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

 

Exhibit 99.1

 

EAGLE FINANCIAL SERVICES, INC. ANNOUNCES

2024 SECOND QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND

 

 

Contact:

Kathleen J. Chappell, Executive Vice President and CFO

540-955-2510

 

 

kchappell@bankofclarke.com

 

BERRYVILLE, VIRGINIA (July 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 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:

•
Noninterest 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."

Income Statement Review

Net 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.

Total 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 thousand or 4.1% from the quarter ended June 30, 2023 to the quarter ended June 30, 2024. Average loans remained stable at 1.44 billion for the quarters ended June 30, 2024 and June 30, 2023. The tax equivalent yield on average loans for the quarter ended June 30, 2024 was 5.46%, an increase of 22 basis points from the 5.24% average yield for the same time period in 2023. The decrease in loan interest income during the second quarter of 2024 compared to the first quarter of 2024 is mainly due to early payoffs in the marine portfolio which negatively impacted deferred fees, which are included in loan interest income. The majority of the increase compared to June 30, 2023 can be attributed to the current rising interest rate environment.

Interest and dividend income from the investment portfolio was $897 thousand for the quarter ended June 30, 2024 compared to $919 thousand for the quarter ended March 31, 2024. Interest income and dividend income from the investment portfolio was $926 thousand for the quarter ended June 30, 2023. The tax equivalent yield on average investments for the quarter ended June 30, 2024 was 2.62%, up four basis points from 2.58% for the quarter ended March 31, 2024 and up 23 basis points from 2.39% for the quarter ended June 30, 2023.

 

 

Total interest expense was $9.6 million for the three months ended June 30, 2024 and $9.5 million and $7.9 million for three months ended March 31, 2024 and June 30, 2023, respectively. The slight increase in interest expense between June 30, 2024 and March 31, 2024 was due mostly to deposit rate specials during the quarter. The increase in interest expense from June 30, 2023 to June 30, 2024 resulted from deposit rate specials during the year. The average cost of interest-bearing liabilities increased four and 43 basis points when comparing the quarter ended June 30, 2024 to the quarters ended March 31, 2024 and June 30, 2023, respectively. The average balance of interest-bearing liabilities decreased $3.5 million from the quarter ended March 31, 2024 to the quarter ended June 30, 2024. The average balance of interest-bearing liabilities increased $51.9 million from the quarter ended June 30, 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 June 30, 2024 was $12.2 million reflecting a decrease of 2.1% from the quarter ended March 31, 2024 and a decrease of 2.2% from the quarter ended June 30, 2023. Net interest income was $12.4 million for the quarters ended March 31, 2024 and June 30, 2023.

The net interest margin was 2.81% for the quarter ended June 30, 2024. For the quarters ended March 31, 2024 and June 30, 2023, the net interest margin was 2.91% and 2.99%, respectively. The net interest margin for the quarter ended June 30, 2024 was negatively impacted by recognizing additional deferred fees due to early loan payoffs, mainly in the Marine portfolio. 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 $4.3 million for the quarter ended June 30, 2024, which represented an increase of $824 thousand or 23.7% from the $3.5 million for the three months ended March 31, 2024. Noninterest income for the quarter ended June 30, 2023 was $3.4 million. The increase from the quarter ended March 31, 2024 was mainly due to the increase of gains on loans held for sale and a $254 thousand BOLI payout.

Noninterest expense increased $133 thousand, or 1.1%, to $12.5 million for the quarter ended June 30, 2024 from $12.4 million for the quarter ended March 31, 2024. Noninterest expense was $13.0 million for the quarter ended June 30, 2023, representing an decrease of $445 thousand or 3.4% when comparing the quarter ended June 30, 2024 to the quarter ended June 30, 2023. A $168 thousand or 2.3% increase in salaries and benefits expenses was noted between June 30, 2024 and March 31, 2024. This is mainly due to larger incentive accruals 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 $5.0 million or 0.28% of total assets at March 31, 2024 to $3.3 million or 0.18% of total assets at June 30, 2024. Nonperforming assets were $3.3 million at June 30, 2023. Total nonaccrual loans were $2.7 million at June 30, 2024 and $4.2 million at March 31, 2024. Nonaccrual loans were $3.1 million at June 30, 2023. Nonperforming assets decreased between March 31, 2024 and June 30, 2024 mainly due to two large relationships paying off. Nonaccrual loans, and in turn nonperforming assets, decreased between June 30, 2023 and June 30, 2024 due to regular payments. 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 June 30, 2024, March 31, 2024 and June 30, 2023.

