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

 

Exhibit 99.1

 

EAGLE FINANCIAL SERVICES, INC. ANNOUNCES

2022 FOURTH QUARTER FINANCIAL RESULTS

 

 

 

Contact:

Kathleen J. Chappell, Executive Vice President and CFO

540-955-2510

 

 

kchappell@bankofclarke.com

 

BERRYVILLE, VIRGINIA (January 31, 2023) – Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke, whose divisions include Bank of Clarke Wealth Management, announced its fourth quarter 2022 results. Select highlights for the fourth quarter include:

•
Net income of $3.2 million
•
Basic and diluted earnings per share of $0.92
•
Loan activity:
▪
Sales - $58.6 million
▪
Net growth - $121.5 million

 

Brandon Lorey, President and CEO, stated, "The Bank of Clarke and its employees delivered a number of records for Eagle Financial Services, Inc. in 2022, including loan growth, earnings, earnings per share, and revenue, despite a significantly higher interest rate environment driving increased competition for core deposits. For the year, the Bank’s commercial and residential lending team along with our niche marine division, LV Finance, delivered loan growth of $338.0 million or 25.5%. The Bank also reached a new after-tax earnings record of $14.5 million translating to a record EPS of $4.17 per share and top line revenue of $62.6 million. Additionally, the Bank’s Trust and Wealth Management division broke through the $500 million threshold in Assets Under Management (AUM) over the year and contributed over $1 million in after tax-revenue to the company, more than three times its historical contribution. We continue to remain focused on our customers, community, and shareholders by providing the customer service of Main Street with the product set of Wall Street. Thanks to our phenomenal staff for their continued and tireless work in putting our customers in the center of everything we do, as we work to earn the moniker of being the trusted financial partners for all we serve in the Valley and Northern Virginia."

Income Statement Review

Net income for the quarter ended December 31, 2022 was $3.2 million reflecting a decrease of 21.7% from the quarter ended September 30, 2022 and an increase of 40.0% from the quarter ended December 31, 2021. The decrease from the quarter ended September 30, 2022 was primarily due to the $930 thousand provision for loan losses that was expensed during the fourth quarter of 2022 to keep pace with loan growth. The increase from the quarter ended December 31, 2021 was mainly driven by increased net interest income led by strong loan growth. Net income was $4.1 million for the three-month period ended September 30, 2022 and $2.3 million for the quarter ended December 31, 2021.

 

 

 

Net interest income for the quarter ended December 31, 2022 was $13.3 million reflecting an increase of 2.8% from the quarter ended September 30, 2022 and an increase of 19.5% from the quarter ended December 31, 2021. Net interest income was $12.9 million and $11.1 million for the quarters ended September 30, 2022 and December 31, 2021, respectively. The increase in net interest income from the quarters ended September 30, 2022 and December 31, 2021 resulted primarily from growth in the Company’s loan portfolio along with the rising interest rate environment.

Total loan interest income was $15.1 million and $13.3 million for the quarters ended December 31, 2022 and September 30, 2022, respectively. Total loan interest income was $10.7 million for the quarter ended December 31, 2021. Total loan interest income increased $4.4 million or 41.7% from the quarter ended December 31, 2021 to the quarter ended December 31, 2022. Average loans for the quarter ended December 31, 2022 were $1.26 billion compared to $963.9 million for the quarter ended December 31, 2021. The tax equivalent yield on average loans for the quarter ended December 31, 2022 was 4.78%, an increase of 38 basis points from the 4.40% average yield for the same time period in 2021. The majority of this increase in yield can be attributed to the current rising interest rate environment.

Interest and dividend income from the investment portfolio was $879 thousand for the quarter ended December 31, 2022 compared to $932 thousand for the quarter ended September 30, 2022. Interest income and dividend income from the investment portfolio was $784 thousand for the quarter ended December 31, 2021. The decrease in interest and dividend income between the third and fourth quarters of 2022 resulted from the sale of securities during the third quarter of 2022. The increase in interest and dividend income between the quarters ended December 31, 2022 and December 31, 2021 resulted from the increase in yields on securities purchased during 2022. Average investments for the quarter ended December 31, 2022 were $154.3 million compared to $197.1 million for the quarter ended December 31, 2021. The tax equivalent yield on average investments for the quarter ended December 31, 2022 was 2.26%, up 19 basis points from 2.07% for the quarter ended September 30, 2022 and up 62 basis points from 1.64% for the quarter ended December 31, 2021.

