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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission File Number: 0-20146

EAGLE FINANCIAL SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Virginia

 

54-1601306

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

2 East Main Street

P.O. Box 391

 

Berryville, VA

22611

(Address of principal executive offices)

 

(Zip Code)

 

(540) 955-2510

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

The number of shares of the registrant’s Common Stock ($2.50 par value) outstanding as of November 2, 2023 was 3,520,894.

 


 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements:

 

 

Consolidated Balance Sheets at September 30, 2023 and December 31, 2022

1

 

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022

2

 

Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022

3

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022

4

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

5

 

Notes to Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

59

Item 4.

Controls and Procedures

59

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

60

Item 1A.

Risk Factors

60

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3.

Defaults Upon Senior Securities

60

Item 4.

Mine Safety Disclosures

60

Item 5.

Other Information

60

Item 6.

Exhibits

61

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

EAGLE FINANCIAL SERVICES, INC.

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

 

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

14,154

 

 

$

16,629

 

Interest-bearing deposits with other institutions

 

 

49,085

 

 

 

49,902

 

Federal funds sold

 

 

78,799

 

 

 

363

 

Total cash and cash equivalents

 

$

142,038

 

 

$

66,894

 

Securities available for sale, at fair value, amortized cost of $163,806 and $175,059, respectively

 

 

133,976

 

 

 

149,156

 

Restricted investments, at cost

 

 

8,583

 

 

 

9,233

 

Loans held for sale

 

 

3,564

 

 

 

153

 

Loans

 

 

1,440,985

 

 

 

1,323,783

 

Allowance for credit losses

 

 

(14,573

)

 

 

(11,218

)

Net Loans

 

$

1,426,412

 

 

$

1,312,565

 

Bank premises and equipment, net

 

 

18,421

 

 

 

18,064

 

Other real estate owned, net of allowance

 

 

 

 

 

108

 

Bank owned life insurance

 

 

24,404

 

 

 

23,862

 

Other assets

 

 

44,072

 

 

 

36,682

 

Total assets

 

$

1,801,470

 

 

$

1,616,717

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest bearing demand deposits

 

$

430,910

 

 

$

478,750

 

Savings and interest bearing demand deposits

 

 

656,111

 

 

 

627,431

 

Time deposits

 

 

411,359

 

 

 

157,894

 

Total deposits

 

$

1,498,380

 

 

$

1,264,075

 

Federal funds purchased

 

 

 

 

 

32,980

 

Federal Home Loan Bank advances, short-term

 

 

 

 

 

175,000

 

Federal Home Loan Bank advances, long-term

 

 

145,000

 

 

 

 

Subordinated debt, net of unamortized issuance costs

 

 

29,428

 

 

 

29,377

 

Other liabilities

 

 

27,479

 

 

 

13,556

 

Total liabilities

 

$

1,700,287

 

 

$

1,514,988

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

Preferred stock, $10 par value; 500,000 shares authorized and unissued

 

$

 

 

$

 

Common stock, $2.50 par value; authorized 10,000,000 shares; issued and outstanding 2023, 3,520,894 including 57,014 shares of unvested restricted stock; issued and outstanding 2022, 3,490,171 including 38,780 shares of unvested restricted stock

 

 

8,660

 

 

 

8,629

 

Surplus

 

 

13,970

 

 

 

13,268

 

Retained earnings

 

 

102,106

 

 

 

100,278

 

Accumulated other comprehensive (loss)

 

 

(23,553

)

 

 

(20,446

)

Total shareholders’ equity

 

$

101,183

 

 

$

101,729

 

Total liabilities and shareholders’ equity

 

$

1,801,470

 

 

$

1,616,717

 

 

See Notes to Consolidated Financial Statements

 


TABLE OF CONTENTS

EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest and Dividend Income

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

20,179

 

 

$

13,282

 

 

$

56,100

 

 

$

35,565

 

Interest and dividends on securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest income

 

 

781

 

 

 

851

 

 

 

2,370

 

 

 

2,477

 

Interest income exempt from federal income taxes

 

 

3

 

 

 

59

 

 

 

12

 

 

 

217

 

Dividends

 

 

147

 

 

 

22

 

 

 

366

 

 

 

49

 

Interest on deposits in banks

 

 

1,030

 

 

 

143

 

 

 

2,176

 

 

 

199

 

Interest on federal funds sold

 

 

51

 

 

 

9

 

 

 

89

 

 

 

15

 

Total interest and dividend income

 