The Company realized $252 thousand in net recoveries for the quarter ended June 30, 2024 compared to $520 thousand for the three months ended March 31, 2024. During the three months ended June 30, 2023, $150 thousand in net recoveries 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 $315 thousand in provision for credit loss for the quarter ended June 30, 2024. A small provision this quarter resulted from the net recoveries realized during the period. The Company recognized provision for credit losses of $475 thousand and $403 thousand for the quarters ended March 31, 2024 and June 30, 2023, respectively. The provision for the quarter ended March 31, 2024 was mainly needed due to the larger net charge-offs during the quarter. The provision for the quarter ended June 30, 2023 was mainly needed to keep pace with strong loan growth.

The ratio of allowance for credit losses to total loans was 1.04% and 1.00% at June 30, 2024 and March 31, 2024, respectively. The ratio of allowance for loan losses to total loans was 0.99% at June 30, 2023. The ratio of allowance for credit losses to total nonaccrual loans was 555.46% and 347.64% at June 30, 2024 and March 31, 2024, respectively. The ratio of allowance for loan losses to total nonaccrual loans was 466.74% at June 30, 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 June 30, 2024 were $1.79 billion, which represented an increase of $7.5 million or 0.42% from total assets of $1.78 billion at March 31, 2024. At June 30, 2023, total consolidated assets were $1.78 billion. Consolidated assets remained stable during the quarter ended June 30, 2024.

Total cash and cash equivalents (including cash and due from banks and federal funds sold) decreased $4.0 million or 3.1% as of June 30, 2024, compared to March 31, 2024. Cash and cash equivalents decreased as a percentage of total assets to 6.9% as of June 30, 2024 as compared to 7.2% at March 31, 2024 and increased as compared to 4.4% at June 30, 2023. The prior quarter change was minimal. The year over year change was due mainly to deposit growth exceeding the change in net loans allowing for additional cash and cash equivalents.

At June 30, 2024, total securities available for sale were $138.3 million, a decrease of $2.8 million from March 31, 2024, and a decrease of $13.2 million from June 30, 2023. At June 30, 2024, total net unrealized losses on the AFS securities portfolio were $23.8 million, a decrease in losses of $1.3 million from total net unrealized losses on AFS securities of $25.1 million at March 31, 2024 and a decrease in losses of $800 thousand from June 30, 2023.

Total net loans increased $9.3 million from $1.42 billion at March 31, 2024 to $1.43 billion at June 30, 2024. These increases were mainly in the commercial non-owner occupied and commercial and industrial loans during the second quarter of 2024. During the quarter ended June 30, 2024, through the normal course of business, $14.6 million in mortgage loans were sold on the secondary market. These loan sales resulted in net gains of $255 thousand. During the quarter ended March 31, 2024, $10.8 million in mortgage loans were sold on the secondary market. These loan sales resulted in net gains of $161 thousand.

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 $236.9 million as of June 30, 2024, are still assets of Bank of Clarke.

 

 

 

Total deposits increased to $1.49 billion as of June 30, 2024 when compared to March 31, 2024 deposits of $1.47 billion. At June 30, 2023 total deposits were $1.46 billion. During the second quarter of 2024, total deposits increased $14.6 million. The majority of this increase was due to time deposit balances increasing by $43.9 million. Time deposits as a percentage of total deposits have increased from 26.0% at June 30, 2023 to 28.6% at June 30, 2024. Time deposits as a percentage of total deposits increased from 25.9% at December 31, 2023. The increase in deposits between June 30, 2023 and June 30, 2024 was mainly due to the growth of certificates of depost over $250 thousand. At June 30, 2024, over 75% of deposits were fully FDIC insured.

The Company had $145.0 million and $155.0 million, respectively, in outstanding borrowings from the Federal Home Loan Bank of Atlanta at June 30, 2024 and March 31, 2024. There was $170.0 million in outstanding borrowings from the Federal Home Loan Bank as of June 30, 2023. The average rate paid on Federal Home Loan Bank advances as of June 30, 2024 and March 31, 2024 was 4.65% and 4.71%, 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 $111.1 million and $107.7 million at June 30, 2024 and March 31, 2024, respectively. Shareholders’ equity was $104.0 million at June 30, 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 and continued high rates in 2024. The book value of the Company at June 30, 2024 was $31.24 per common share. Total common shares outstanding were 3,556,844 at June 30, 2024. On July 24, 2024, the Board of Directors announced a quarterly common stock cash dividend of $0.30 per common share, payable on July 16, 2024, to shareholders of record on July 5, 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; 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

 

 

 

2Q24

 

 

1Q24

 

 

4Q23

 

 

3Q23

 

 

2Q23

 

Net Income (dollars in thousands)

 

$

3,185

 

 

$

2,548

 

 

$

2,395

 

 

$

2,319

 

 

$

2,058

 

