Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2023 FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., May 2, 2023 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke, whose divisions include
About this update from Eagle Financial Services Inc
[{"type":"text","content":"BERRYVILLE, Va., May 2, 2023 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke, whose divisions include Bank of Clarke Wealth Management, announced its first quarter 2023 results. On April 26, 2023, the Board of Directors announced a quarterly common stock cash dividend of $0.30 per common share, payable on May 19, 2023, to shareholders of record on May 8, 2023. Select highlights for the first quarter include:\n\n \n \n \n \n \n \n\n \nCash and cash equivalents increased $61.8 million or 92.4% during the quarter growing as a percentage of total assets to 7.3% in the first quarter as compared to 4.1% at December 31, 2022.Total deposits increased $125.9 million or 10.0% during the quarter, while the loan to deposit ratio declined to 100.77% as compared to 104.72% as of December 31, 2022.Net loans increased $74.2 million or 5.7%.On January 1, 2023, the Company implemented the Current Expected Credit Losses (\"CECL\") standard, which resulted in a $2.1 million increase to the allowance for credit losses and was offset in shareholders' equity and deferred tax assets.Brandon Lorey, President and CEO, stated, \"Despite a tumultuous period in the banking sector, The Bank of Clarke delivered another strong quarter for Eagle Financial Services, Inc. (EFSI). As has been the case for the Bank's 142-year history, balance sheet stability remains a priority and the first quarter reflected that core belief with continued quarter over quarter revenue, loan, and deposit growth. With a significant majority of our deposits fully FDIC insured, we are in a very different position than the banks that ran into issues in the first quarter. Our conservative credit culture has always and continues to serve us well as we remain well positioned to take advantage of market opportunities through a potential economic downturn. The Bank and its employees remain steadfast in our focus and commitment to the communities we serve.\"\nIncome Statement Review\nTotal loan interest income was $18.6 million and $16.2 million for the quarters ended March 31, 2023 and December 31, 2022, respectively. Total loan interest income was $11.5 million for the quarter ended March 31, 2022. Total loan interest income increased $6.5 million or 61.6% from the quarter ended March 31, 2022 to the quarter ended March 31, 2023. Average ...