Business
Eagle Financial Services, Inc. Announces 2020 Second Quarter Earnings
BERRYVILLE, Va., July 27, 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., July 27, 2020 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, reported continued strong performance for the second quarter of 2020. On July 22, 2020, the Board of Directors announced a quarterly common stock cash dividend of $0.26 per common share, payable on August 17, 2020, to shareholders of record on August 3, 2020. Select highlights for the second quarter include:\n\n \n \n \n \n \n \n\n \nNet income of $2.8 million Loan growth of $114.9 million Deposit growth of $117.9 million Basic and diluted earnings per share of $0.83Brandon Lorey, President and CEO, stated \"I could not be prouder of what the team accomplished during the second quarter. Despite significant turmoil due to COVID with over 70% of our staff working from home and the remaining essential workers showing up every day at our branches and operations centers, the Bank posted another very strong quarter with net income over $2.8 million, quarterly loan and deposit growth net of the Paycheck Protection Program of 3.99% and 3.79%, respectively, and announced a quarterly dividend of $0.26 per share. Even more significant, through the hard work and dedication of our employees across the organization, the Bank of Clarke County delivered $88 million to over 888 businesses through the PPP to our local community, keeping thousands employed as Virginia looks to reopen.\"\nIncome Statement Review\nNet income for the quarter ended June 30, 2020 was $2.8 million reflecting an increase of 15.5% from the quarter ended March 31, 2020 and an increase of 32.60% from the quarter ended June 30, 2019. The increase from both periods was mainly driven by net interest income increases related to net loan growth. In addition, gains on the sale of securities in the amount of $529 thousand were recognized during the quarter ended June 30, 2020. Net income was $2.4 million for the three-month period ended March 31, 2020 and $2.1 million for the quarter ended June 30, 2019.\nNet interest income for the quarter ended June 30, 2020 and March 31, 2020 was $8.8 million and $8.0 million, respectively. Net interest income was $7.7 million for the quarter ended June 30, 2019. The increase in net interest income from the quarters ended March 31, 2020 and June 30, 2019 resul...