Total interest expense was $2.9 million for the three months ended December 31, 2022 and $1.5 million and $373 thousand for three months ended September 30, 2022 and December 31, 2021, respectively. The increase in interest expense resulted from increases on rates paid on deposit accounts, the subordinated notes that the Company issued on March 31, 2022, which are currently paying a 4.5% fixed rate, and Federal Home Loan Bank advances of $175 million entered into during the third and fourth quarters of 2022. The average cost of interest-bearing liabilities increased 57 and 103 basis points when comparing the quarter ended December 31, 2022 to the quarters ended September 30, 2022 and December 31, 2021, respectively. The average balance of interest-bearing liabilities increased $65.6 million from the quarter ended September 30, 2022 to the quarter ended December 31, 2022. The average balance of interest-bearing liabilities increased $225.6 million from the quarter ended December 31, 2021 to the same period in 2022.

The net interest margin was 3.68% for the quarter ended December 31, 2022. For the quarters ended September 30, 2022 and December 31, 2021, the net interest margin was 3.72% and 3.67%, 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 $3.1 million for the quarter ended December 31, 2022, which represented a decrease of $75 thousand or 2.4% from the $3.2 million for the three months ended September 30, 2022. Noninterest income for the quarter ended December 31, 2021 was $3.4 million. The $273 thousand or 8.1% decrease between the quarters ended December 31, 2021 and December 31, 2022 was driven mainly by lower gains on the sale of loans held for sale which were largely impacted by the rising interst rate environment.

 

 

 

Noninterest expense increased $490 thousand, or 4.4%, to $11.5 million for the quarter ended December 31, 2022 from $11.1 million for the quarter ended September 30, 2022. The largest increase was in other operating expenses, which includes loan expense. This increase was due mainly to the high loan volume experienced during the fourth quarter of 2022. Noninterest expense was $11.9 million for the quarter ended December 31, 2021, representing a decrease of $335 thousand or 2.8% when comparing the quarter ended December 31, 2022 to the quarter ended December 31, 2021. An increase in salaries and benefits expenses was noted between the fourth quarter of 2022 and the same period in 2021. Annual pay increases, newly hired employees, incentive plan accruals and increased insurance costs have attributed to these increases. The number of full-time equivalent employees (FTEs) has increased from 221 at December 31, 2021, to 241 at December 31, 2022. This increase was offset by a large decrease in professional fees and more specifically, legal expenses. Legal expenses were higher in the fourth quarter of 2021 primarily from the expansion of the Bank's wealth management business line and also its build out of the marine lending division. Approximately $2.0 million of those expenses were one-time fees.

 

Asset Quality and Provision for Loan 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 increased from $2.4 million or 0.16% of total assets at September 30, 2022 to $2.6 million or 0.16% of total assets at December 31, 2022. Nonperforming assets were $2.8 million at December 31, 2021. Total nonaccrual loans were $2.2 million at December 31, 2022 and $2.4 million at September 30, 2022. Nonaccrual loans were $2.7 million at December 31, 2021. 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 $108 thousand and zero at December 31, 2022 and September 30, 2022, respectively.

The Company may, under certain circumstances, restructure loans in troubled debt restructurings as a concession to a borrower when the borrower is experiencing financial distress. Formal, standardized loan restructuring programs are not utilized by the Company. Each loan considered for restructuring is evaluated based on customer circumstances and may include modifications to one or more loan provision. Such restructured loans are included in impaired loans but may not necessarily be nonperforming loans. At December 31, 2022, the Company had 28 troubled debt restructurings totaling $4.6 million. Approximately $4.4 million or 26 loans are performing loans, while the remaining loans are on non-accrual status. At September 30, 2022, the Company had 26 troubled debt restructurings totaling $4.4 million. Approximately $4.2 million or 24 loans were performing loans, while the remaining loans were on non-accrual status.

The Company realized $454 thousand in net charge-offs for the quarter ended December 31, 2022 versus $895 thousand in net recoveries for the three months ended September 30, 2022. During the three months ended December 31, 2021, $39 thousand in net recoveries were recognized. The amount of provision for loan losses reflects the results of the Bank’s analysis used to determine the adequacy of the allowance for loan losses. The Company recorded $930 thousand in provision for loan loss for the quarter ended December 31, 2022 due to the significant growth of the loan portfolio during the quarter. The Company recognized provision for loan losses of zero and $300 thousand for the quarters ended September 30, 2022 and December 31, 2021, respectively. The lack of provision for the quarter ended September 30, 2022 was due to the large net recovery that was recognized during the quarter. The provision for the quarter ended December 31, 2021 resulted mostly from loan growth during the quarter. The ratio of allowance for loan losses to total loans was 0.85% at December 31, 2022 and 0.89% at September 30, 2022. The ratio of allowance for loan losses to total loans was 0.89% at December 31, 2021. The decrease in the ratio of the allowance for loan losses to total loans is mainly attributable to the type of new loans that are being originated in the portfolio. The majority of growth has been in the commercial real estate and marine loan pools, which have a lower allocation percentage than the overall portfolio. The ratio of allowance for loan losses to total nonaccrual loans was 518.86% at December 31, 2022. The ratio of allowance for loan losses to total nonaccrual loans was 442.59% and 488.85% at September 30, 2022 and December 31, 2021, respectively. 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.

