Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., Oct. 25, 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., Oct. 25, 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 third quarter 2024 results. On October 23, 2024, the Board of Directors announced a quarterly common stock cash dividend of $0.31 per common share, payable on November 15, 2024, to shareholders of record on November 8, 2024. Net income was $3.4 million for the third quarter of 2024 compared to $3.2 million for the second quarter of 2024. The following table presents selected financial performance highlights for the periods indicated:\n\n \n \n \n \n \n \n\n \nThree Months Ended\nSeptember 30,\nJune 30,\nSeptember 30,\n2024\n2024\n2023\n(in thousands)\nConsolidated net income\n$\n3,424\n$\n3,185\n$\n2,319\nEarnings per share - basic and diluted\n$\n0.97\n$\n0.89\n$\n0.66\nAnnualized return on average equity\n11.99\n%\n11.76\n%\n8.87\n%\nAnnualized return on average assets\n0.75\n%\n0.72\n%\n0.51\n%\nNet interest margin\n2.88\n%\n2.80\n%\n2.93\n%\nBrandon Lorey, President and CEO, stated, \"The success of the third quarter of 2024 reflects the continued execution of the 2024 strategic plan, coupled with a focus on deepening both existing and new relationships. The Bank of Clarke delivered exceptional results for Eagle Financial Services, Inc., highlighted by continued improvements in efficiency, earnings per share (EPS), and capital. Additionally, we have strengthened our loan-to-deposit ratio, with net deposit growth doubling that of loan growth. I would like to personally extend my gratitude to our phenomenal staff, who consistently place our customers at the center of everything we do. We remain steadfast in our commitment to our clients and communities.\"\nKey highlights for the third quarter of 2024 are as follows:\nNoninterest income increased $946 thousand or 22.0% during the quarter.Net interest margin increased eight basis points during the quarter.Deposit growth of $57.4 million or 3.9% during the quarter.Sales of $14.9 million and $4.3 million in mortgage and SBA loans, respectively, with a gain on sales of $626 thousand recognized during the quarter.Earnings per share increased by $0.08 for the quarter to $0.97.Income Statement Review\nNet income for the quarter ended September 30, 2024 was $3.4 million reflecting an ...