EX-99.1 2 efsi-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

EAGLE FINANCIAL SERVICES, INC. ANNOUNCES

2024 FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND

 

 

Contact:

Kathleen J. Chappell, Executive Vice President and CFO

540-955-2510

 

 

kchappell@bankofclarke.com

 

BERRYVILLE, VIRGINIA (April 26, 2024) – 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:

•
Noninterest 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."

Income Statement Review

Total 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.

Interest and dividend income from the investment portfolio was $919 thousand for the quarter ended March 31, 2024 compared to $932 thousand for the quarter ended December 31, 2023. Interest income and dividend income from the investment portfolio was $891 thousand for the quarter ended March 31, 2023. The tax equivalent yield on average investments for the quarter ended March 31, 2024 was 2.58%, down five basis points from 2.63% for the quarter ended December 31, 2023 and up 29 basis points from 2.26% for the quarter ended March 31, 2023.

 

 

 

Total interest expense was $9.5 million for the three months ended March 31, 2024 and $9.7 million and $5.9 million for three months ended December 31, 2023 and March 31, 2023, respectively. The decline in interest expense between March 31, 2024 and December 31, 2023 was due mostly to a reduction in average noninterest-bearing liabilities during the period. The increase in interest expense from March 31, 2023 to March 31, 2024 resulted from increases on rates paid on deposit accounts and Federal Home Loan Bank advances entered into during 2022 and 2023 with varying interest rates and terms. The average cost of interest-bearing liabilities increased one and 87 basis points when comparing the quarter ended March 31, 2024 to the quarters ended December 31, 2023 and March 31, 2023, respectively. The average balance of interest-bearing liabilities decreased $18.6 million from the quarter ended December 31, 2023 to the quarter ended March 31, 2024. The average balance of interest-bearing liabilities increased $170.6 million from the quarter ended March 31, 2023 to the same period in 2024. In addition to the growth in interest-bearing liabilities, there has been a shift in the mix of interest-bearing deposits towards higher interest-bearing deposits.

Net interest income for the quarter ended March 31, 2024 was $12.4 million reflecting an increase of 1.1% from the quarter ended December 31, 2023 and a decrease of 1.7% from the quarter ended March 31, 2023. Net interest income was $12.3 million and $12.6 million for the quarters ended December 31, 2023 and March 31, 2023, respectively.

Net income for the quarter ended March 31, 2024 was $2.5 million reflecting an increase of 6.4% from the quarter ended December 31, 2023 and a decrease of 1.4% from the quarter ended March 31, 2023. The increase from the quarter ended December 31, 2023 was due mainly to the $664 thousand decrease in salaries and employee benefits largely due to larger incentive accruals that needed to be made in the fourth quarter of 2023 as employees reached certain goals. Net income was $2.4 million for the three-month period ended December 31, 2023 and $2.6 million for the quarter ended March 31, 2023.

The net interest margin was 2.91% for the quarter ended March 31, 2024. For the quarters ended December 31, 2023 and March 31, 2023, the net interest margin was 2.85% and 3.27%, respectively. The Company’s net interest margin is not a measurement under accounting principles generally accepted in the United States, but it is a common measure used by the financial services industry to determine how profitably earning assets are funded. The Company’s net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The tax rate utilized is 21%.

Noninterest income was $3.5 million for the quarter ended March 31, 2024, which represented a decrease of $182 thousand or 5.0% from the $3.7 million for the three months ended December 31, 2023. Noninterest income for the quarter ended March 31, 2023 was $3.5 million. The decrease from the quarter ended December 31, 2023 was mainly due to the reduction of gains on loans held for sale.

Noninterest expense decreased $903 thousand, or 6.8%, to $12.4 million for the quarter ended March 31, 2024 from $13.3 million for the quarter ended December 31, 2023. Noninterest expense was $12.4 million for the quarter ended March 31, 2023, representing an decrease of $9 thousand or 0.1% when comparing the quarter ended March 31, 2024 to the quarter ended March 31, 2023. A decrease in salaries and benefits expenses was noted between March 31, 2024 and December 31, 2023. This is mainly due to larger incentive accruals that needed to be made in the fourth quarter of 2023 as employees reached certain goals.

 

 

 

 

Asset Quality and Provision for Credit Losses

Nonperforming assets consist of nonaccrual loans, loans 90 days or more past due and still accruing, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets decreased from $6.1 million or 0.34% of total assets at December 31, 2023 to $5.0 million or 0.28% of total assets at March 31, 2024. Nonperforming assets were $2.0 million at March 31, 2023. Total nonaccrual loans were $4.2 million at March 31, 2024 and $5.7 million at December 31, 2023. Nonaccrual loans were $1.8 million at March 31, 2023. Nonperforming assets decreased between December 31, 2023 and March 31, 2024 mainly due to one large relationship paying off. Nonaccrual loans, and in turn nonperforming assets, increased during 2023 due mainly to two loan relationships, one residential real estate relationship totaling $1.1 million and a non-owner occupied commercial real estate loan in the amount of $2.4 million. The majority of all nonaccrual loans are secured by real estate and management evaluates the financial condition of these borrowers and the value of any collateral on these loans. The results of these evaluations are used to estimate the amount of losses which may be realized on the disposition of these nonaccrual loans. Other real estate owned was zero at March 31, 2024, December 31, 2023 and March 31, 2023.