Earnings per share, basic

 

$

0.89

 

 

$

0.72

 

 

$

0.69

 

 

$

0.66

 

 

$

0.58

 

Earnings per share, diluted

 

$

0.89

 

 

$

0.72

 

 

$

0.69

 

 

$

0.66

 

 

$

0.58

 

Return on average total assets

 

 

0.72

 %

 

 

0.58

 %

 

 

0.53

 %

 

 

0.51

 %

 

 

0.48

 %

Return on average total equity

 

 

11.89

 %

 

 

9.43

 %

 

 

9.33

 %

 

 

8.87

 %

 

 

7.93

 %

Dividend payout ratio

 

 

33.71

 %

 

 

41.67

 %

 

 

43.48

 %

 

 

45.45

 %

 

 

51.72

 %

Fee revenue as a percent of total revenue

 

 

17.57

 %

 

 

18.11

 %

 

 

17.32

 %

 

 

16.95

 %

 

 

18.01

 %

Net interest margin(1)

 

 

2.81

 %

 

 

2.91

 %

 

 

2.85

 %

 

 

2.93

 %

 

 

2.99

 %

Yield on average earning assets

 

 

5.01

 %

 

 

5.13

 %

 

 

5.10

 %

 

 

5.03

 %

 

 

4.88

 %

Rate on average interest-bearing liabilities

 

 

3.14

 %

 

 

3.10

 %

 

 

3.09

 %

 

 

2.98

 %

 

 

2.71

 %

Net interest spread

 

 

1.87

 %

 

 

2.03

 %

 

 

2.01

 %

 

 

2.05

 %

 

 

2.17

 %

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

 

$

29

 

 

$

29

 

 

$

29

 

 

$

28

 

 

$

25

 

Non-interest income to average assets

 

 

0.98

 %

 

 

0.78

 %

 

 

0.80

 %

 

 

0.93

 %

 

 

0.78

 %

Non-interest expense to average assets

 

 

2.85

 %

 

 

2.80

 %

 

 

2.92

 %

 

 

3.13

 %

 

 

3.00

 %

Efficiency ratio(2)

 

 

77.00

 %

 

 

77.73

 %

 

 

83.01

 %

 

 

84.71

 %

 

 

81.91

 %

 

(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

 

 

2Q24

 

 

1Q24

 

 

4Q23

 

 

3Q23

 

 

2Q23

 

BALANCE SHEET RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans to deposits

 

 

97.34

 %

 

 

97.63

 %

 

 

97.10

 %

 

 

96.17

 %

 

 

100.89

 %

Average interest-earning assets to average-interest bearing liabilities

 

 

142.64

 %

 

 

139.97

 %

 

 

137.35

 %

 

 

142.07

 %

 

 

142.63

 %

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

0.30

 

 

$

0.30

 

 

$

0.30

 

 

$

0.30

 

 

$

0.30

 

Book value

 

 

31.24

 

 

 

30.28

 

 

 

30.78

 

 

 

28.74

 

 

 

29.47

 

Tangible book value

 

 

31.24

 

 

 

30.28

 

 

 

30.78

 

 

 

28.74

 

 

 

29.47

 

SHARE PRICE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing price

 

$

32.99

 

 

$

29.85

 

 

$

30.00

 

 

$

31.90

 

 

$

30.50

 

Diluted earnings multiple(1)

 

 

9.27

 

 

 

10.36

 

 

 

11.03

 

 

 

12.08

 

 

 

13.15

 

Book value multiple(2)

 

 

1.06

 

 

 

0.99

 

 

 

0.97

 

 

 

1.11

 

 

 

1.04

 

COMMON STOCK DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares at end of period

 

 

3,556,844

 

 

 

3,557,229

 

 

 

3,520,894

 

 

 

3,520,894

 

 

 

3,528,240

 

Weighted average shares outstanding

 

 

3,556,935

 

 

 

3,557,203

 

 

 

3,520,894

 

 

 

3,523,943

 

 

 

3,526,934

 

Weighted average shares outstanding, diluted

 

 

3,556,935

 

 

 

3,557,203

 

 

 

3,520,894

 

 

 

3,523,943

 

 

 

3,526,934

 

CAPITAL RATIOS (BANK ONLY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Leverage ratio

 

 

8.86

 %

 

 

8.77

 %

 

 

8.48

 %

 

 

8.36

 %

 

 

8.61

 %

CREDIT QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average loans

 

 

(0.02

)%

 

 

0.04

 %

 

 

0.03

 %

 

 

0.01

 %

 

 

(0.01

)%

Total non-performing loans to total loans

 

 

0.20

 %

 

 

0.32

 %

 

 

0.40

 %

 

 

