324 | 21,856 | 22,111 | 22,528 | |||||||||||||||
Consumer loans | 9,707 | 7,418 | 7,566 | 7,628 | 7,898 | |||||||||||||||
Overdrafts | 343 | 318 | 297 | 240 | 208 | |||||||||||||||
Other loans | 12,572 | 13,946 | 13,895 | 15,372 | 11,822 | |||||||||||||||
Total loans | $ | 1,453,570 | $ | 1,467,462 | $ | 1,454,163 | $ | 1,432,404 | $ | 1,445,827 | ||||||||||
Net deferred loan costs and premiums | 5,289 | 5,615 | 5,765 | 6,228 | 6,437 | |||||||||||||||
Allowance for credit losses on loans | (17,326) | (15,320) | (14,810) | (15,979) | (15,282) | |||||||||||||||
Net loans | $ | 1,441,533 | $ | 1,457,757 | $ | 1,445,118 | $ | 1,422,653 | $ | 1,436,982 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||||||||||
For The Three Months Ended | ||||||||||||||||||||
(Dollars in thousands, except per share data) | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Interest and fees on loans | $ | 20,713 | $ | 21,268 | $ | 20,722 | $ | 20,409 | $ | 19,971 | ||||||||||
Interest on federal funds sold | 109 | 54 | 55 | 87 | 39 | |||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||
Taxable interest income | 1,230 | 1,274 | 1,293 | 1,142 | 695 | |||||||||||||||
Interest income exempt from federal income taxes | — | — | — | — | 3 | |||||||||||||||
Dividends | 76 | 61 | 60 | 117 | 150 | |||||||||||||||
Interest on deposits in banks | 1,698 | 2,098 | 3,803 | 3,060 | 2,644 | |||||||||||||||
Total interest and dividend income | $ | 23,826 | $ | 24,755 | $ | 25,933 | $ | 24,815 | $ | 23,502 | ||||||||||
Interest Expense | ||||||||||||||||||||
Interest on deposits | $ | 7,225 | $ | 7,526 | $ | 7,886 | $ | 8,263 | $ | 8,504 | ||||||||||
Interest on Federal Home Loan Bank advances | 344 | 494 | 494 | 499 | 1,308 | |||||||||||||||
Interest on subordinated debt | 354 | 354 | 354 | 355 | 354 | |||||||||||||||
Total interest expense | $ | 7,923 | $ | 8,374 | $ | 8,734 | $ | 9,117 | $ | 10,166 | ||||||||||
Net interest income | $ | 15,903 | $ | 16,381 | $ | 17,199 | $ | 15,698 | $ | 13,336 | ||||||||||
Provision For Credit Losses | 1,961 | 688 | 1,112 | 668 | 1,233 | |||||||||||||||
Net interest income after provision for credit losses | $ | 13,942 | $ | 15,693 | $ | 16,087 | $ | 15,030 | $ | 12,103 | ||||||||||
Noninterest Income | ||||||||||||||||||||
Wealth management fees | $ | 1,782 | $ | 2,299 | $ | 1,827 | $ | 1,650 | $ | 1,681 | ||||||||||
Service charges on deposit accounts | 556 | 574 | 558 | 517 | 492 | |||||||||||||||
Other service charges and fees | 921 | 1,009 | 1,151 | 1,060 | 972 | |||||||||||||||
(Loss) on the sale and disposal of bank premises and equipment | — | (1) | (2) | — | (16) | |||||||||||||||
(Loss) on the sale of AFS securities | — | — | — | — | (12,425) | |||||||||||||||
Gain on sale of loans held for sale | 1,012 | 830 | 1,012 | 1,104 | 429 | |||||||||||||||
Small business investment company income | 266 | 40 | 58 | 133 | 20 | |||||||||||||||
Bank owned life insurance income | 284 | 280 | 268 | 278 | 273 | |||||||||||||||
Other operating income | 107 | 324 | 293 | 175 | 20 | |||||||||||||||
Total noninterest income (loss) | $ | 4,928 | $ | 5,355 | $ | 5,165 | $ | 4,917 | $ | (8,554) | ||||||||||
Noninterest Expenses | ||||||||||||||||||||
Salaries and employee benefits | $ | 8,229 | $ | 9,462 | $ | 8,717 | $ | 7,845 | $ | 7,179 | ||||||||||
Occupancy expenses | 666 | 663 | 691 | 598 | 662 | |||||||||||||||