The Company realized $520 thousand in net charge-offs for the quarter ended March 31, 2024 compared to $383 thousand for the three months ended December 31, 2023. During the three months ended March 31, 2023, $709 thousand in net charge-offs were recognized.

The amount of provision for credit losses reflects the results of the Bank’s analysis used to determine the adequacy of the allowance for credit losses. The Company recorded $475 thousand in provision for credit loss for the quarter ended March 31, 2024 due mainly to replacing the charge-offs that occurred during the quarter. The Company recognized provision for credit losses of $366 thousand and $664 thousand for the quarters ended December 31, 2023 and March 31, 2023, respectively. The provision for the quarters ended December 31, 2023 and March 31, 2023 was mainly needed to keep pace with strong loan growth.

The ratio of allowance for credit losses to total loans was 1.00% and 0.99% at March 31, 2024 and December 31, 2023, respectively. The ratio of allowance for loan losses to total loans was 1.00% at March 31, 2023. The ratio of allowance for credit losses to total nonaccrual loans was 347.64% and 256.74% at March 31, 2024 and December 31, 2023, respectively. The ratio of allowance for loan losses to total nonaccrual loans was 758.56% at March 31, 2023. Management’s judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. The Company is committed to maintaining an allowance at a level that adequately reflects the risk inherent in the loan portfolio.

Balance Sheet

Total consolidated assets of the Company at March 31, 2024 were $1.78 billion, which represented a decrease of $42.7 million or 2.34% from total assets of $1.83 billion at December 31, 2023. At March 31, 2023, total consolidated assets were $1.76 billion. Much of the decline in consolidated assets during the quarter ended March 31, 2024 was due to the decrease in net loans. Most of the decrease in loans during the quarter was in consumer and commercial & industrial loans. The majority of growth in consolidated assets between March 31, 2023 and March 31, 2024 was due to growth in net loans. Much of the loan growth was in consumer real estate.

Total cash and cash equivalents (including cash and due from banks and federal funds sold) decreased $10.7 million or 7.8% as of March 31, 2024, compared to December 31, 2023. Cash and cash equivalents decreased as a percentage of total assets to 7.2% as of March 31, 2024 as compared to 7.6% at December 31, 2023 and 7.3% at March 31, 2023. The year over year and prior quarter change was minimal.

At March 31, 2024, total securities available for sale were $141.1 million, a decrease of $5.9 million from December 31, 2023, and a decrease of $19.1 million from March 31, 2023. At March 31, 2024, total net unrealized losses on the AFS securities portfolio were $25.1 million, an increase of $2.3 million from total net unrealized losses on AFS securities of $22.8 million at December 31, 2023 and an increase of $3.0 million from March 31, 2023.

 

 

Total net loans decreased $23.6 million from $1.45 billion at December 31, 2023 to $1.42 billion at March 31, 2024. During the quarter ended March 31, 2024, through the normal course of business, $10.2 million in mortgage loans were sold on the secondary market. These loan sales resulted in net gains of $161 thousand. In addition, consumer loans decreased by $7.3 million due to a large loan payoff during the first quarter.

On August 23, 2023, the Company completed the sale of its marine finance business, operating under the name LaVictoire Finance, to Axos Bank. Under the Asset Purchase Agreement, Axos Bank agreed to assume the servicing of Bank of Clarke’s retail marine loans and those of third parties, each of which were previously being serviced by Bank of Clarke. All LaVictoire Finance employees became employees of Axos Bank. Pursuant to the Loan Purchase Agreement, Axos Bank acquired all the marine vessel dealer floor plans loans currently held by Bank of Clarke at par value. The acquired loans had an aggregate principal balance of approximately $52.8 million as of the date of the Loan Purchase Agreement. All marine finance loans, with a balance of $247.0 million as of March 31, 2024, are still assets of Bank of Clarke.

Total deposits decreased to $1.47 billion as of March 31, 2024 when compared to December 31, 2023 deposits of $1.51 billion. At March 31, 2023 total deposits were $1.39 billion. During the first quarter of 2024, total deposits decreased $32.4 million. The majority of this decrease was due to time deposit balances decreasing by $30.9 million. Time deposits as a percentage of total deposits have increased from 19.6% at March 31, 2023 to 25.9% at March 31, 2024. Time deposits as a percentage of total deposits decreased from 27.4% at December 31, 2023. The increase in deposits between March 31, 2023 and March 31, 2024 was mainly due to the core growth at a rate of 111.9% compared to non-core decline at 11.9%. At March 31, 2024, over 75% of deposits were fully FDIC insured.

The Company had $155.0 million and $165.0 million, respectively, in outstanding borrowings from the Federal Home Loan Bank of Atlanta at March 31, 2024 and December 31, 2023. There was $220.0 million in outstanding borrowings from the Federal Home Loan Bank as of March 31, 2023. The average rate paid on Federal Home Loan Bank advances as of March 31, 2024 and December 31, 2023 was 4.71% and 4.76%, respectively. These borrowings were used mainly to fund the strong loan growth that occurred during 2023.

On March 31, 2022, the Company entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers and accredited institutional investors, pursuant to which the Company issued 4.50% Fixed-to-Floating Rate Subordinated Notes due 2032, in the aggregate principal amount of $30.0 million.