0.40

 %

 

 

0.23

 %

Total non-performing assets to total assets

 

 

0.18

 %

 

 

0.28

 %

 

 

0.34

 %

 

 

0.33

 %

 

 

0.19

 %

Non-accrual loans to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total loans

 

 

0.19

 %

 

 

0.29

 %

 

 

0.39

 %

 

 

0.40

 %

 

 

0.21

 %

total assets

 

 

0.15

 %

 

 

0.23

 %

 

 

0.31

 %

 

 

0.32

 %

 

 

0.17

 %

Allowance for credit/loan losses to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total loans

 

 

1.04

 %

 

 

1.00

 %

 

 

0.99

 %

 

 

1.01

 %

 

 

0.99

 %

non-performing assets

 

 

458.72

 %

 

 

290.00

 %

 

 

236.43

 %

 

 

242.83

 %

 

 

433.94

 %

non-accrual loans

 

 

555.46

 %

 

 

347.64

 %

 

 

256.74

 %

 

 

255.80

 %

 

 

466.74

 %

NON-PERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans delinquent over 90 days

 

$

167

 

 

$

411

 

 

$

181

 

 

$

0

 

 

$

235

 

Non-accrual loans

 

 

2,703

 

 

 

4,156

 

 

 

5,645

 

 

 

5,697

 

 

 

3,109

 

Other real estate owned and repossessed assets

 

 

403

 

 

 

415

 

 

 

304

 

 

 

304

 

 

 

—

 

NET LOAN CHARGE-OFFS (RECOVERIES):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off

 

$

172

 

 

$

705

 

 

$

427

 

 

$

187

 

 

$

52

 

(Recoveries)

 

 

(424

)

 

 

(185

)

 

 

(44

)

 

 

(31

)

 

 

(202

)

Net charge-offs (recoveries)

 

 

(252

)

 

 

520

 

 

 

383

 

 

 

156

 

 

 

(150

)

PROVISION FOR CREDIT LOSSES (dollars in thousands)

 

$

315

 

 

$

475

 

 

$

366

 

 

$

1,283

 

 

$

403

 

ALLOWANCE FOR CREDIT LOSSES (dollars in thousands)

 

$

15,014

 

 

$

14,448

 

 

$

14,493

 

 

$

14,573

 

 

$

14,511

 
(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
06/30/2024

 

 

Unaudited
03/31/2024

 

 

Audited
12/31/2023

 

 

Unaudited
09/30/2023

 

 

Unaudited
06/30/2023

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

61,179

 

 

$

68,280

 

 

$

112,066

 

 

$

63,239

 

 

$

48,907

 

Federal funds sold

 

 

62,476

 

 

 

59,353

 

 

 

26,287

 

 

 

78,799

 

 

 

29,988

 

Securities available for sale, at fair value

 

 

138,269

 

 

 

141,106

 

 

 

147,011

 

 

 

142,559

 

 

 

151,513

 

Loans held for sale

 

 

3,058

 

 

 

1,593

 

 

 

1,661

 

 

 

3,564

 

 

 

3,570

 

Loans, net of allowance for credit losses

 

 

1,433,920

 

 

 

1,424,604

 

 

 

1,448,193

 

 

 

1,426,412

 

 

 

1,456,459

 

Bank premises and equipment, net

 

 

18,114

 

 

 

17,954

 

 

 

18,108

 

 

 

18,421

 

 

 

18,064

 

Bank owned life insurance

 

 

30,103

 

 

 

29,843

 

 

 

29,575

 

 

 

24,404

 

 

 

24,219

 

Other assets

 

 

43,286

 

 

 

40,168

 

 

 

42,696

 

 

 

44,072

 

 

 

43,996

 

Total assets

 

$

1,790,405

 

 

$

1,782,901

 

 

$

1,825,597

 

 

$

1,801,470

 

 

$

1,776,716

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest bearing demand deposits

 

$

415,017

 

 

$

424,869

 

 

$

436,619

 

 

$

430,910

 

 

$

433,220

 

Savings and interest bearing demand deposits

 

 

647,358

 

 

 

666,730

 

 

 

656,439

 

 

 

656,111

 

 

 

645,834

 

Time deposits

 

 

426,209

 

 

 

382,343

 

 

 

413,264

 

 

 

411,359

 

 

 

378,954

 

Total deposits

 

$

1,488,584

 

 

$

1,473,942

 

 

$

1,506,322

 

 

$

1,498,380

 

 

$

1,458,008

 

Federal funds purchased

 

 

302

 

 

 

347

 

 

 

—

 

 

 

—

 

 

 

—

 

Federal Home Loan Bank advances, short-term

 

 

—

 

 

 

10,000

 

 

