Business
Eagle Financial Services, Inc. Announces 2021 Third Quarter Financial Results And Quarterly Dividend
BERRYVILLE, Va., Oct. 29, 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., Oct. 29, 2021 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announced its third quarter 2021 results and quarterly dividend. On October 28, 2021, the Board of Directors announced a quarterly common stock cash dividend of $0.28 per common share, payable on November 19, 2021, to shareholders on record on November 8, 2021. Select highlights for the third quarter include:\n\n \n \n \n \n \n \n\n \nNet income of $2.9 million Deposit growth of $31.3 million Basic and diluted earnings per share of $0.83 Loan activity: PPP forgiveness - $19.3 million Sales - $29.8 million Net growth - $45.8 millionBrandon Lorey, President and CEO, stated \"Against the headwinds of over $19 million in PPP runoff, Eagle Financial Services delivered record net loan growth of $46 million (excluding PPP growth in Q2 2020) or 14% annualized with core deposit growth at 11% (annualized). The Bank remains poised for continued organic loan and deposit growth through its newly opened Loan Production Office in Frederick Maryland alongside the continued growth in Loudoun, Clarke, Frederick (VA), and Winchester. We remain focused on growing our fee income capabilities through continued loan sales, fee restructuring, and growth within the Eagle Investment Group which saw an increase in Assets Under Management (AUM) of over $169 million (91% over June 2021) during the quarter. 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 September 30, 2021 was $2.9 million reflecting a decrease of 4.3% from the quarter ended June 30, 2021 and a decrease of 15.6% from the quarter ended September 30, 2020. The decrease from both periods was mainly driven by increases in noninterest expenses as the Company continues to invest in its employees and other resources as it continues to grow. Net income was $3.0 million for the three-month period ended June 30, 2021 and $3.4 million for the quarter ended September 30, 2020.\nNet interest income for the quarters ended September 30, 2021 and June 30, 2021 was $10.4 million and $10.0 million, respectively. Net interest income was $9.5 million for the quarter ended Septemb...