Equipment expenses | 462 | 442 | 437 | 401 | 423 | |||||||||||||||
Advertising and marketing expenses | 191 | 209 | 317 | 152 | 183 | |||||||||||||||
Stationery and supplies | 46 | 20 | 37 | 35 | 42 | |||||||||||||||
ATM network fees | 327 | 324 | 327 | 332 | 362 | |||||||||||||||
Other real estate owned expense (gain), net | (5) | 20 | — | — | — | |||||||||||||||
Loss on the sale of other real estate owned | — | 51 | — | — | — | |||||||||||||||
Loss on sale of repossessed assets | 39 | 169 | — | — | 133 | |||||||||||||||
FDIC assessment | 227 | 200 | 172 | 254 | 322 | |||||||||||||||
Computer software expense | 354 | 373 | 389 | 325 | 282 | |||||||||||||||
Bank franchise tax | 481 | 388 | 388 | 381 | 367 | |||||||||||||||
Professional fees | 604 | 723 | 493 | 641 | 563 | |||||||||||||||
Data processing fees | 486 | 558 | 469 | 633 | 550 | |||||||||||||||
Other operating expenses | 2,105 | 1,937 | 1,907 | 1,802 | 1,521 | |||||||||||||||
Total noninterest expenses | $ | 14,212 | $ | 15,539 | $ | 14,344 | $ | 13,399 | $ | 12,589 | ||||||||||
Income (loss) before income taxes | $ | 4,658 | $ | 5,509 | $ | 6,908 | $ | 6,548 | $ | (9,040) | ||||||||||
Income Tax Expense (Benefit) | 918 | 1,175 | 1,324 | 1,278 | (2,066) | |||||||||||||||
Net income (loss) | $ | 3,740 | $ | 4,334 | $ | 5,584 | $ | 5,270 | $ | (6,974) | ||||||||||
Earnings (Loss) Per Share | ||||||||||||||||||||
Net income (loss) per common share, basic | $ | 0.69 | $ | 0.81 | $ | 1.04 | $ | 0.98 | $ | (1.53) | ||||||||||
Net income (loss) per common share, diluted | $ | 0.69 | $ | 0.81 | $ | 1.04 | $ | 0.98 | $ | (1.53) | ||||||||||
EAGLE FINANCIAL SERVICES, INC. Average Balances, Income and Expenses, Yields and Rates (unaudited) | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||||||||||
Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 122,130 | $ | 1,306 | 4.34 | % | $ | 124,490 | $ | 1,334 | 4.25 | % | $ | 117,367 | $ | 845 | 2.92 | % | ||||||||||||||||||
Tax-Exempt (1) | — | — | — | % | — | — | — | % | 353 | 4 | 4.25 | % | ||||||||||||||||||||||||
Total Securities | $ | 122,130 | $ | 1,306 | 4.34 | % | $ | 124,490 | $ | 1,334 | 4.25 | % | $ | 117,720 | $ | 849 | 2.93 | % | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,434,955 | $ | 20,639 | 5.83 | % | $ | 1,445,196 | $ | 21,172 | 5.81 | % | $ | 1,442,343 | $ | 19,871 | 5.59 | % | ||||||||||||||||||
Non-accrual | 14,534 | — | — | % | 12,294 | — | — | % | 3,959 | — | — | % | ||||||||||||||||||||||||
Tax-Exempt (1) | 7,448 | 94 | 5.12 | % | 9,504 | 122 | 5.09 | % | 10,130 | 127 | 5.07 | % | ||||||||||||||||||||||||
Total Loans | $ | 1,456,937 | $ | 20,733 | 5.77 | % | $ | 1,466,994 | $ | 21,294 | 5.76 | % | $ | 1,456,432 | $ | 19,998 | 5.57 | % | ||||||||||||||||||
Federal funds sold and interest-bearing | 198,084 | 1,807 | 3.70 | % | 214,010 | 2,153 | 3.99 | % | 244,780 | 2,683 | 4.45 | % | ||||||||||||||||||||||||
Total earning assets | $ | 1,777,151 | $ | 23,846 | 5.44 | % | $ | 1,805,494 | $ | 24,781 | 5.45 | % | $ | 1,818,932 | $ | 23,530 | 5.25 | % | ||||||||||||||||||
Allowance for credit losses on loans | (15,695) | (15,038) | (15,228) | |||||||||||||||||||||||||||||||||
Total non-earning assets | 105,767 | 109,485 | 102,727 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,867,223 | $ | 1,899,941 | $ | 1,906,431 | ||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 312,314 | $ | 1,667 | 2.16 | % | $ | 308,621 | $ | 1,696 | 2.18 | % | $ | 275,462 | $ | 1,463 | 2.15 | % | ||||||||||||||||||