 

—

 

 

 

—

 

 

 

25,000

 

Federal Home Loan Bank advances, long-term

 

 

145,000

 

 

 

145,000

 

 

 

165,000

 

 

 

145,000

 

 

 

145,000

 

Subordinated debt

 

 

29,478

 

 

 

29,461

 

 

 

29,444

 

 

 

29,428

 

 

 

29,411

 

Other liabilities

 

 

15,926

 

 

 

16,446

 

 

 

16,452

 

 

 

27,479

 

 

 

15,327

 

Commitments and contingent liabilities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

1,679,290

 

 

$

1,675,196

 

 

$

1,717,218

 

 

$

1,700,287

 

 

$

1,672,746

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $10 par value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Common stock, $2.50 par value

 

 

8,707

 

 

 

8,705

 

 

 

8,660

 

 

 

8,660

 

 

 

8,661

 

Surplus

 

 

14,604

 

 

 

14,368

 

 

 

14,280

 

 

 

13,970

 

 

 

13,881

 

Retained earnings

 

 

106,567

 

 

 

104,449

 

 

 

103,445

 

 

 

102,106

 

 

 

100,844

 

Accumulated other comprehensive (loss)

 

 

(18,763

)

 

 

(19,817

)

 

 

(18,006

)

 

 

(23,553

)

 

 

(19,416

)

Total shareholders' equity

 

$

111,115

 

 

$

107,705

 

 

$

108,379

 

 

$

101,183

 

 

$

103,970

 

Total liabilities and shareholders' equity

 

$

1,790,405

 

 

$

1,782,901

 

 

$

1,825,597

 

 

$

1,801,470

 

 

$

1,776,716

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

LOAN DATA

(dollars in thousands)

 

 

6/30/2024

 

 

3/31/2024

 

 

12/31/2023

 

 

9/30/2023

 

 

6/30/2023

 

Mortgage real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Construction & Secured by Farmland

 

$

81,609

 

 

$

82,692

 

 

$

84,145

 

 

$

80,012

 

 

$

95,433

 

   HELOCs

 

 

46,697

 

 

 

46,329

 

 

 

47,674

 

 

 

44,719

 

 

 

44,333

 

   Residential First Lien - Investment

 

 

112,790

 

 

 

113,813

 

 

 

117,431

 

 

 

120,547

 

 

 

117,265

 

   Residential First Lien - Owner Occupied

 

 

187,807

 

 

 

181,323

 

 

 

178,180

 

 

 

162,919

 

 

 

142,417

 

   Residential Junior Liens

 

 

12,387

 

 

 

12,690

 

 

 

12,831

 

 

 

12,284

 

 

 

11,869

 

   Commercial - Owner Occupied

 

 

257,675

 

 

 

254,744

 

 

 

251,456

 

 

 

244,088

 

 

 

243,610

 

   Commercial - Non-Owner Occupied & Multifamily

 

 

352,892

 

 

 

344,192

 

 

 

348,879

 

 

 

355,122

 

 

 

350,210

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   BHG loans

 

 

4,284

 

 

 

4,740

 

 

 

5,105

 

 

 

5,419

 

 

 

5,747

 

   SBA PPP loans

 

 

39

 

 

 

45

 

 

 

51

 

 

 

57

 

 

 

62

 

   Other commercial and industrial loans

 

 

102,345

 

 

 

95,327

 

 

 

102,672

 

 

 

91,411

 

 

 

95,012

 

Marine loans

 

 

236,890

 

 

 

247,042

 

 

 

251,168

 

 

 

260,518

 

 

 

299,304

 

Triad Loans

 

 

24,579

 

 

 

25,335

 

 

 

25,877

 

 

 

26,519

 

 

 

27,157

 

Consumer loans

 

 

9,497

 

 

 

9,194

 

 

 

16,542

 

 

 

16,019

 

 

 

16,486

 

Overdrafts

 

 

257

 

 

 

1,559

 

 

 

253

 

 

 

207

 

 

 

308

 

Other loans

 

 

11,951

 

 

 

12,466

 

 

 

12,895

 

 

 

13,089

 

 

 

13,805

 

Total loans

 

$

1,441,699

 

 

$

1,431,491

 

 

$

1,455,159

 

 

$

1,432,930

 

 

$

1,463,018

 

Net deferred loan costs and premiums

 

 

7,235

 

 

 

7,561

 

 

 

7,527

 

 

 

8,055

 

 

 

7,952

 

Allowance for credit/loan losses

 

 

(15,014

)

 

 

(14,448

)

 

 

(14,493

)

 

 

(14,573

)

 

 

(14,511

)

Net loans

 

$

1,433,920

 

 

$

1,424,604

 

 

