Business
Eagle Financial Services, Inc. Announces 2019 Third Quarter Financial Results And Quarterly Dividend
BERRYVILLE, Va., Oct. 18, 2019 /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., Oct. 18, 2019 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, reported increased quarterly earnings and continued solid financial performance. The Board of Directors announced a quarterly common stock cash dividend of $0.26 per common share, payable on November 15, 2019, to shareholders of record on November 1, 2019. Select highlights for the third quarter include:\nNet income of $2.2 million Net interest margin of 4.01% ALLL of 0.77% of total loans EPS of $0.65 per common shareBrandon Lorey, President and CEO, stated \"Not only am I proud to announce that the Company delivered a continued solid performance for the third quarter of 2019, but also that the Bank of Clarke County has again been named the best Financial Institution, Financial Planning, and Customer Service winner by the Winchester Star. Despite continued market pressure on loan pricing, the Bank remains committed to protecting its net interest margin while showing year to date loan growth above 5.0% with pristine asset quality. We remain dedicated to growing the balance sheet with high quality, new client relationships and increasing net interest and non-interest income levels. Furthermore, I am pleased to announce that the Company has again increased its shareholders' dividend for the upcoming quarter, showing our commitment to sharing the positive results of a sound and competitive banking institution with our stockholders.\"\nIncome Statement Review\nNet income was $2.2 million for the third quarter of 2019, up $371,000 from the same period one year ago and up $105,000 from the previous quarter ended June 30, 2019. These increases were driven by increased loan interest income and increased other service charges and fees. \nNet interest income increased $263,000 to $8.0 million for the quarter ended September 30, 2019 when compared to the quarter ended June 30, 2019. Net interest income increased $526,000 from the $7.4 million for the quarter ended September 30, 2018. These increases resulted mostly from the increases in loan income generated by both increased volume and yield. \nTotal loan interest income was $8.0 million for the quarter ended September 30, 2019 and $7.7 million for the quarter ended June 30, 2019. Total loan interest inco...