Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

Condensed Financial Information – Parent Company Only

EAGLE FINANCIAL SERVICES , INC.

(Parent Company Only)

Balance Sheets

December 31, 2018 and 2017

(dollars in thousands)

	2018			2017
Assets
Cash held in subsidiary bank	$	402		$	426
Loans, net of allowance	2,896			2,825
Investment in subsidiaries, at cost, plus undistributed net income	84,210			80,459
Other assets	91			107
Total assets	$	87,599		$	83,817
Liabilities and Shareholders’ Equity
Total liabilities	$	—		$	—
Shareholders’ Equity
Preferred stock	$	—		$	—
Common stock	8,573			8,587
Surplus	11,992			12,075
Retained earnings	68,587			62,845
Accumulated other comprehensive (loss) income	(1,553		)	310
Total shareholders’ equity	$	87,599		$	83,817
Total liabilities and shareholders’ equity	$	87,599		$	83,817

EAGLE FINANCIAL SERVICES , INC.

(Parent Company Only)

Statements of Income

Years Ended December 31, 2018, 2017, and 2016

(dollars in thousands)

	2018			2017			2016
Income
Dividends from subsidiary bank	$	3,500		$	3,800		$	4,350
Interest and fees on loans	115			106			97
Other interest and dividends	—			—			2
Other income	—			—			149
Total income	$	3,615		$	3,906		$	4,598
Expenses
Interest expense on borrowings	$	—		$	—		$	143
Other operating expenses	272			255			211
Total expenses	$	272		$	255		$	354
Income before income tax (benefit) and equity in undistributed earnings of subsidiary bank	$	3,343		$	3,651		$	4,244
Income Tax (Benefit)	(45		)	(58		)	(36		)
Income before equity in undistributed earnings of subsidiary bank	$	3,388		$	3,709		$	4,280
Equity in Undistributed Net Income of Subsidiary Bank	5,613			4,077			2,090
Net income	$	9,001		$	7,786		$	6,370
Comprehensive income	$	7,138		$	8,069		$	5,295

EAGLE FINANCIAL SERVICES , INC.

(Parent Company Only)

Statements of Cash Flows

Years Ended December 31, 2018, 2017, and 2016

(dollars in thousands)

	2018			2017			2016
Cash Flows from Operating Activities
Net Income	$	9,001		$	7,786		$	6,370
Adjustments to reconcile net income to net cash provided by operating activities
Provision for (Recovery of) loan losses	2			(2		)	(2		)
Fair value adjustment on derivative contract	—			—			(149		)
Stock-based compensation expense	518			382			314
Undistributed earnings of subsidiary bank	(5,613		)	(4,077		)	(2,090		)
Changes in assets and liabilities:
Decrease (increase) in other assets	15			(62		)	(39		)
(Decrease) in other liabilities	—			—			(568		)
Net cash provided by operating activities	$	3,923		$	4,027		$	3,836
Cash Flows from Investing Activities
Net (increase) decrease in loans	$	(73	)	$	58		$	62
Net cash (used in) provided by investing activities	$	(73	)	$	58		$	62
Cash Flows from Financing Activities
Cash dividends paid	$	(2,776	)	$	(2,652	)	$	(2,354	)
Issuance of common stock, employee benefit plan	163			166			81
Retirement of common stock	(1,261		)	(1,564		)	(2,143		)
Net cash (used in) financing activities	$	(3,874	)	$	(4,050	)	$	(4,416	)
(Decrease) increase in cash	$	(24	)	$	35		$	(518	)
Cash
Beginning	$	426		$	391		$	909
Ending	$	402		$	426		$	391