Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2023 FOURTH QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., Jan. 26,2024 /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., Jan. 26,2024 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke, whose divisions include Bank of Clarke Wealth Management, announced its fourth quarter 2023 results. On January 24, 2024, the Board of Directors announced a quarterly common stock cash dividend of $0.30 per common share, payable on February 16, 2024, to shareholders of record on February 5, 2024. Select highlights for the fourth quarter (compared to the third quarter of 2023) include:\n\n \n \n \n \n \n \n\n \nNoninterest expenses decreased $853 thousand or 6.0% during the quarter.Return on average total equity increased to 9.33% during the quarter from 8.87%.Total noninterest bearing deposits increased $5.7 million or 1.32% during the quarter.Brandon Lorey, President and CEO, stated, \"I am happy to report a strong finish to 2023, despite the ongoing challenges in the banking sector, with improvements across multiple segments. Core deposits grew by $5.8 million during the quarter with $5.7 million or 1.3% growth in noninterest bearing accounts as our retail and commercial bankers continued to deepen existing relationships and expand into our new markets. As a result of the sale of our niche marine division, non-interest expense decreased 6.0% during the quarter with a notable improvement in the Bank's return on equity. Furthermore, the bank posted record non-interest income with its Wealth Management group adding over $1.3 million in income to the organization during 2023 coupled with record mortgage and SBA income. I would like to personally thank our phenomenal staff who always put our customers in the center of everything we do as we remain committed to our clients and communities.\"\nIncome Statement Review\nTotal loan interest income was $19.4 million and $20.2 million for the quarters ended December 31, 2023 and September 30, 2023, respectively. Total loan interest income was $15.1 million for the quarter ended December 31, 2022. Total loan interest income increased $4.3 million or 28.5% from the quarter ended December 31, 2022 to the quarter ended December 31, 2023. Average loans for the quarter ended December 31, 2023 were $1.45 billion compared to $1.26 billion for the quarter ended December 31, 2022. The tax equivalent yield on average loans for the quarter ended December 31, 2023 was 5.3...