Shareholders’ equity was $107.7 million and $108.4 million at March 31, 2024 and December 31, 2023, respectively. Shareholders’ equity was $104.5 million at March 31, 2023. Shareholders’ equity has been impacted by an accumulated other comprehensive loss related to securities available-for-sale. These unrealized losses are primarily a result of rapid increases in interest rates during 2022 and 2023. The book value of the Company at March 31, 2024 was $30.28 per common share. Total common shares outstanding were 3,557,229 at March 31, 2024. 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.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

 

 

 

Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the legislative and regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve; changes in interest rates; the quality or composition of the Company’s loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; acquisitions and dispositions; the Company’s ability to keep pace with new technologies; a failure in or breach of the Company’s operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyberattacks; the Company’s capital and liquidity; changes in tax and accounting rules, principles, policies and guidelines; and other factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission.

 

 

 

EAGLE FINANCIAL SERVICES, INC.

KEY STATISTICS

 

 

 

For the Three Months Ended

 

 

 

1Q24

 

 

4Q23

 

 

3Q23

 

 

2Q23

 

 

1Q23

 

Net Income (dollars in thousands)

 

$

2,548

 

 

$

2,395

 

 

$

2,319

 

 

$

2,058

 

 

$

2,585

 

Earnings per share, basic

 

$

0.72

 

 

$

0.69

 

 

$

0.66

 

 

$

0.58

 

 

$

0.73

 

Earnings per share, diluted

 

$

0.72

 

 

$

0.69

 

 

$

0.66

 

 

$

0.58

 

 

$

0.73

 

Return on average total assets

 

 

0.57

 %

 

 

0.53

 %

 

 

0.51

 %

 

 

0.48

 %

 

 

0.63

 %

Return on average total equity

 

 

9.41

 %

 

 

9.33

 %

 

 

8.87

 %

 

 

7.93

 %

 

 

9.99

 %

Dividend payout ratio

 

 

41.67

 %

 

 

43.48

 %

 

 

45.45

 %

 

 

51.72

 %

 

 

41.10

 %

Fee revenue as a percent of total revenue

 

 

18.11

 %

 

 

17.32

 %

 

 

16.95

 %

 

 

18.01

 %

 

 

16.33

 %

Net interest margin(1)

 

 

2.91

 %

 

 

2.85

 %

 

 

2.93

 %

 

 

2.99

 %

 

 

3.27

 %

Yield on average earning assets

 

 

5.13

 %

 

 

5.10

 %

 

 

5.03

 %

 

 

4.88

 %

 

 

4.79

 %

Rate on average interest-bearing liabilities

 

 

3.10

 %

 

 

3.09

 %

 

 

2.98

 %

 

 

2.71

 %

 

 

2.23

 %

Net interest spread

 

 

2.03

 %

 

 

2.01

 %

 

 

2.05

 %

 

 

2.17

 %

 

 

2.56

 %

Tax equivalent adjustment to net interest income (dollars in thousands)

 

$

29

 

 

$

29

 

 

$

28

 

 

$

25

 

 

$

26

 

Non-interest income to average assets

 

 

0.78

 %

 

 

0.80

 %

 

 

0.93

 %

 

 

0.78

 %

 

 

0.85

 %

Non-interest expense to average assets

 

 

2.79

 %

 

 

2.92

 %

 

 

3.13

 %

 

 

3.00

 %

 

 

3.00

 %

Efficiency ratio(2)

 

 

77.73

 %

 

 

83.01

 %

 

 

84.71

 %

 

 

81.91

 %

 

 

76.52

 %

 

(1)
The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The rate utilized is 21%. See the table below for the quarterly tax equivalent net interest income and the reconciliation of net interest income to tax equivalent net interest income. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns a fair amount of nontaxable interest income due to the mix of securities in its investment security portfolio, net interest income for the ratio is calculated on a tax equivalent basis as described above.
(2)
The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio and sales of repossessed assets. The tax rate utilized is 21%. See the table below for the quarterly tax equivalent net interest income and a reconciliation of net interest income to tax equivalent net interest income. The Company calculates this ratio in order to evaluate its overhead structure or how effectively it is operating. An increase in the ratio from period to period indicates the Company is losing a larger percentage of its income to expenses. The Company believes that the efficiency ratio is a reasonable measure of profitability.

 

 

 

EAGLE FINANCIAL SERVICES, INC.

SELECTED FINANCIAL DATA BY QUARTER

 

 

1Q24

 

 

4Q23

 

 

3Q23

 

 

2Q23

 

 

1Q23

 

BALANCE SHEET RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans to deposits

 

 

97.63

 %

 

 

97.10

 %

 

 

96.17

 %

 

 

100.89

 %

 

 

100.77

 %

Average interest-earning assets to average-interest bearing liabilities

 

 

139.97

 %

 

 

137.35

 %

 

 

142.07

 %

 

 

142.63

 %

 

 

146.06

 %

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

0.30

 

 

$

0.30

 

 

$

0.30

 

 

$

0.30

 

 

$

0.30

 

Book value

 

 

30.28

 

 

 

30.78

 

 

 

28.74

 

 

 

29.47

 

 

 

29.65

 

Tangible book value

 

 