$

22,191

 

 

$

14,366

 

 

$

61,113

 

 

$

38,522

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

6,978

 

 

$

714

 

 

$

15,972

 

 

$

1,467

 

Interest on federal funds purchased

 

 

 

 

 

11

 

 

 

70

 

 

 

19

 

Interest on Federal Home Loan Bank advances

 

 

1,943

 

 

 

404

 

 

 

6,006

 

 

 

404

 

Interest on subordinated debt

 

 

354

 

 

 

338

 

 

 

1,063

 

 

 

675

 

Total interest expense

 

$

9,275

 

 

$

1,467

 

 

$

23,111

 

 

$

2,565

 

Net interest income

 

$

12,916

 

 

$

12,899

 

 

$

38,002

 

 

$

35,957

 

Provision for Credit Losses

 

 

216

 

 

 

 

 

 

1,283

 

 

 

900

 

Net interest income after provision for credit losses

 

$

12,700

 

 

$

12,899

 

 

$

36,719

 

 

$

35,057

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

$

1,190

 

 

$

1,094

 

 

$

3,611

 

 

$

3,077

 

Service charges on deposit accounts

 

 

460

 

 

 

432

 

 

 

1,343

 

 

 

1,195

 

Other service charges and fees

 

 

1,252

 

 

 

1,061

 

 

 

3,434

 

 

 

2,999

 

Gain on the sale of marine finance assets

 

 

463

 

 

 

 

 

 

463

 

 

 

 

Gain (loss) on the sale of bank premises and equipment

 

 

7

 

 

 

8

 

 

 

14

 

 

 

(3

)

(Loss) on sale of securities

 

 

 

 

 

(737

)

 

 

 

 

 

(737

)

Gain on sale of loans

 

 

265

 

 

 

568

 

 

 

913

 

 

 

1,544

 

Bank owned life insurance income

 

 

184

 

 

 

138

 

 

 

542

 

 

 

495

 

Other operating income

 

 

388

 

 

 

600

 

 

 

772

 

 

 

1,686

 

Total noninterest income

 

$

4,209

 

 

$

3,164

 

 

$

11,092

 

 

$

10,256

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,598

 

 

$

6,938

 

 

$

22,457

 

 

$

18,873

 

Occupancy expenses

 

 

570

 

 

 

528

 

 

 

1,621

 

 

 

1,562

 

Equipment expenses

 

 

341

 

 

 

299

 

 

 

979

 

 

 

814

 

Advertising and marketing expenses

 

 

228

 

 

 

181

 

 

 

866

 

 

 

438

 

Stationery and supplies

 

 

69

 

 

 

34

 

 

 

147

 

 

 

135

 

ATM network fees

 

 

426

 

 

 

381

 

 

 

1,142

 

 

 

977

 

Other real estate owned expense

 

 

 

 

 

 

 

 

5

 

 

 

 

(Gain) on other real estate owned

 

 

 

 

 

 

 

 

(7

)

 

 

 

FDIC assessment

 

 

495

 

 

 

116

 

 

 

1,107

 

 

 

430

 

Computer software expense

 

 

396

 

 

 

252

 

 

 

987

 

 

 

690

 

Bank franchise tax

 

 

340

 

 

 

234

 

 

 

916

 

 

 

653

 

Professional fees

 

 

497

 

 

 

270

 

 

 

1,963

 

 

 

1,610

 

Data processing fees

 

 

542

 

 

 

427

 

 

 

1,422

 

 

 

1,386

 

Other operating expenses

 

 

2,631

 

 

 

1,398

 

 

 

5,869

 

 

 

3,941

 

Total noninterest expenses

 

$

14,133

 

 

$

11,058

 

 

$

39,474

 

 

$

31,509

 

Income before income taxes

 

$

2,776

 

 

$

5,005

 

 

$

8,337

 

 

$

13,804

 

Income Tax Expense

 

 

457

 

 

 

923

 

 

 

1,375

 

 

 

2,480

 

Net income

 

$

2,319

 

 

$

4,082

 

 

$

6,962

 

 

$

11,324

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

 

$

0.66

 

 

$

1.17

 

 

$

1.98

 

 

$

3.25

 

Net income per common share, diluted

 

$

0.66

 

 

$

1.17

 

 

$

1.98

 

 

$

3.25

 

 

See Notes to Consolidated Financial Statements

2


TABLE OF CONTENTS

EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

2,319

 

 

$

4,082

 

 

$

6,962