Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., April 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., April 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 first quarter 2024 results. On April 24, 2024, the Board of Directors announced a quarterly common stock cash dividend of $0.30 per common share, payable on May 17, 2024, to shareholders of record on May 6, 2024. Select highlights for the first quarter (compared to the fourth quarter of 2023) include:\n\n \n \n \n \n \n \n\n \nNoninterest expenses decreased $903 thousand or 6.8% during the quarter.Efficiency ratio decreased to 77.73% during the quarter from 83.01%.Earnings per share increased by $0.03 for the quarter to $0.72.Brandon Lorey, President and CEO, stated, \"We are pleased with our strong performance in the first quarter, which reflects the effectiveness of our business strategy and the dedication of our team. With improved efficiencies, Net Interest Margin, and Earnings Per Share, we are well positioned for 2024. Despite the evolving market landscape, we remain committed to delivering value to our clients and shareholders while pursuing sustainable growth opportunities.\" \nIncome Statement Review\nTotal loan interest income was $20.0 million and $19.4 million for the quarters ended March 31, 2024 and December 31, 2023, respectively. Total loan interest income was $17.2 million for the quarter ended March 31, 2023. Total loan interest income increased $2.8 million or 16.3% from the quarter ended March 31, 2023 to the quarter ended March 31, 2024. Average loans for the quarter ended March 31, 2024 were $1.45 billion compared to $1.37 billion for the quarter ended March 31, 2023. The tax equivalent yield on average loans for the quarter ended March 31, 2024 was 5.54%, an increase of 44 basis points from the 5.10% average yield for the same time period in 2023. The increase in loan interest income during the first quarter of 2024 compared to the fourth quarter of 2023 is mainly due to the increase in the average loans outstanding during the period. The majority of the increase compared to March 31, 2023 can be attributed to the current rising interest rate environment and the increase in the average loans outstanding during the period.\nInterest and dividend income from the investment portfolio was $919 thousand for t...