 

 

 

Total Consolidated Assets

Total consolidated assets of the Company at December 31, 2022 were $1.62 billion, which represented an increase of $143.6 million or 9.75% from total assets of $1.47 billion at September 30, 2022. At December 31, 2021, total consolidated assets were $1.30 billion. Total net loans increased $121.5 million from $1.19 billion at September 30, 2022 to $1.31 billion at December 31, 2022. During the quarter ended December 31, 2022, $58.6 million in loans were sold. The Company sold $961 thousand in mortgage loans on the secondary market and $57.7 million of loans from the commercial and consumer loan portfolios. These loan sales resulted in net gains of $55 thousand. Total securities increased $2.0 million from $156.4 million at September 30, 2022, to $158.4 million at December 31, 2022. At December 31, 2021, total investment securities were $193.4 million and net loans were $976.9 million. The growth in total loans and total assets was largely due to organic loan portfolio growth as the Company expands lending types and markets.

 

Deposits and Other Borrowings

Total deposits increased to $1.26 billion as of December 31, 2022 when compared to September 30, 2022 deposits of $1.25 billion. At December 31, 2021 total deposits were $1.18 billion. The growth in deposits was mainly organic growth as the Company continues to expand and grow into newer market areas.

The Company had $175.0 million and $75.0 million, respectively, in outstanding borrowings from the Federal Home Loan Bank of Atlanta at December 31, 2022 and September 30, 2022. There were no outstanding borrowings from the Federal Home Loan Bank as of December 31, 2021. At December 31, 2022, the Company had $33.0 million outstanding in fed funds purchased. There were no outstanding fed funds purchased as of September 30, 2022 or December 31, 2021. These borrowings were used mainly to fund the strong loan growth that occurred during the quarter ended December 31, 2022.

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.

Equity

Shareholders’ equity was $101.7 million and $98.5 million at December 31, 2022 and September 30, 2022, respectively. Shareholders’ equity was $110.3 million at December 31, 2021. The decrease in shareholder’s equity at December 31, 2022 in comparison to December 31, 2021 was driven by the other comprehensive loss from the unrealized loss on available for sale securities. The book value of the Company at December 31, 2022 was $29.15 per common share. Total common shares outstanding were 3,490,086 at December 31, 2022. On January 25, 2023, the board of directors declared a $0.30 per common share cash dividend for shareholders of record as of February 6, 2023 and payable on February 17, 2023.

 

 

 

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 effects of the COVID-19 pandemic, including on the Company’s credit quality and business operations, as well as its impact on general economic and financial market 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 requirements; 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, 2021 and other filings with the Securities and Exchange Commission.

 

 

EAGLE FINANCIAL SERVICES, INC.

KEY STATISTICS

 

 

 

For the Three Months Ended

 

 

 

4Q22

 

 

3Q22

 

 

2Q22

 

 

1Q22

 

 

4Q21

 

Net Income (dollars in thousands)

 

$

3,197

 

 

$

4,082

 

 

$

3,992

 

 

$

3,250

 

 

$

2,283

 

Earnings per share, basic

 

$

0.92

 

 

$

1.17

 

 

$

1.14

 

 

$

0.94

 

 

$

0.66

 

Earnings per share, diluted

 

$

0.92

 

 

$

1.17

 

 

$

1.14

 

 

$

0.94

 

 

$

0.66

 

Return on average total assets

 

 

0.83

%

 

 

1.12

%

 

 

1.16

%

 

 

0.99

%

 

 

0.70

%

Return on average total equity

 

 

12.70

%

 

 

15.93

%

 

 

15.86

%

 

 

12.08

%

 

 

8.20

%

Dividend payout ratio

 

 

32.61

%

 

 

24.79

%

 

 

24.56

%

 

 

29.79

%

 

 

42.42

%

Fee revenue as a percent of total revenue

 

 

14.92

%

 

 

16.11

%

 

 

15.73

%

 

 

15.32

%

 

 

15.16

%

Net interest margin(1)

 

 

3.68

%

 

 

3.72

%

 

 

3.70

%

 

 

3.61

%

 

 

3.67

%

Yield on average earning assets

 

 

4.48

%

 

 

4.14

%

 

 

3.93

%

 

 