$

1,448,193

 

 

$

1,426,412

 

 

$

1,456,459

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands)

Unaudited

 

 

6/30/2024

 

 

3/31/2024

 

 

12/31/2023

 

 

9/30/2023

 

 

6/30/2023

 

Interest and Dividend Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

19,525

 

 

$

19,963

 

 

$

19,420

 

 

$

20,179

 

 

$

18,754

 

Interest on federal funds sold

 

 

68

 

 

 

39

 

 

 

71

 

 

 

51

 

 

 

28

 

Interest and dividends on securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest income

 

 

739

 

 

 

758

 

 

 

771

 

 

 

781

 

 

 

785

 

Interest income exempt from federal income taxes

 

 

3

 

 

 

5

 

 

 

4

 

 

 

3

 

 

 

5

 

Dividends

 

 

155

 

 

 

156

 

 

 

157

 

 

 

147

 

 

 

136

 

Interest on deposits in banks

 

 

1,258

 

 

 

991

 

 

 

1,592

 

 

 

1,030

 

 

 

656

 

Total interest and dividend income

 

$

21,748

 

 

$

21,912

 

 

$

22,015

 

 

$

22,191

 

 

$

20,364

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

7,515

 

 

$

7,424

 

 

$

7,658

 

 

$

6,978

 

 

$

5,535

 

Interest on federal funds purchased

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest on Federal Home Loan Bank advances

 

 

1,712

 

 

 

1,710

 

 

 

1,714

 

 

 

1,943

 

 

 

2,032

 

Interest on subordinated debt

 

 

355

 

 

 

354

 

 

 

354

 

 

 

354

 

 

 

355

 

Total interest expense

 

$

9,582

 

 

$

9,488

 

 

$

9,726

 

 

$

9,275

 

 

$

7,922

 

Net interest income

 

$

12,166

 

 

$

12,424

 

 

$

12,289

 

 

$

12,916

 

 

$

12,442

 

Provision For Credit Losses

 

 

181

 

 

 

475

 

 

 

366

 

 

 

216

 

 

 

403

 

Net interest income after provision for credit losses

 

$

11,985

 

 

$

11,949

 

 

$

11,923

 

 

$

12,700

 

 

$

12,039

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

$

1,273

 

 

$

1,456

 

 

$

1,315

 

 

$

1,190

 

 

$

1,263

 

Service charges on deposit accounts

 

 

456

 

 

 

454

 

 

 

467

 

 

 

460

 

 

 

447

 

Other service charges and fees

 

 

1,164

 

 

 

969

 

 

 

979

 

 

 

1,252

 

 

 

1,135

 

(Loss) gain on the sale of marine finance business

 

 

—

 

 

 

—

 

 

 

(28

)

 

 

463

 

 

 

—

 

(Loss) gain on the sale of bank premises and equipment

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

7

 

 

 

7

 

(Loss) on the sale of AFS securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Gain on sale of loans HFS

 

 

492

 

 

 

161

 

 

 

515

 

 

 

265

 

 

 

192

 

Officer insurance income

 

 

269

 

 

 

268

 

 

 

171

 

 

 

184

 

 

 

179

 

Other operating income

 

 

652

 

 

 

163

 

 

 

234

 

 

 

388

 

 

 

134

 

Total noninterest income

 

$

4,295

 

 

$

3,471

 

 

$

3,653

 

 

$

4,209

 

 

$

3,357

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,353

 

 

$

7,185

 

 

$

7,849

 

 

$

7,598

 

 

$

7,561

 

Occupancy expenses

 

 

470

 

 

 

569

 

 

 

581

 

 

 

570

 

 

 

533

 

Equipment expenses

 

 

401

 

 

 

373

 

 

 

320

 

 

 

341

 

 

 

315

 

Advertising and marketing expenses

 

 

245

 

 

 

237

 

 

 

291

 

 

 

228

 

 

 

342

 

Stationery and supplies

 

 

32

 

 

 

24

 

 

 

44

 

 

 

69

 

 

 

56

 

ATM network fees

 

 

373

 

 

 

380

 

 

 

421

 

 

 

426

 

 

 

365

 

FDIC assessment

 

 

351

 

 

 

409

 

 

 

478

 

 

 

495

 

 

 

346

 

Computer software expense

 

 

221

 

 

 

233

 

 

 

373

 

 

 

396

 

 

 

281

 

Bank franchise tax

 

 

338

 

 

 

331

 

 

 

339

 

 

 

340

 

 

 

313

 

Professional fees

 

 

511

 

 

 

506

 

 

 

577

 

 

 

497

 

 

 

753

 

Data processing fees

 

 

558

 

 

 

565

 

 

 

513

 

 

 