30.28

 

 

 

30.78

 

 

 

28.74

 

 

 

29.47

 

 

 

29.65

 

SHARE PRICE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing price

 

$

29.85

 

 

$

30.00

 

 

$

31.90

 

 

$

30.50

 

 

$

33.96

 

Diluted earnings multiple(1)

 

 

10.36

 

 

 

11.03

 

 

 

12.08

 

 

 

13.15

 

 

 

11.63

 

Book value multiple(2)

 

 

0.99

 

 

 

0.97

 

 

 

1.11

 

 

 

1.04

 

 

 

1.15

 

COMMON STOCK DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares at end of period

 

 

3,557,229

 

 

 

3,520,894

 

 

 

3,520,894

 

 

 

3,528,240

 

 

 

3,522,874

 

Weighted average shares outstanding

 

 

3,557,203

 

 

 

3,520,894

 

 

 

3,523,943

 

 

 

3,526,934

 

 

 

3,522,431

 

Weighted average shares outstanding, diluted

 

 

3,557,203

 

 

 

3,520,894

 

 

 

3,523,943

 

 

 

3,526,934

 

 

 

3,522,431

 

CAPITAL RATIOS (BANK ONLY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Leverage ratio

 

 

8.77

 %

 

 

8.48

 %

 

 

8.36

 %

 

 

8.61

 %

 

 

9.02

 %

CREDIT QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average loans

 

 

0.04

 %

 

 

0.03

 %

 

 

0.01

 %

 

 

(0.01

)%

 

 

0.00

 %

Total non-performing loans to total loans

 

 

0.32

 %

 

 

0.40

 %

 

 

0.40

 %

 

 

0.23

 %

 

 

0.14

 %

Total non-performing assets to total assets

 

 

0.28

 %

 

 

0.34

 %

 

 

0.33

 %

 

 

0.19

 %

 

 

0.11

 %

Non-accrual loans to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total loans

 

 

0.29

 %

 

 

0.39

 %

 

 

0.40

 %

 

 

0.21

 %

 

 

0.13

 %

total assets

 

 

0.23

 %

 

 

0.31

 %

 

 

0.32

 %

 

 

0.17

 %

 

 

0.10

 %

Allowance for credit/loan losses to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total loans

 

 

1.00

 %

 

 

0.99

 %

 

 

1.01

 %

 

 

0.99

 %

 

 

1.00

 %

non-performing assets

 

 

290.00

 %

 

 

236.43

 %

 

 

242.83

 %

 

 

433.94

 %

 

 

702.77

 %

non-accrual loans

 

 

347.64

 %

 

 

256.74

 %

 

 

255.80

 %

 

 

466.74

 %

 

 

758.56

 %

NON-PERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans delinquent over 90 days

 

$

411

 

 

$

181

 

 

$

0

 

 

$

235

 

 

$

146

 

Non-accrual loans

 

 

4,156

 

 

 

5,645

 

 

 

5,697

 

 

 

3,109

 

 

 

1,839

 

Other real estate owned and repossessed assets

 

 

415

 

 

 

304

 

 

 

304

 

 

 

—

 

 

 

—

 

NET LOAN CHARGE-OFFS (RECOVERIES):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off

 

$

705

 

 

$

427

 

 

$

187

 

 

$

52

 

 

$

75

 

(Recoveries)

 

 

(185

)

 

 

(44

)

 

 

(31

)

 

 

(202

)

 

 

(21

)

Net charge-offs (recoveries)

 

 

520

 

 

 

383

 

 

 

156

 

 

 

(150

)

 

 

54

 

PROVISION FOR CREDIT LOSSES (dollars in thousands)

 

$

475

 

 

$

366

 

 

$

1,283

 

 

$

403

 

 

$

709

 

ALLOWANCE FOR CREDIT LOSSES (dollars in thousands)

 

$

14,448

 

 

$

14,493

 

 

$

14,573

 

 

$

14,511

 

 

$

13,950

 
(1)
The diluted earnings multiple (or price earnings ratio) is calculated by dividing the period’s closing market price per share by total equity per weighted average shares outstanding, diluted for the period. The diluted earnings multiple is a measure of how much an investor may be willing to pay for $1.00 of the Company’s earnings.
(2)
The book value multiple (or price to book ratio) is calculated by dividing the period’s closing market price per share by the period’s book value per share. The book value multiple is a measure used to compare the Company’s market value per share to its book value per share.

 

 

 

EAGLE FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

 

 

Unaudited
03/31/2024

 

 

Audited
12/31/2023

 

 

Unaudited
09/30/2023

 

 

Unaudited
06/30/2023

 

 

Unaudited
03/31/2023

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

68,280

 

 

$

112,066

 

 

$

63,239

 

 

$

48,907

 

 

$

117,342

 

Federal funds sold

 

 

59,353

 

 

 

26,287

 

 

 

78,799

 

 

 

29,988

 

 

 

11,373

 

Securities available for sale, at fair value

 

 

141,106

 

 

 

147,011

 

 

 

142,559

 

 

 

151,513

 

 

 

160,192

 

Loans held for sale

 

 

1,593

 

 

 

1,661

 

 

 

3,564

 

 

 

3,570

 

 

 

—

 

Loans, net of allowance for credit losses

 

 

1,424,604

 