3.73

%

 

 

3.79

%

Rate on average interest-bearing liabilities

 

 

1.25

%

 

 

0.68

%

 

 

0.38

%

 

 

0.21

%

 

 

0.22

%

Net interest spread

 

 

3.23

%

 

 

3.46

%

 

 

3.55

%

 

 

3.52

%

 

 

3.57

%

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

 

$

20

 

 

$

32

 

 

$

25

 

 

$

27

 

 

$

32

 

Non-interest income to average assets

 

 

0.80

%

 

 

0.87

%

 

 

1.12

%

 

 

0.99

%

 

 

1.04

%

Non-interest expense to average assets

 

 

2.99

%

 

 

3.04

%

 

 

3.07

%

 

 

3.02

%

 

 

3.66

%

Efficiency ratio(2)

 

 

70.53

%

 

 

65.73

%

 

 

66.62

%

 

 

68.87

%

 

 

81.53

%

 

(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

 

 

4Q22

 

 

3Q22

 

 

2Q22

 

 

1Q22

 

 

4Q21

 

BALANCE SHEET RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans to deposits

 

 

104.72

%

 

 

95.83

%

 

 

91.01

%

 

 

82.96

%

 

 

83.73

%

Average interest-earning assets to average-interest bearing liabilities

 

 

155.58

%

 

 

161.11

%

 

 

166.35

%

 

 

173.69

%

 

 

173.49

%

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

0.30

 

 

$

0.29

 

 

$

0.28

 

 

$

0.28

 

 

$

0.28

 

Book value

 

 

29.15

 

 

 

28.28

 

 

 

28.58

 

 

 

29.37

 

 

 

32.22

 

Tangible book value

 

 

29.15

 

 

 

28.28

 

 

 

28.58

 

 

 

29.37

 

 

 

32.22

 

SHARE PRICE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing price

 

$

35.95

 

 

$

36.92

 

 

$

35.44

 

 

$

35.45

 

 

$

34.65

 

Diluted earnings multiple(1)

 

 

9.77

 

 

 

7.89

 

 

 

7.77

 

 

 

9.43

 

 

 

13.13

 

Book value multiple(2)

 

 

1.23

 

 

 

1.31

 

 

 

1.24

 

 

 

1.21

 

 

 

1.08

 

COMMON STOCK DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares at end of period

 

 

3,490,086

 

 

 

3,483,571

 

 

 

3,481,188

 

 

 

3,477,020

 

 

 

3,454,128

 

Weighted average shares outstanding

 

 

3,489,764

 

 

 

3,487,555

 

 

 

3,479,573

 

 

 

3,472,332

 

 

 

3,451,383

 

Weighted average shares outstanding, diluted

 

 

3,489,764

 

 

 

3,482,820

 

 

 

3,479,591

 

 

 

3,472,332

 

 

 

3,451,383

 

CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital ratio

 

 

8.80

%

 

 

9.35

%

 

 

9.67

%

 

 

10.19

%

 

 

10.72

%

Tier 1 risk-based capital ratio

 

 

8.80

%

 

 

9.35

%

 

 

9.67

%

 

 

10.19

%

 

 

10.72

%

Total risk-based capital ratio

 

 

10.34

%

 

 

10.98

%

 

 

11.33

%

 

 

11.94

%

 

 

11.58

%

Tier 1 leverage ratio

 

 

7.84

%

 

 

8.09

%

 

 

8.34

%

 

 

8.44

%

 

 

8.57

%

Total equity to total assets

 

 

6.29

%

 

 

6.69

%

 

 

7.09

%

 

 

7.43

%

 

 

8.46

%

CREDIT QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average loans

 

 

0.04

%

 

 

(0.08

)%

 

 

(0.02

)%

 

 

0.00

%

 

 

—

%

Total non-performing loans to total loans

 

 

0.19

%

 

 

0.20

%

 

 

0.19

%

 

 

0.26

%

 

 

0.28

%

Total non-performing assets to total assets

 

 

0.16

%

 

 

0.16

%

 

 

0.15

%

 

 

0.19

%

 

 

0.21

%

Non-accrual loans to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total loans

 

 

0.16

%

 

 

0.20

%

 

 

0.18

%

 

 

0.26

%

 

 

0.28

%

total assets

 

 

0.13

%

 

 

0.16

%

 

 

0.14

%

 

 

0.19

%

 

 

0.21

%

Allowance for loan losses to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total loans

 

 

0.85

%

 

 

0.89

%

 

 

0.88

%

 

 

0.91

%

 

 

0.89

%

non-performing assets

 

 

433.45

%

 

 

442.59

%

 

 

472.67

%

 

 

357.47

%

 