542

 

 

 

478

 

Other operating expenses

 

 

1,657

 

 

 

1,565

 

 

 

1,494

 

 

 

2,631

 

 

 

1,612

 

Total noninterest expenses

 

$

12,510

 

 

$

12,377

 

 

$

13,280

 

 

$

14,133

 

 

$

12,955

 

Income before income taxes

 

$

3,770

 

 

$

3,043

 

 

$

2,296

 

 

$

2,776

 

 

$

2,441

 

Income Tax Expense (Benefit)

 

 

585

 

 

 

495

 

 

 

(99

)

 

 

457

 

 

 

383

 

Net income

 

$

3,185

 

 

$

2,548

 

 

$

2,395

 

 

$

2,319

 

 

$

2,058

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

 

$

0.89

 

 

$

0.72

 

 

$

0.68

 

 

$

0.66

 

 

$

0.58

 

Net income per common share, diluted

 

$

0.89

 

 

$

0.72

 

 

$

0.68

 

 

$

0.66

 

 

$

0.58

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

Average Balances, Income and Expenses, Yields and Rates

(dollars in thousands)

 

 

Three Months Ended

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

June 30, 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

 

$

137,588

 

 

$

893

 

 

 

2.61

 %

 

$

142,700

 

 

$

914

 

 

 

2.58

 %

 

$

155,347

 

 

$

922

 

 

 

2.38

 %

Tax-Exempt (1)

 

 

492

 

 

 

5

 

 

 

4.13

 %

 

 

499

 

 

 

6

 

 

 

4.84

 %

 

 

510

 

 

 

5

 

 

 

4.11

 %

Total Securities

 

$

138,080

 

 

$

898

 

 

 

2.62

 %

 

$

143,199

 

 

$

920

 

 

 

2.58

 %

 

$

155,857

 

 

$

927

 

 

 

2.39

 %

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

1,424,304

 

 

$

19,421

 

 

 

5.48

 %

 

$

1,433,871

 

 

$

19,858

 

 

 

5.57

 %

 

$

1,425,873

 

 

$

18,659

 

 

 

5.25

 %

Non-accrual

 

 

4,600

 

 

 

—

 

 

 

—

%

 

 

5,618

 

 

 

—

 

 

 

—

%

 

 

2,608

 

 

 

—

 

 

 

—

%

Tax-Exempt (1)

 

 

10,603

 

 

 

132

 

 

 

5.01

 %

 

 

10,706

 

 

 

133

 

 

 

4.99

 %

 

 

9,810

 

 

 

119

 

 

 

4.86

 %

Total Loans

 

$

1,439,507

 

 

$

19,553

 

 

 

5.46

 %

 

$

1,450,195

 

 

$

19,991

 

 

 

5.54

 %

 

$

1,438,291

 

 

$

18,778

 

 

 

5.24

 %

Federal funds sold and interest-bearing deposits in other banks

 

 

170,858

 

 

 

1,326

 

 

 

3.12

 %

 

 

127,205

 

 

 

1,030

 

 

 

3.26

 %

 

 

80,251

 

 

 

684

 

 

 

3.42

 %

Total earning assets

 

$

1,748,445

 

 

$

21,777

 

 

 

5.01

 %

 

$

1,720,599

 

 

$

21,941

 

 

 

5.13

 %

 

$

1,674,399

 

 

$

20,389

 

 

 

4.88

 %

Allowance for loan losses

 

 

(14,604

)

 

 

 

 

 

 

 

 

(14,536

)

 

 

 

 

 

 

 

 

(14,201

)

 

 

 

 

 

 

Total non-earning assets

 

 

33,281

 

 

 

 

 

 

 

 

 

53,112

 

 

 

 

 

 

 

 

 

73,702

 

 

 

 

 

 

 

Total assets

 

$

1,767,122

 

 

 

 

 

 

 

 

$

1,759,175

 

 

 

 

 

 

 

 

$

1,733,900

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

 

$

258,965

 

 

$

1,538

 

 

 

2.39

 %

 

$

256,282

 

 

$

1,497

 

 

 

2.35

 %

 

$

240,401

 

 

$

1,247

 

 

 

2.08

 %

Money market accounts

 

 

261,557

 

 

 

1,463

 

 

 

2.25

 %

 

 

263,755

 

 

 

1,413

 

 

 

2.15

 %

 

 

254,136

 

 

 

1,093

 

 

 

1.72

 %

Savings accounts

 

 

136,370

 

 

 

39

 

 

 

0.12

 %

 

 

138,737

 

 

 

41

 

 

 

0.12

 %

 

 

153,659

 

 

 

46

 

 

 

0.12

 %

Time deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$250,000 and more

 

 

