Business
Eagle Financial Services, Inc. Announces 2019 Fourth Quarter And Annual Earnings
BERRYVILLE, Va., Jan. 29, 2020 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions
About this update from Eagle Financial Services Inc
[{"type":"text","content":"BERRYVILLE, Va., Jan. 29, 2020 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announces its 2019 fourth quarter and annual profits.\nFourth Quarter and Annual 2019 Highlights:\nQ4\nAnnual\nNet income (000's)\n$\n2,831\n$\n9,759\nDiluted EPS\n$\n0.83\n$\n2.84\nDividend, per common share\n$\n0.26\n$\n1.00\nNet Interest Margin\n3.90\n%\n4.02\n%\nLoan Growth, gross (000's)\n$\n6,479\n$\n37,933\nDeposit growth (000's)\n$\n36,144\n$\n68,440\nBrandon Lorey, President and CEO, stated \"I am thrilled to announce that the Company delivered record earnings and deposit growth in 2019 coupled with $38 million (6.54% 5 yr. CAGR) in loan growth supported by a strong net interest margin, attractive cost structure and excellent asset quality. I am also happy to announce another year of the Company's ability to increase the annual dividend to shareholders by $.06 in 2019 to $1.00 per share. I would like to thank our employees for their continued focus on serving the financial needs of our customers while providing the extraordinary customer experience that has become the hallmark of the Bank of Clarke County.\"\nIncome Statement Review\nNet income was $9.8 million for the year ended December 31, 2019 which represented an increase of 8.4% when compared to net income in 2018. Net income for the quarter ended December 31, 2019 was $2.8 million reflecting an increase of 36.0% from the quarter ended December 31, 2018. These increases were driven by increased loan interest income and increased other service charges and fees.\nNet interest income for the quarter ended December 31, 2019 was $8.0 million compared to $7.5 million for the same period in 2018. Net interest income for the year ended December 31, 2019 was $31.2 million which represented an increase of 6.14% when compared to $29.4 million in 2018. The increases in net interest income resulted primarily from growth in the Company's loan portfolio.\nTotal loan interest income was $7.9 million for the quarter ended December 31, 2019 and $7.3 million for the quarter ended December 31, 2018. Total loan interest income was $31.1 million for the year ended December 31, 2019, reflecting an increase of $3.2 million from the year ended December 31, 2018. Average loans for the quarter ended Decemb...