 

317.68

%

non-accrual loans

 

 

518.86

%

 

 

442.59

%

 

 

488.85

%

 

 

357.47

%

 

 

322.70

%

NON-PERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans delinquent over 90 days

 

$

318

 

 

$

—

 

 

$

69

 

 

$

—

 

 

$

43

 

Non-accrual loans

 

 

2,162

 

 

 

2,427

 

 

 

2,015

 

 

 

2,606

 

 

 

2,723

 

Other real estate owned and repossessed assets

 

 

108

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

NET LOAN CHARGE-OFFS (RECOVERIES):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off

 

$

491

 

 

$

80

 

 

$

41

 

 

$

47

 

 

$

42

 

(Recoveries)

 

 

(37

)

 

 

(975

)

 

 

(213

)

 

 

(35

)

 

 

(81

)

Net charge-offs (recoveries)

 

 

454

 

 

 

(895

)

 

 

(172

)

 

 

12

 

 

 

(39

)

PROVISION FOR LOAN LOSSES (dollars in thousands)

 

$

930

 

 

$

—

 

 

$

360

 

 

$

540

 

 

$

300

 

ALLOWANCE FOR LOAN LOSS SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of period

 

$

10,742

 

 

$

9,847

 

 

$

9,315

 

 

$

8,787

 

 

$

8,448

 

Provision

 

 

930

 

 

 

—

 

 

 

360

 

 

 

540

 

 

 

300

 

Net charge-offs (recoveries)

 

 

454

 

 

 

(895

)

 

 

(172

)

 

 

12

 

 

 

(39

)

Balance at the end of period

 

$

11,218

 

 

$

10,742

 

 

$

9,847

 

 

$

9,315

 

 

$

8,787

 

 

(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
12/31/2022

 

 

Unaudited
09/30/2022

 

 

Unaudited
06/30/2022

 

 

Unaudited
03/31/2022

 

 

Audited
12/31/2021

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

66,531

 

 

$

30,782

 

 

$

31,457

 

 

$

86,965

 

 

$

63,840

 

Federal funds sold

 

 

363

 

 

 

5,153

 

 

 

680

 

 

 

8,945

 

 

 

228

 

Securities available for sale, at fair value

 

 

158,389

 

 

 

156,361

 

 

 

181,162

 

 

 

194,554

 

 

 

193,370

 

Loans held for sale

 

 

153

 

 

 

90

 

 

 

399

 

 

 

843

 

 

 

876

 

Loans, net of allowance for loan losses

 

 

1,312,565

 

 

 

1,191,099

 

 

 

1,110,993

 

 

 

1,012,144

 

 

 

976,933

 

Bank premises and equipment, net

 

 

18,064

 

 

 

17,972

 

 

 

18,155

 

 

 

18,333

 

 

 

18,249

 

Bank owned life insurance

 

 

23,862

 

 

 

23,731

 

 

 

23,593

 

 

 

23,415

 

 

 

23,236

 

Other assets

 

 

36,790

 

 

 

47,932

 

 

 

36,074

 

 

 

29,096

 

 

 

26,306

 

Total assets

 

$

1,616,717

 

 

$

1,473,120

 

 

$

1,402,513

 

 

$

1,374,295

 

 

$

1,303,038

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest bearing demand deposits

 

$

478,750

 

 

$

491,184

 

 

$

477,540

 

 

$

489,426

 

 

$

470,355

 

Savings and interest bearing demand deposits

 

 

627,431

 

 

 

632,081

 

 

 

638,951

 

 

 

619,224

 

 

 

583,296

 

Time deposits

 

 

157,894

 

 

 

130,849

 

 

 

115,022

 

 

 

122,673

 

 

 

123,584

 

Total deposits

 

$

1,264,075

 

 

$

1,254,114

 

 

$

1,231,513

 

 

$

1,231,323

 

 

$

1,177,235

 

Federal funds purchased

 

 

32,980

 

 

 

—

 

 

 

28,575

 

 

 

—

 

 

 

—

 

Federal Home Loan Bank advances

 

 

175,000

 

 

 

75,000

 

 

 

—

 

 

 

—

 

 

 

—

 

Subordinated debt

 

 

29,377

 

 

 

29,360

 

 

 

29,343

 

 

 

29,327

 

 

 

—

 

Other liabilities

 

 

13,556

 

 

 

16,146

 

 

 

13,592

 

 

 

11,542

 

 

 

15,523

 

Commitments and contingent liabilities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total liabilities

 

$

1,514,988

 

 

$

1,374,620

 

 

$

1,303,023

 

 

$

1,272,192

 

 

$

1,192,758

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $10 par value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Common stock, $2.50 par value