138,531

 

 

 

1,652

 

 

 

4.80

 %

 

 

143,294

 

 

 

1,701

 

 

 

4.77

 %

 

 

99,903

 

 

 

888

 

 

 

3.57

 %

Less than $250,000

 

 

255,776

 

 

 

2,823

 

 

 

4.44

 %

 

 

251,853

 

 

 

2,772

 

 

 

4.43

 %

 

 

224,041

 

 

 

2,261

 

 

 

4.05

 %

Total interest-bearing deposits

 

$

1,051,199

 

 

$

7,515

 

 

 

2.88

 %

 

$

1,053,921

 

 

$

7,424

 

 

 

2.83

 %

 

$

972,140

 

 

$

5,535

 

 

 

2.28

 %

Federal funds purchased

 

 

15

 

 

 

—

 

 

 

—

%

 

 

11

 

 

 

—

 

 

 

—

%

 

 

178

 

 

 

—

 

 

 

—

%

Federal Home Loan Bank advances

 

 

145,110

 

 

 

1,712

 

 

 

4.74

 %

 

 

145,879

 

 

 

1,710

 

 

 

4.72

 %

 

 

172,198

 

 

 

2,032

 

 

 

4.73

 %

Subordinated debt

 

 

29,467

 

 

 

355

 

 

 

4.84

 %

 

 

29,450

 

 

 

354

 

 

 

4.84

 %

 

 

29,400

 

 

 

355

 

 

 

4.83

 %

Total interest-bearing liabilities

 

$

1,225,791

 

 

$

9,582

 

 

 

3.14

 %

 

$

1,229,261

 

 

$

9,488

 

 

 

3.10

 %

 

$

1,173,916

 

 

$

7,922

 

 

 

2.71

 %

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

417,128

 

 

 

 

 

 

 

 

 

405,166

 

 

 

 

 

 

 

 

 

440,728

 

 

 

 

 

 

 

Other Liabilities

 

 

16,489

 

 

 

 

 

 

 

 

 

17,268

 

 

 

 

 

 

 

 

 

15,212

 

 

 

 

 

 

 

Total liabilities

 

$

1,659,408

 

 

 

 

 

 

 

 

$

1,651,695

 

 

 

 

 

 

 

 

$

1,629,856

 

 

 

 

 

 

 

Shareholders' equity

 

 

107,714

 

 

 

 

 

 

 

 

 

107,480

 

 

 

 

 

 

 

 

 

104,044

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

1,767,122

 

 

 

 

 

 

 

 

$

1,759,175

 

 

 

 

 

 

 

 

$

1,733,900

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

12,195

 

 

 

 

 

 

 

 

$

12,453

 

 

 

 

 

 

 

 

$

12,467

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

 

1.87

 %

 

 

 

 

 

 

 

 

2.03

 %

 

 

 

 

 

 

 

 

2.17

 %

Interest expense as a percent of average earning assets

 

 

 

 

 

 

 

 

2.20

 %

 

 

 

 

 

 

 

 

2.22

 %

 

 

 

 

 

 

 

 

1.90

 %

Net interest margin

 

 

 

 

 

 

 

 

2.81

 %

 

 

 

 

 

 

 

 

2.91

 %

 

 

 

 

 

 

 

 

2.99

 %

 

(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

 

 

 

6/30/2024

 

 

3/31/2024

 

 

12/31/2023

 

 

9/30/2023

 

 

6/30/2023

 

GAAP Financial Measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income - Loans

 

$

19,525

 

 

$

19,963

 

 

$

19,420

 

 

$

20,179

 

 

$

18,754

 

Interest Income - Securities and Other Interest-Earnings Assets

 

 

2,223

 

 

 

1,949

 

 

 

2,595

 

 

 

2,012

 

 

 

1,610

 

Interest Expense - Deposits

 

 

7,515

 

 

 

7,424

 

 

 

7,658

 

 

 

6,978

 

 

 

5,535

 

Interest Expense - Other Borrowings

 

 

2,067

 

 

 

2,064

 

 

 

2,068

 

 

 

2,297

 

 

 

2,387

 

Total Net Interest Income

 

$

12,166

 

 

$

12,424

 

 

$

12,289

 

 

$

12,916

 

 

$

12,442

 

Non-GAAP Financial Measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

28

 

 

$

28

 

 

$

28

 

 

$

27

 

 

$

24

 

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

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total Tax Benefit on Tax-Exempt Interest Income

 

$

29

 

 

$

29

 

 

$

29

 

 

$

28

 

 

$

25

 

Tax-Equivalent Net Interest Income

 

$

12,195

 

 

$

12,453

 

 

$

12,318

 

 

$

12,944

 

 

$

12,467