Eagle Financial Services, Inc Announces 2020 First Quarter Earnings.

 
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BERRYVILLE, Va: Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, reported continued strong performance for the first quarter of 2020. On April 22, 2020, the Board of Directors announced a quarterly common stock cash dividend of $0.26 per common share, payable on May 18, 2020, to shareholders of record on May 4, 2020. Select highlights for the first quarter include:

Net income of $2.4 million

Loan growth of $29.3 million

Deposit growth of $18.5 million

Basic and diluted earnings per share of $0.71

Brandon Lorey, President and CEO, stated, "Although currently piloting through what will likely be a rather tumultuous second quarter from both an economic and public health perspective, I am pleased to announce that the Company demonstrated a very strong first quarter for 2020. The Bank realized solid net loan and deposit growth for the quarter at $29.3 million and $18.5 million, respectively. Continuing its long-standing tradition of returning value to its shareholders, the Company again approved a $0.26 dividend per common share for the quarter. Despite stay at home orders, adjusted branch schedules, and an altogether new "Normal," the Bank of Clarke County maintains its commitment to providing outstanding service to our customers through our online, call center, and retail drive-thru channels."

Income Statement Review

Net income for the quarter ended March 31, 2020 was $2.4 million reflecting a decrease of 13.8% from the quarter ended December 31, 2019 and a decrease of 5.06% from the quarter ended March 31, 2019. The decrease from the quarter ended December 31, 2019 to the quarter ended March 31, 2020 was mainly driven by increased noninterest expenses. Net income was $2.8 million for the three-month period ended December 31, 2019 and $2.6 million for the quarter ended March 31, 2019.

Net interest income for the quarter ended March 31, 2020 and December 31, 2019 was $8.0 million. Net interest income was $7.6 million for the quarter ended March 31, 2019. The increase in net interest income from the quarter ended March 31, 2019 resulted primarily from growth in the Company's loan portfolio.

Total loan interest income was $7.9 million for the quarters ended March 31, 2020 and December 31, 2019. Total loan interest income was $7.5 million for the quarter ended March 31, 2019. Total loan interest income increased $421 thousand or 5.60% from the quarter ended March 31, 2019 to the quarter ended March 31, 2020. Average loans for the quarter ended March 31, 2020 were $657.7 million compared to $640.7 million for the quarter ended December 31, 2019. For the quarter ended March 31, 2019, total average loans were $608.3 million. The tax equivalent yield on average loans for the quarter ended March 31, 2020 was 4.87%, a decrease of four basis points from 4.91% for the quarter ended December 31, 2019 and down 16 basis points from the 5.03% average yield for the same time period in 2019. Interest and dividend income from the investment portfolio was $1.1 million for the quarter ended March 31, 2020 compared to $1.0 million for the quarter ended December 31, 2019. Interest income and...

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