 

 

8,619

 

 

 

8,600

 

 

 

8,594

 

 

 

8,586

 

 

 

8,556

 

Surplus

 

 

13,278

 

 

 

13,003

 

 

 

12,594

 

 

 

12,260

 

 

 

12,115

 

Retained earnings

 

 

100,278

 

 

 

98,128

 

 

 

95,058

 

 

 

92,040

 

 

 

89,764

 

Accumulated other comprehensive (loss)

 

 

(20,446

)

 

 

(21,231

)

 

 

(16,756

)

 

 

(10,783

)

 

 

(155

)

Total shareholders' equity

 

$

101,729

 

 

$

98,500

 

 

$

99,490

 

 

$

102,103

 

 

$

110,280

 

Total liabilities and shareholders' equity

 

$

1,616,717

 

 

$

1,473,120

 

 

$

1,402,513

 

 

$

1,374,295

 

 

$

1,303,038

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands)

Unaudited

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest and Dividend Income

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

15,117

 

 

$

10,665

 

 

$

50,682

 

 

$

39,871

 

Interest on federal funds sold

 

 

15

 

 

 

—

 

 

 

30

 

 

 

—

 

Interest and dividends on securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest income

 

 

815

 

 

 

676

 

 

 

3,292

 

 

 

2,272

 

Interest income exempt from federal income taxes

 

 

4

 

 

 

98

 

 

 

221

 

 

 

419

 

Dividends

 

 

60

 

 

 

10

 

 

 

109

 

 

 

45

 

Interest on deposits in banks

 

 

153

 

 

 

16

 

 

 

352

 

 

 

69

 

Total interest and dividend income

 

$

16,164

 

 

$

11,465

 

 

$

54,686

 

 

$

42,676

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

1,474

 

 

$

373

 

 

$

2,941

 

 

$

1,677

 

Interest on federal funds purchased

 

 

151

 

 

 

—

 

 

 

170

 

 

 

—

 

Interest on Federal Home Loan Bank advances

 

 

891

 

 

 

—

 

 

 

1,295

 

 

 

—

 

Interest on subordinated debt

 

 

392

 

 

 

—

 

 

 

1,067

 

 

 

—

 

Total interest expense

 

$

2,908

 

 

$

373

 

 

$

5,473

 

 

$

1,677

 

Net interest income

 

$

13,256

 

 

$

11,092

 

 

$

49,213

 

 

$

40,999

 

Provision For Loan Losses

 

 

930

 

 

 

300

 

 

 

1,830

 

 

 

1,483

 

Net interest income after provision for loan losses

 

$

12,326

 

 

$

10,792

 

 

$

47,383

 

 

$

39,516

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

Income from fiduciary activities

 

$

1,072

 

 

$

922

 

 

$

4,149

 

 

$

1,891

 

Service charges on deposit accounts

 

 

423

 

 

 

366

 

 

 

1,618

 

 

 

1,087

 

Other service charges and fees

 

 

944

 

 

 

903

 

 

 

3,943

 

 

 

5,252

 

(Loss) on the sale of bank premises and equipment

 

 

(8

)

 

 

—

 

 

 

(11

)

 

 

—

 

(Loss) gain on sales of AFS securities

 

 

—

 

 

 

—

 

 

 

(737

)

 

 

24

 

Gain on sale of loans HFS

 

 

331

 

 

 

813

 

 

 

1,875

 

 

 

1,658

 

Officer insurance income

 

 

219

 

 

 

160

 

 

 

714

 

 

 

527

 

Other operating income

 

 

108

 

 

 

198

 

 

 

1,794

 

 

 

881

 

Total noninterest income

 

$

3,089

 

 

$

3,362

 

 

$

13,345

 

 

$

11,320

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

6,857

 

 

$

5,881

 

 

$

25,730

 

 

$

21,854

 

Occupancy expenses

 

 

506

 

 

 

484

 

 

 

2,068

 

 

 

1,803

 

Equipment expenses

 

 

307

 

 

 

251

 

 

 

1,121

 

 

 

959

 

Advertising and marketing expenses

 

 

332

 

 

 

185

 

 

 

770

 

 

 

659

 

Stationery and supplies

 

 

64

 

 

 

30

 

 

 

199

 

 

 

155

 

ATM network fees

 

 

233

 

 

 

288

 

 

 

1,210

 

 

 

1,135

 

Other real estate owned expenses

 

 

34

 

 

 

4

 

 

 

34

 

 

 

41

 

Loss on the sale of other real estate owned

 

 

—

 

 

 

73

 

 

 

—

 

 

 

201

 

FDIC assessment

 

 

184

 

 

 

197

 

 

 