 

 

1,448,193

 

 

 

1,426,412

 

 

 

1,456,459

 

 

 

1,386,750

 

Bank premises and equipment, net

 

 

17,954

 

 

 

18,108

 

 

 

18,421

 

 

 

18,064

 

 

 

17,827

 

Bank owned life insurance

 

 

29,843

 

 

 

29,575

 

 

 

24,404

 

 

 

24,219

 

 

 

24,041

 

Other assets

 

 

40,168

 

 

 

42,696

 

 

 

44,072

 

 

 

43,996

 

 

 

39,197

 

Total assets

 

$

1,782,901

 

 

$

1,825,597

 

 

$

1,801,470

 

 

$

1,776,716

 

 

$

1,756,722

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest bearing demand deposits

 

$

424,869

 

 

$

436,619

 

 

$

430,910

 

 

$

433,220

 

 

$

464,123

 

Savings and interest bearing demand deposits

 

 

666,730

 

 

 

656,439

 

 

 

656,111

 

 

 

645,834

 

 

 

652,802

 

Time deposits

 

 

382,343

 

 

 

413,264

 

 

 

411,359

 

 

 

378,954

 

 

 

273,026

 

Total deposits

 

$

1,473,942

 

 

$

1,506,322

 

 

$

1,498,380

 

 

$

1,458,008

 

 

$

1,389,951

 

Federal funds purchased

 

 

347

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Federal Home Loan Bank advances, short-term

 

 

10,000

 

 

 

—

 

 

 

—

 

 

 

25,000

 

 

 

125,000

 

Federal Home Loan Bank advances, long-term

 

 

145,000

 

 

 

165,000

 

 

 

145,000

 

 

 

145,000

 

 

 

95,000

 

Subordinated debt

 

 

29,461

 

 

 

29,444

 

 

 

29,428

 

 

 

29,411

 

 

 

29,394

 

Other liabilities

 

 

16,446

 

 

 

16,452

 

 

 

27,479

 

 

 

15,327

 

 

 

12,917

 

Commitments and contingent liabilities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

1,675,196

 

 

$

1,717,218

 

 

$

1,700,287

 

 

$

1,672,746

 

 

$

1,652,262

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $10 par value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Common stock, $2.50 par value

 

 

8,705

 

 

 

8,660

 

 

 

8,660

 

 

 

8,661

 

 

 

8,651

 

Surplus

 

 

14,368

 

 

 

14,280

 

 

 

13,970

 

 

 

13,881

 

 

 

13,435

 

Retained earnings

 

 

104,449

 

 

 

103,445

 

 

 

102,106

 

 

 

100,844

 

 

 

99,845

 

Accumulated other comprehensive (loss)

 

 

(19,817

)

 

 

(18,006

)

 

 

(23,553

)

 

 

(19,416

)

 

 

(17,471

)

Total shareholders' equity

 

$

107,705

 

 

$

108,379

 

 

$

101,183

 

 

$

103,970

 

 

$

104,460

 

Total liabilities and shareholders' equity

 

$

1,782,901

 

 

$

1,825,597

 

 

$

1,801,470

 

 

$

1,776,716

 

 

$

1,756,722

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

LOAN DATA

(dollars in thousands)

 

 

3/31/2024

 

 

12/31/2023

 

 

9/30/2023

 

 

6/30/2023

 

 

3/31/2023

 

Mortgage real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Construction & Secured by Farmland

 

$

82,692

 

 

$

84,145

 

 

$

80,012

 

 

$

95,433

 

 

$

90,660

 

   HELOCs

 

 

46,329

 

 

 

47,674

 

 

 

44,719

 

 

 

44,333

 

 

 

41,827

 

   Residential First Lien - Investor

 

 

113,813

 

 

 

117,431

 

 

 

120,547

 

 

 

117,265

 

 

 

113,483

 

   Residential First Lien - Owner Occupied

 

 

181,323

 

 

 

178,180

 

 

 

162,919

 

 

 

142,417

 

 

 

130,383

 

   Residential Junior Liens

 

 

12,690

 

 

 

12,831

 

 

 

12,284

 

 

 

11,869

 

 

 

11,142

 

   Commercial - Owner Occupied

 

 

254,744

 

 

 

251,456

 

 

 

244,088

 

 

 

243,610

 

 

 

238,578

 

   Commercial - Non-Owner Occupied & Multifamily

 

 

344,192

 

 

 

348,879

 

 

 

355,122

 

 

 

350,210

 

 

 

353,330

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   BHG loans

 

 

4,740

 

 

 

5,105

 

 

 

5,419

 

 

 

5,747

 

 

 

6,185

 

   SBA PPP loans

 

 

45

 

 

 

51

 

 

 

57

 

 

 

62

 

 

 

69

 

   Other commercial and industrial loans

 

 

95,327

 

 

 

102,672

 

 

 

91,411

 

 

 

95,012

 

 

 

95,943

 

Marine loans

 

 

247,042

 

 

 

251,168

 

 

 

260,518

 

 

 

299,304

 

 

 

253,893

 

Triad Loans

 

 

25,335

 

 

 

25,877

 

 

 

26,519

 

 

 

27,157

 

 

 

27,795

 

Consumer loans

 

 

9,194

 

 

 

16,542

 

 

 

