Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2022 FIRST QUARTER FINANCIAL RESULTS
BERRYVILLE, Va., May 2, 2022 /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., May 2, 2022 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announced its first quarter 2022 results. Select highlights for the first quarter include:\n\n \n \n \n \n \n \n\n \nNet income of $3.3 millionDeposit growth of $54.1 millionBasic and diluted earnings per share of $0.94Loan activity:PPP forgiveness - $7.5 millionSales - $36.5 millionNet growth - $35.2 millionBrandon Lorey, President and CEO, stated, \"I am happy to report another strong quarter for the Company with a number of \"1sts\" for EFSI and the Bank. The Organization's loan portfolio breached the $1 billion dollar mark in the first quarter and posted a record annualized net income figure of $13.2 million. Annualized earnings per share also reached a record high of $3.80. Despite $7.5 million of PPP loan runoff, as that portfolio continues to shrink, and over $36.0 million in loan sales, the Bank's loan portfolio grew by $35.7 million which was more than matched by quarter's core deposit growth of $54.0 million resulting in annualized 5-year compound annual growth rates (CAGR) of 14.9% and 16.05%, respectively. We continue to strengthen diversified revenue streams as our non-interest income provides over 20% of the Bank's total income, driven primarily by our expanded Trust and Advisory Services and loan sales and servicing. I would like to thank our shareholders for their continued support as well as our employees for their tireless efforts to ensure we meet and exceed the needs of our customers every single day.\" \nIncome Statement Review\nNet income for the quarter ended March 31, 2022 was $3.3 million reflecting an increase of 42.4% from the quarter ended December 31, 2021 and an increase of 13.6% from the quarter ended March 31, 2021. The increase from the quarter ended December 31, 2021 was mainly driven by increased legal expenses during the quarter ended December 31, 2021. Net income was $2.3 million for the three-month period ended December 31, 2021 and $2.9 million for the quarter ended March 31, 2021.\nNet interest income for the quarters ended March 31, 2022 and December 31, 2021 was $11.1 million. Net interest income was $9.5 million for the quarter ended March 31, 2021. The increase in net interest income from the quarter Ma...