614

 

 

 

606

 

Computer software expense

 

 

270

 

 

 

244

 

 

 

960

 

 

 

996

 

Bank franchise tax

 

 

233

 

 

 

198

 

 

 

886

 

 

 

781

 

Professional fees

 

 

409

 

 

 

2,642

 

 

 

2,019

 

 

 

3,760

 

Data processing fees

 

 

393

 

 

 

348

 

 

 

1,779

 

 

 

1,541

 

Other operating expenses

 

 

1,726

 

 

 

1,058

 

 

 

5,667

 

 

 

3,558

 

Total noninterest expenses

 

$

11,548

 

 

$

11,883

 

 

$

43,057

 

 

$

38,049

 

Income before income taxes

 

$

3,867

 

 

$

2,271

 

 

$

17,671

 

 

$

12,787

 

Income Tax Expense

 

 

670

 

 

 

(12

)

 

 

3,150

 

 

 

1,766

 

Net income

 

$

3,197

 

 

$

2,283

 

 

$

14,521

 

 

$

11,021

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

 

$

0.92

 

 

$

0.66

 

 

$

4.17

 

 

$

3.20

 

Net income per common share, diluted

 

$

0.92

 

 

$

0.66

 

 

$

4.17

 

 

$

3.20

 

 

 

 

EAGLE FINANCIAL SERVICES, INC.

Average Balances, Income and Expenses, Yields and Rates

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

Average

 

 

Income/

 

 

Average

 

 

Average

 

 

Income/

 

 

Average

 

Assets:

 

Balance

 

 

Expense

 

 

Yield

 

 

Balance

 

 

Expense

 

 

Yield

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

172,501

 

 

$

3,401

 

 

 

1.97

%

 

$

162,717

 

 

$

2,317

 

 

 

1.42

%

Tax-Exempt (1)

 

 

8,305

 

 

 

280

 

 

 

3.37

%

 

 

15,936

 

 

 

530

 

 

 

3.33

%

Total Securities

 

$

180,806

 

 

$

3,681

 

 

 

2.04

%

 

$

178,653

 

 

$

2,847

 

 

 

1.59

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

1,121,429

 

 

$

50,509

 

 

 

4.50

%

 

$

889,035

 

 

$

39,643

 

 

 

4.46

%

Non-accrual

 

 

2,350

 

 

 

—

 

 

 

—

%

 

 

4,024

 

 

 

—

 

 

 

—

%

Tax-Exempt (1)

 

 

5,671

 

 

 

218

 

 

 

3.85

%

 

 

6,734

 

 

 

289

 

 

 

4.29

%

Total Loans

 

$

1,129,450

 

 

$

50,727

 

 

 

4.49

%

 

$

899,793

 

 

$

39,932

 

 

 

4.44

%

Federal funds sold

 

 

5,311

 

 

 

30

 

 

 

0.57

%

 

 

223

 

 

 

—

 

 

 

0.10

%

Interest-bearing deposits in other banks

 

 

27,251

 

 

 

352

 

 

 

1.29

%

 

 

68,868

 

 

 

69

 

 

 

0.10

%

Total earning assets

 

$

1,340,468

 

 

$

54,790

 

 

 

4.09

%

 

$

1,143,513

 

 

$

42,848

 

 

 

3.75

%

Allowance for loan losses

 

 

(9,852

)

 

 

 

 

 

 

 

 

(7,980

)

 

 

 

 

 

 

Total non-earning assets

 

 

95,639

 

 

 

 

 

 

 

 

 

83,146

 

 

 

 

 

 

 

Total assets

 

$

1,426,255

 

 

 

 

 

 

 

 

$

1,218,679

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

 

$

173,843

 

 

$

663

 

 

 

0.38

%

 

$

145,652

 

 

$

312

 

 

 

0.21

%

Money market accounts

 

 

270,725

 

 

 

1,155

 

 

 

0.43

%

 

 

225,960

 

 

 

583

 

 

 

0.26

%

Savings accounts

 

 

179,709

 

 

 

130

 

 

 

0.07

%

 

 

156,861

 

 

 

92

 

 

 

0.06

%

Time deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$250,000 and more

 

 

62,757

 

 

 

560

 

 

 

0.89

%

 

 

67,287

 

 

 

411

 

 

 

0.61

%

Less than $250,000

 

 

62,907

 

 

 

433

 

 

 

0.69

%

 

 

58,565

 

 

 

279

 

 

 

0.48

%

Total interest-bearing deposits

 

$

749,941

 

 

$

2,941

 

 

 

0.39

%

 

$

654,325

 

 

$

1,677

 

 

 

0.26

%

Federal funds purchased

 

 

