Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2023 THIRD QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., Oct. 27, 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., Oct. 27, 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 third quarter 2023 results. On October 25, 2023, the Board of Directors announced a quarterly common stock cash dividend of $0.30 per common share, payable on November 17, 2023, to shareholders of record on November 6, 2023. Select highlights for the second quarter include:\n\n \n \n \n \n \n \n\n \nSale of the marine finance business (including $52.8 million in dealer floor plan loans, servicing rights of retail marine loans and select assets). Bank of Clarke retained ownership of all retail marine loans, with a September 30, 2023 balance of $260.5 million.Net loans decreased $30.0 million or 2.1% due to the sale of marine dealer loans, improving the loan to deposit ratio from 100.89% at June 30, 2023 to 96.17% at September 30, 2023.Total deposits increased $40.4 million or 2.8% during the quarter.Brandon Lorey, President and CEO, stated, \"I am happy to report another strong quarter for EFSI with the Bank of Clarke continuing to deliver consistent loan and fee income. With the sale of our niche marine finance arm (LaVictoire Finance), the Bank was able shed over 8% of its non-interest expense while retaining a good portion of higher yielding marine assets that is expected to deliver over $12 million in interest income in 2024. By monetizing the marine program, the bank further improved capital and liquidity ratios and will see significant improvements in efficiencies in the coming quarters. We remain very well positioned for sustained and measured growth in 2024 as we take advantage of market opportunities as they arise. I would like to thank the Bank of Clarke's many employees who always put our customers and communities first as we move through these periods of economic uncertainty.\" \nIncome Statement Review\nTotal loan interest income was $20.2 million and $18.8 million for the quarters ended September 30, 2023 and June 30, 2023, respectively. Total loan interest income was $13.3 million for the quarter ended September 30, 2022. Total loan interest income increased $6.9 million or 51.9% from the quarter ended September 30, 2022 to the quarter ended September 30, 2023. Average loans for the quarter ended September 30, 202...