16,019

 

 

 

16,486

 

 

 

16,046

 

Overdrafts

 

 

1,559

 

 

 

253

 

 

 

207

 

 

 

308

 

 

 

151

 

Other loans

 

 

12,466

 

 

 

12,895

 

 

 

13,089

 

 

 

13,805

 

 

 

13,608

 

Total loans

 

$

1,431,491

 

 

$

1,455,159

 

 

$

1,432,930

 

 

$

1,463,018

 

 

$

1,393,093

 

Net deferred loan costs and premiums

 

 

7,561

 

 

 

7,527

 

 

 

8,055

 

 

 

7,952

 

 

 

7,609

 

Allowance for credit/loan losses

 

 

(14,448

)

 

 

(14,493

)

 

 

(14,573

)

 

 

(14,511

)

 

 

(13,950

)

Net loans

 

$

1,424,604

 

 

$

1,448,193

 

 

$

1,426,412

 

 

$

1,456,459

 

 

$

1,386,752

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands)

Unaudited

 

 

3/31/2024

 

 

12/31/2023

 

 

9/30/2023

 

 

6/30/2023

 

 

3/31/2023

 

Interest and Dividend Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

19,963

 

 

$

19,420

 

 

$

20,179

 

 

$

18,754

 

 

$

17,167

 

Interest on federal funds sold

 

 

39

 

 

 

71

 

 

 

51

 

 

 

28

 

 

 

10

 

Interest and dividends on securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest income

 

 

758

 

 

 

771

 

 

 

781

 

 

 

785

 

 

 

804

 

Interest income exempt from federal income taxes

 

 

5

 

 

 

4

 

 

 

3

 

 

 

5

 

 

 

4

 

Dividends

 

 

156

 

 

 

157

 

 

 

147

 

 

 

136

 

 

 

83

 

Interest on deposits in banks

 

 

991

 

 

 

1,592

 

 

 

1,030

 

 

 

656

 

 

 

490

 

Total interest and dividend income

 

$

21,912

 

 

$

22,015

 

 

$

22,191

 

 

$

20,364

 

 

$

18,558

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

7,424

 

 

$

7,658

 

 

$

6,978

 

 

$

5,535

 

 

$

3,459

 

Interest on federal funds purchased

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

70

 

Interest on Federal Home Loan Bank advances

 

 

1,710

 

 

 

1,714

 

 

 

1,943

 

 

 

2,032

 

 

 

2,031

 

Interest on subordinated debt

 

 

354

 

 

 

354

 

 

 

354

 

 

 

355

 

 

 

354

 

Total interest expense

 

$

9,488

 

 

$

9,726

 

 

$

9,275

 

 

$

7,922

 

 

$

5,914

 

Net interest income

 

$

12,424

 

 

$

12,289

 

 

$

12,916

 

 

$

12,442

 

 

$

12,644

 

Provision For Credit Losses

 

 

475

 

 

 

366

 

 

 

216

 

 

 

403

 

 

 

664

 

Net interest income after provision for credit losses

 

$

11,949

 

 

$

11,923

 

 

$

12,700

 

 

$

12,039

 

 

$

11,980

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

$

1,456

 

 

$

1,315

 

 

$

1,190

 

 

$

1,263

 

 

$

1,158

 

Service charges on deposit accounts

 

 

454

 

 

 

467

 

 

 

460

 

 

 

447

 

 

 

436

 

Other service charges and fees

 

 

969

 

 

 

979

 

 

 

1,252

 

 

 

1,135

 

 

 

1,047

 

Gain on the sale of marine finance business

 

 

—

 

 

 

(28

)

 

 

463

 

 

 

—

 

 

 

—

 

Gain (loss) on the sale of bank premises and equipment

 

 

—

 

 

 

—

 

 

 

7

 

 

 

7

 

 

 

—

 

(Loss) on the sale of AFS securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Gain on sale of loans HFS

 

 

161

 

 

 

515

 

 

 

265

 

 

 

192

 

 

 

456

 

Officer insurance income

 

 

267

 

 

 

171

 

 

 

184

 

 

 

179

 

 

 

179

 

Other operating income

 

 

164

 

 

 

234

 

 

 

388

 

 

 

134

 

 

 

250

 

Total noninterest income

 

$

3,471

 

 

$

3,653

 

 

$

4,209

 

 

$

3,357

 

 

$

3,526

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,185

 

 

$

7,849

 

 

$

7,598

 

 

$

7,561

 

 

$

7,298

 

Occupancy expenses

 

 

569

 

 

 

581

 

 

 

570

 

 

 

533

 

 

 

518

 

Equipment expenses

 

 

373

 

 

 

320

 

 

 

341

 

 

 

315

 

 

 

323

 

Advertising and marketing expenses

 

 

237

 

 

 

291

 

 

 

228

 

 

 

342

 

 

 

296

 

Stationery and supplies

 

 

24

 

 

 

44

 

 

 

69

 

 

 

56

 

 

 

22

 

ATM network fees

 

 

380

 

 

 

421

 

 

 

426

 

 

 

365

 

 

 

351

 

Other real estate owned expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

(Gain) on the sale of other real estate owned

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7

)

FDIC assessment

 

 

409

 

 

 

478

 

 

 

495

 

 

 

346

 

 

 

