Business
Eagle Financial Services, Inc. Announces 2021 Second Quarter Financial Results And Quarterly Dividend
BERRYVILLE, Va., July 28, 2021 /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 28, 2021 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announced its second quarter 2021 results and quarterly dividend. On July 28, 2021, the Board of Directors announced a quarterly common stock cash dividend of $0.28 per common share, payable on August 20, 2021, to shareholders on record on August 9, 2021. Select highlights for the second quarter include:\n\n \n \n \n \n \n \n\n \nNet income of $3.0 million Deposit growth of $31.4 million Basic and diluted earnings per share of $0.87 Loan activity: Production - $122.0 million PPP forgiveness - $38.0 million Sales - $24.6 million Net growth - $3.5 millionBrandon Lorey, President and CEO, stated \"Despite continued PPP runoff of $38 million and continued loan sales, I am thrilled to announce that the Bank broached the $1.2 billion mark in the second quarter through record annualized loan production of $488 million. We are poised for continued organic growth in our markets with strong core deposit and lending performance. The Bank also increased its quarterly dividend by $.01 in the quarter and maintained the Bank's long-standing tradition of sharing its successes with its shareholders. I would like to thank our employees for their continued focus on serving the financial needs of our customers as we maneuver through 2021.\"\nIncome Statement Review\nNet income for the quarter ended June 30, 2021 was $3.0 million reflecting an increase of 4.9% from the quarter ended March 31, 2021 and an increase of 6.5% from the quarter ended June 30, 2020. The increase from both periods was mainly driven by net interest income increases related to net loan growth and reduced interest expense on deposit accounts. Net income was $2.9 million for the three-month period ended March 31, 2021 and $2.8 million for the quarter ended June 30, 2020.\nNet interest income for the quarters ended June 30, 2021 and March 31, 2021 was $10.0 million and $9.5 million, respectively. Net interest income was $8.8 million for the quarter ended June 30, 2020. The increase in net interest income from the quarters ended March 31, 2021 and June 30, 2020 resulted primarily from growth in the Company's loan portfolio and reduced interest expense on deposit accounts.\nTotal loan interest inc...