Money market accounts | 286,953 | 1,515 | 2.14 | % | 278,231 | 1,522 | 2.17 | % | 274,142 | 1,512 | 2.24 | % | ||||||||||||||||||||||||
Savings accounts | 122,622 | 33 | 0.11 | % | 123,577 | 34 | 0.11 | % | 132,905 | 37 | 0.11 | % | ||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||
172,241 | 1,646 | 3.88 | % | 177,078 | 1,780 | 3.99 | % | 186,048 | 2,115 | 4.61 | % | |||||||||||||||||||||||||
Less than | 264,713 | 2,364 | 3.62 | % | 266,630 | 2,494 | 3.71 | % | 311,499 | 3,377 | 4.40 | % | ||||||||||||||||||||||||
Total interest-bearing deposits | $ | 1,158,843 | $ | 7,225 | 2.53 | % | $ | 1,154,137 | $ | 7,526 | 2.59 | % | $ | 1,180,056 | $ | 8,504 | 2.92 | % | ||||||||||||||||||
Federal funds purchased | 7 | — | N/M | 1 | — | N/M | 8 | — | N/M | |||||||||||||||||||||||||||
Federal Home Loan Bank advances | 28,444 | 344 | 4.90 | % | 40,000 | 494 | 4.90 | % | 110,556 | 1,308 | 4.80 | % | ||||||||||||||||||||||||
Subordinated debt, net | 29,585 | 354 | 4.85 | % | 29,568 | 354 | 4.75 | % | 29,517 | 354 | 4.87 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,216,879 | $ | 7,923 | 2.64 | % | $ | 1,223,706 | $ | 8,374 | 2.71 | % | $ | 1,320,137 | $ | 10,166 | 3.12 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 437,244 | 464,564 | 426,947 | |||||||||||||||||||||||||||||||||
Other Liabilities | 23,092 | 24,408 | 23,071 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,677,215 | $ | 1,712,678 | $ | 1,770,155 | ||||||||||||||||||||||||||||||
Shareholders' equity | 190,008 | 187,263 | 136,276 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,867,223 | $ | 1,899,941 | $ | 1,906,431 | ||||||||||||||||||||||||||||||
Net interest income (1) | $ | 15,923 | $ | 16,407 | $ | 13,364 | ||||||||||||||||||||||||||||||
Net interest spread | 2.80 | % | 2.74 | % | 2.13 | % | ||||||||||||||||||||||||||||||
Interest expense as a percent of average | 1.81 | % | 1.84 | % | 2.27 | % | ||||||||||||||||||||||||||||||
Net interest margin (1) | 3.63 | % | 3.61 | % | 2.98 | % | ||||||||||||||||||||||||||||||
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. Reconciliation of Tax-Equivalent Net Interest Income (unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(Dollars in thousands) | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
Interest Income - Loans | $ | 20,713 | $ | 21,268 | $ | 20,722 | $ | 20,409 | $ | 19,971 | ||||||||||
Interest Income - Securities and Other Interest-Earnings Assets | 3,113 | 3,487 | 5,211 | 4,406 | 3,531 | |||||||||||||||
Interest Expense - Deposits | 7,225 | 7,526 | 7,886 | 8,263 | 8,504 | |||||||||||||||
Interest Expense - Other Borrowings | 698 | 848 | 848 | 854 | 1,662 | |||||||||||||||
Total Net Interest Income | $ | 15,903 | $ | 16,381 | $ | 17,199 | $ | 15,698 | $ | 13,336 | ||||||||||
Non-GAAP Financial Measurements: | ||||||||||||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Loans | $ | 20 | $ | 26 | $ | 25 | $ | 26 | $ | 27 | ||||||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Securities | — | — | — | — | 1 | |||||||||||||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 20 | $ | 26 | $ | 25 | $ | 26 | $ | 28 | ||||||||||
Tax-Equivalent Net Interest Income | $ | 15,923 | $ | 16,407 | $ | 17,224 | $ | 15,724 | $ | 13,364 | ||||||||||
