Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2023 SECOND QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., July 26, 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., July 26, 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 second quarter 2023 results. On July 26, 2023, the Board of Directors announced a quarterly common stock cash dividend of $0.30 per common share, payable on August 18, 2023, to shareholders of record on August 7, 2023. Select highlights for the second quarter include:\n\n \n \n \n \n \n \n\n \nTotal deposits increased $68.1 million or 4.9% during the quarter, while the loan to deposit ratio stayed steady at 100.89% as compared to 100.77% as of March 31, 2023.Net loans increased $69.7 million or 5.0%.Net recoveries of $150 thousand.Brandon Lorey, President and CEO, stated, \"I am happy to report another solid quarter for EFSI and the Bank of Clarke. With margin pressure driving down profitability in the second quarter, the bank remained steadfast in its conservative credit culture to ensure we are matching our loan and deposit growth through the year with over 20% of loan growth due to expected seasonal increases in our secured marine floor plan lines of credit. Despite significant headwinds, the bank continues to deliver good results, strong credit quality, and an ongoing commitment to the communities in which it serves. The Bank's Trust department continues to break profitability records and our core business remains strong.\"\nIncome Statement Review\nTotal loan interest income was $20.4 million and $18.6 million for the quarters ended June 30, 2023 and March 31, 2023, respectively. Total loan interest income was $12.6 million for the quarter ended June 30, 2022. Total loan interest income increased $7.8 million or 61.0% from the quarter ended June 30, 2022 to the quarter ended June 30, 2023. Average loans for the quarter ended June 30, 2023 were $1.44 billion compared to $1.07 billion for the quarter ended June 30, 2022. The tax equivalent yield on average loans for the quarter ended June 30, 2023 was 5.24%, an increase of 88 basis points from the 4.36% average yield for the same time period in 2022. The majority of this increase in yield can be attributed to the current rising interest rate environment.\nInterest and dividend income from the investment portfolio was $926 thousand for the quarter ended June 30, 2023 compared...