266

 

Computer software expense

 

 

233

 

 

 

373

 

 

 

396

 

 

 

281

 

 

 

310

 

Bank franchise tax

 

 

331

 

 

 

339

 

 

 

340

 

 

 

313

 

 

 

263

 

Professional fees

 

 

506

 

 

 

577

 

 

 

497

 

 

 

753

 

 

 

713

 

Data processing fees

 

 

565

 

 

 

513

 

 

 

542

 

 

 

478

 

 

 

402

 

Other operating expenses

 

 

1,565

 

 

 

1,494

 

 

 

2,631

 

 

 

1,612

 

 

 

1,626

 

Total noninterest expenses

 

$

12,377

 

 

$

13,280

 

 

$

14,133

 

 

$

12,955

 

 

$

12,386

 

Income before income taxes

 

$

3,043

 

 

$

2,296

 

 

$

2,776

 

 

$

2,441

 

 

$

3,120

 

Income Tax Expense (Benefit)

 

 

495

 

 

 

(99

)

 

 

457

 

 

 

383

 

 

 

535

 

Net income

 

$

2,548

 

 

$

2,395

 

 

$

2,319

 

 

$

2,058

 

 

$

2,585

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

 

$

0.72

 

 

$

0.68

 

 

$

0.66

 

 

$

0.58

 

 

$

0.73

 

Net income per common share, diluted

 

$

0.72

 

 

$

0.68

 

 

$

0.66

 

 

$

0.58

 

 

$

0.73

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

Average Balances, Income and Expenses, Yields and Rates

(dollars in thousands)

 

 

Three Months Ended

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

Average

 

 

Income/

 

 

Average

 

 

Average

 

 

Income/

 

 

Average

 

 

Average

 

 

Income/

 

 

Average

 

Assets:

 

Balance

 

 

Expense

 

 

Rate

 

 

Balance

 

 

Expense

 

 

Rate

 

 

Balance

 

 

Expense

 

 

Rate

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

142,700

 

 

$

914

 

 

 

2.58

 %

 

$

139,978

 

 

$

928

 

 

 

2.63

 %

 

$

157,078

 

 

$

886

 

 

 

2.29

 %

Tax-Exempt (1)

 

 

499

 

 

 

6

 

 

 

4.08

 %

 

 

485

 

 

 

5

 

 

 

4.13

 %

 

 

545

 

 

 

6

 

 

 

4.16

 %

Total Securities

 

$

143,199

 

 

$

920

 

 

 

2.58

 %

 

$

140,463

 

 

$

933

 

 

 

2.63

 %

 

$

157,623

 

 

$

892

 

 

 

2.29

 %

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

1,433,871

 

 

$

19,858

 

 

 

5.57

 %

 

$

1,434,928

 

 

$

19,316

 

 

 

5.34

 %

 

$

1,355,259

 

 

$

17,076

 

 

 

5.11

 %

Non-accrual

 

 

5,618

 

 

 

—

 

 

 

—

%

 

 

5,452

 

 

 

—

 

 

 

—

%

 

 

2,093

 

 

 

—

 

 

 

—

%

Tax-Exempt (1)

 

 

10,706

 

 

 

133

 

 

 

4.99

 %

 

 

10,602

 

 

 

132

 

 

 

4.95

 %

 

 

9,594

 

 

 

116

 

 

 

4.91

 %

Total Loans

 

$

1,450,195

 

 

$

19,991

 

 

 

5.54

 %

 

$

1,450,982

 

 

$

19,448

 

 

 

5.32

 %

 

$

1,366,946

 

 

$

17,192

 

 

 

5.10

 %

Federal funds sold and interest-bearing deposits in other banks

 

 

127,205

 

 

 

1,030

 

 

 

3.26

 %

 

 

122,502

 

 

 

1,663

 

 

 

5.39

 %

 

 

48,779

 

 

 

500

 

 

 

4.16

 %

Total earning assets

 

$

1,720,599

 

 

$

21,941

 

 

 

5.13

 %

 

$

1,713,947

 

 

$

22,044

 

 

 

5.10

 %

 

$

1,573,348

 

 

$

18,584

 

 

 

4.79

 %

Allowance for loan losses

 

 

(14,536

)

 

 

 

 

 

 

 

 

(14,420

)

 

 

 

 

 

 

 

 

(13,426

)

 

 

 

 

 

 

Total non-earning assets

 

 

53,112

 

 

 

 

 

 

 

 

 

103,876

 

 

 

 

 

 

 

 

 

97,863

 

 

 

 

 

 

 

Total assets

 

$

1,759,175

 

 

 

 

 

 

 

 

$

1,803,403

 

 

 

 

 

 

 

 

$

1,657,785

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

 

$

256,282

 

 

$

1,497

 

 

 

2.35

 %

 

$

258,935

 

 

$

1,582

 

 

 

2.42

 %

 

$

236,210

 

 

$

1,055

 

 

 

1.81

 %

Money market accounts

 

 

263,755

 

 

 

1,413

 

 

 

2.15

 %

 

 

257,360

 

 

 

1,297

 

 

 

2.00

 %

 

 

258,077

 

 

 

841

 

 

 

1.32

 %

Savings accounts

 

 

138,737

 

 

 

41

 

 

 

0.12

 %

 

 