EAGLE FINANCIAL SERVICES, INC. Reconciliation of Efficiency Ratio (unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(Dollars in thousands) | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
Summary of Operating Results: | ||||||||||||||||||||
Noninterest expenses (GAAP) | $ | 14,212 | $ | 15,539 | $ | 14,344 | $ | 13,399 | $ | 12,589 | ||||||||||
Less: Loss on other real estate owned | — | 51 | — | — | — | |||||||||||||||
Less: Loss on sale of repossessed assets | 39 | 169 | — | — | 133 | |||||||||||||||
Adjusted noninterest expenses (non-GAAP) | $ | 14,173 | $ | 15,319 | $ | 14,344 | $ | 13,399 | $ | 12,456 | ||||||||||
Net interest income | 15,903 | 16,381 | 17,199 | 15,698 | 13,336 | |||||||||||||||
Noninterest income (GAAP) | 4,928 | 5,355 | 5,165 | 4,917 | (8,554) | |||||||||||||||
Less: (Loss) on the sale and disposal of premises and equipment | — | (1) | (2) | — | (16) | |||||||||||||||
Less: (Loss) on the sale of securities | — | — | — | — | (12,425) | |||||||||||||||
Adjusted noninterest income (non-GAAP) | $ | 4,928 | $ | 5,356 | $ | 5,167 | $ | 4,917 | $ | 3,887 | ||||||||||
Tax equivalent adjustment (1) | 20 | 26 | 25 | 26 | 28 | |||||||||||||||
Total net interest income and noninterest income, adjusted (non-GAAP) | $ | 20,851 | $ | 21,763 | $ | 22,391 | $ | 20,641 | $ | 17,251 | ||||||||||
Efficiency ratio | 67.97 | % | 70.39 | % | 64.06 | % | 64.91 | % | 72.20 | % | ||||||||||
(1) 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) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(dollars in thousands except for per share data) | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||||||||||||
GAAP Financial Measurements: | ||||||||||||||||||||
GAAP Net income (loss) | $ | 3,740 | $ | 4,334 | $ | 5,584 | $ | 5,270 | $ | (6,974) | ||||||||||
Adjustments to net income (loss): | ||||||||||||||||||||
Loss on sales of securities | — | — | — | — | 12,425 | |||||||||||||||
Tax effect of adjustments to net income | — | — | — | — | (2,609) | |||||||||||||||
Non-GAAP Net income | $ | 3,740 | $ | 4,334 | $ | 5,584 | $ | 5,270 | $ | 2,842 | ||||||||||
GAAP Noninterest income (loss) | $ | 4,928 | $ | 5,355 | $ | 5,165 | $ | 4,917 | $ | (8,554) | ||||||||||
Adjustments to noninterest income (loss): | ||||||||||||||||||||
Loss on sales of securities | — | — | — | — | 12,425 | |||||||||||||||
Non-GAAP Noninterest income | $ | 4,928 | $ | 5,355 | $ | 5,165 | $ | 4,917 | $ | 3,871 | ||||||||||
Earnings per share, basic and diluted | $ | 0.69 | $ | 0.81 | $ | 1.04 | $ | 0.98 | $ | (1.53) | ||||||||||
Effect of adjustments to net income | — | — | — | — | 2.15 | |||||||||||||||
Non-GAAP Earnings per share, basic and diluted | $ | 0.69 | $ | 0.81 | $ | 1.04 | $ | 0.98 | $ | 0.62 | ||||||||||
Annualized return on average equity | 7.98 | % | 9.18 | % | 12.20 | % | 11.93 | % | -20.75 | % | ||||||||||
Effect of adjustments to net income | — | % | — | % | — | % | — | % | 29.21 | % | ||||||||||
Non-GAAP Annualized return on average equity | 7.98 | % | 9.18 | % | 12.20 | % | 11.93 | % | 8.46 | % | ||||||||||
Annualized return on average assets | 0.81 | % | 0.91 | % | 1.10 | % | 1.09 | % | -1.48 | % | ||||||||||
Effect of adjustments to net income | — | % | — | % | — | % | — | % | 2.07 | % | ||||||||||
Non-GAAP Annualized return on average assets | 0.81 | % | 0.91 | % | 1.10 | % | 1.09 | % | 0.59 | % | ||||||||||
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SOURCE Eagle Financial Services, Inc.