Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., July 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., July 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 second quarter 2024 results. On July 24, 2024, the Board of Directors announced a quarterly common stock cash dividend of $0.30 per common share, payable on August 16, 2024, to shareholders of record on August 5, 2024. Select highlights for the second quarter (compared to the first quarter of 2024) include:\n\n \n \n \n \n \n \n\n \nNoninterest income increased $824 thousand or 23.7% during the quarter.Return on average total equity increased from 9.43% to 11.89%.Earnings per share increased by $0.17 for the quarter to $0.89.Brandon Lorey, President and CEO, stated, \"Reflecting on our performance in the second quarter of 2024, we have demonstrated resilience and strategic agility in a dynamic economic landscape. Despite the challenges posed by market fluctuations and interest rate pressures, our focus on organic growth and operational excellence has allowed us to maintain a robust financial position. We remain optimistic about the future, as we continue to leverage our strengths and explore new opportunities for growth and innovation.\" \nIncome Statement Review\nNet income for the quarter ended June 30, 2024 was $3.2 million reflecting an increase of 25.0% from the quarter ended March 31, 2024 and an increase of 54.8% from the quarter ended June 30, 2023. The increase from the quarter ended March 31, 2024 was due mainly to the $824 thousand increase in total noninterest income. The increase of total noninterest income was due to increased sales activity in loans held for sale resulting in a $492 thousand gain on sale of loans held for sale for the quarter ended June 30, 2024 compared to $161 thousand for the quarter ended March 31, 2024. Other operating income also increased due to a $254 thousand bank owned life insurance (BOLI) payout. Net income was $2.4 million for the three-month period ended March 31, 2024 and $2.1 million for the quarter ended June 30, 2023.\nTotal loan interest income was $19.5 million and $20.0 million for the quarters ended June 30, 2024 and March 31, 2024, respectively. Total loan interest income was $18.8 million for the quarter ended June 30, 2023. Total loan interest income increased $771 thousa...