140,445

 

 

 

42

 

 

 

0.12

 %

 

 

166,803

 

 

 

53

 

 

 

0.13

 %

Time deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$250,000 and more

 

 

143,294

 

 

 

1,701

 

 

 

4.77

 %

 

 

148,133

 

 

 

1,758

 

 

 

4.71

 %

 

 

77,777

 

 

 

567

 

 

 

2.96

 %

Less than $250,000

 

 

251,853

 

 

 

2,772

 

 

 

4.43

 %

 

 

267,873

 

 

 

2,979

 

 

 

4.41

 %

 

 

128,118

 

 

 

943

 

 

 

2.99

 %

Total interest-bearing deposits

 

$

1,053,921

 

 

$

7,424

 

 

 

2.83

 %

 

$

1,072,746

 

 

$

7,658

 

 

 

2.83

 %

 

$

866,985

 

 

$

3,459

 

 

 

1.62

 %

Federal funds purchased

 

 

11

 

 

 

—

 

 

 

—

%

 

 

—

 

 

 

—

 

 

 

—

%

 

 

11,179

 

 

 

70

 

 

 

2.54

 %

Federal Home Loan Bank advances

 

 

145,879

 

 

 

1,710

 

 

 

4.72

 %

 

 

145,652

 

 

 

1,714

 

 

 

4.67

 %

 

 

169,667

 

 

 

2,031

 

 

 

4.85

 %

Subordinated debt

 

 

29,450

 

 

 

354

 

 

 

4.84

 %

 

 

29,434

 

 

 

354

 

 

 

4.78

 %

 

 

29,383

 

 

 

354

 

 

 

4.89

 %

Total interest-bearing liabilities

 

$

1,229,261

 

 

$

9,488

 

 

 

3.10

 %

 

$

1,247,832

 

 

$

9,726

 

 

 

3.09

 %

 

$

1,077,214

 

 

$

5,914

 

 

 

2.23

 %

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

405,166

 

 

 

 

 

 

 

 

 

432,767

 

 

 

 

 

 

 

 

 

462,265

 

 

 

 

 

 

 

Other Liabilities

 

 

17,268

 

 

 

 

 

 

 

 

 

20,948

 

 

 

 

 

 

 

 

 

14,567

 

 

 

 

 

 

 

Total liabilities

 

$

1,651,695

 

 

 

 

 

 

 

 

$

1,701,547

 

 

 

 

 

 

 

 

$

1,554,046

 

 

 

 

 

 

 

Shareholders' equity

 

 

107,480

 

 

 

 

 

 

 

 

 

101,856

 

 

 

 

 

 

 

 

 

103,739

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

1,759,175

 

 

 

 

 

 

 

 

$

1,803,403

 

 

 

 

 

 

 

 

$

1,657,785

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

12,453

 

 

 

 

 

 

 

 

$

12,318

 

 

 

 

 

 

 

 

$

12,670

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

 

2.03

 %

 

 

 

 

 

 

 

 

2.01

 %

 

 

 

 

 

 

 

 

2.56

 %

Interest expense as a percent of average earning assets

 

 

 

 

 

 

 

 

2.22

 %

 

 

 

 

 

 

 

 

2.25

 %

 

 

 

 

 

 

 

 

1.52

 %

Net interest margin

 

 

 

 

 

 

 

 

2.91

 %

 

 

 

 

 

 

 

 

2.85

 %

 

 

 

 

 

 

 

 

3.27

 %

 

(1)
Income and yields are reported on tax-equivalent basis using a federal tax rate of 21%.

 

 

EAGLE FINANCIAL SERVICES, INC.

Reconciliation of Tax-Equivalent Net Interest Income

(dollars in thousands)

 

 

 

Three Months Ended

 

 

 

3/31/2024

 

 

12/31/2023

 

 

9/30/2023

 

 

6/30/2023

 

 

3/31/2023

 

GAAP Financial Measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income - Loans

 

$

19,963

 

 

$

19,420

 

 

$

20,179

 

 

$

18,754

 

 

$

17,167

 

Interest Income - Securities and Other Interest-Earnings Assets

 

 

1,949

 

 

 

2,595

 

 

 

2,012

 

 

 

1,610

 

 

 

1,391

 

Interest Expense - Deposits

 

 

7,424

 

 

 

7,658

 

 

 

6,978

 

 

 

5,535

 

 

 

3,459

 

Interest Expense - Other Borrowings

 

 

2,064

 

 

 

2,068

 

 

 

2,297

 

 

 

2,387

 

 

 

2,455

 

Total Net Interest Income

 

$

12,424

 

 

$

12,289

 

 

$

12,916

 

 

$

12,442

 

 

$

12,644

 

Non-GAAP Financial Measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Tax Benefit on Tax-Exempt Interest Income - Loans

 

$

28

 

 

$

28

 

 

$

27

 

 

$

24

 

 

$

25

 

Add: Tax Benefit on Tax-Exempt Interest Income - Securities

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total Tax Benefit on Tax-Exempt Interest Income

 

$

29

 

 

$

29

 

 

$

28

 

 

$

25

 

 

$

26

 

Tax-Equivalent Net Interest Income

 

$

12,453

 

 

$

12,318

 

 

$

12,944

 

 

$

12,467

 

 

$

12,670