7,882

 

 

 

170

 

 

 

2.16

%

 

 

1

 

 

 

—

 

 

 

0.36

%

Federal Home Loan Bank advances

 

 

39,589

 

 

 

1,295

 

 

 

3.27

%

 

 

—

 

 

 

—

 

 

 

—

%

Subordinated debt

 

 

22,193

 

 

 

1,067

 

 

 

4.81

%

 

 

—

 

 

 

—

 

 

 

 

Total interest-bearing liabilities

 

$

819,605

 

 

$

5,473

 

 

 

0.67

%

 

$

654,326

 

 

$

1,677

 

 

 

0.26

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

485,061

 

 

 

 

 

 

 

 

 

443,662

 

 

 

 

 

 

 

Other Liabilities

 

 

18,293

 

 

 

 

 

 

 

 

 

12,521

 

 

 

 

 

 

 

Total liabilities

 

$

1,322,959

 

 

 

 

 

 

 

 

$

1,110,509

 

 

 

 

 

 

 

Shareholders' equity

 

 

103,296

 

 

 

 

 

 

 

 

 

108,170

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

1,426,255

 

 

 

 

 

 

 

 

$

1,218,679

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

49,317

 

 

 

 

 

 

 

 

$

41,171

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

 

3.42

%

 

 

 

 

 

 

 

 

3.49

%

Interest expense as a percent of average earning assets

 

 

 

 

 

 

 

 

0.41

%

 

 

 

 

 

 

 

 

0.15

%

Net interest margin

 

 

 

 

 

 

 

 

3.68

%

 

 

 

 

 

 

 

 

3.60

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

 

 

 

EAGLE FINANCIAL SERVICES, INC.

Average Balances, Income and Expenses, Yields and Rates

(dollars in thousands)

 

 

For the Three Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

Average

 

 

Income/

 

 

Average

 

 

Average

 

 

Income/

 

 

Average

 

Assets:

 

Balance

 

 

Expense

 

 

Yield

 

 

Balance

 

 

Expense

 

 

Yield

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

153,747

 

 

$

875

 

 

 

2.26

%

 

$

182,802

 

 

$

687

 

 

 

1.49

%

Tax-Exempt (1)

 

 

533

 

 

 

5

 

 

 

4.15

%

 

 

14,318

 

 

 

124

 

 

 

3.46

%

Total Securities

 

$

154,280

 

 

$

880

 

 

 

2.26

%

 

$

197,120

 

 

$

811

 

 

 

1.64

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

1,245,038

 

 

$

15,045

 

 

 

4.79

%

 

$

957,695

 

 

$

10,643

 

 

 

4.42

%

Non-accrual

 

 

2,311

 

 

 

—

 

 

 

—

%

 

 

3,416

 

 

 

—

 

 

 

—

%

Tax-Exempt (1)

 

 

9,492

 

 

 

91

 

 

 

3.82

%

 

 

2,804

 

 

 

27

 

 

 

3.80

%

Total Loans

 

$

1,256,841

 

 

$

15,136

 

 

 

4.78

%

 

$

963,915

 

 

$

10,670

 

 

 

4.40

%

Federal funds sold

 

 

3,609

 

 

 

15

 

 

 

1.70

%

 

 

215

 

 

 

—

 

 

 

0.13

%

Interest-bearing deposits in other banks

 

 

20,305

 

 

 

153

 

 

 

2.98

%

 

 

48,473

 

 

 

16

 

 

 

0.13

%

Total earning assets

 

$

1,432,724

 

 

$

16,184

 

 

 

4.48

%

 

$

1,206,307

 

 

$

11,497

 

 

 

3.79

%

Allowance for loan losses

 

 

(10,657

)

 

 

 

 

 

 

 

 

(8,583

)

 

 

 

 

 

 

Total non-earning assets

 

 

108,753

 

 

 

 

 

 

 

 

 

90,757

 

 

 

 

 

 

 

Total assets

 

$

1,530,820

 

 

 

 

 

 

 

 

$

1,288,481

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

 

$

177,190

 

 

$

318

 

 

 

0.71

%

 

$

154,889

 

 

$

79

 

 

 

0.20

%

Money market accounts

 

 

280,439

 

 

 

578

 

 

 

0.82

%

 

 

250,326

 

 

 

143

 

 

 

0.23

%

Savings accounts

 

 

177,565

 

 

 

40

 

 

 

0.09

%

 

 

166,438

 

 

 

25

 

 

 

0.06

%

Time deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$250,000 and more

 

 

64,223

 

 

 

296

 

 

 

1.83

%

 

 

65,670

 

 

 

66

 

 

 

0.40

%

Less than $250,000

 

 

75,395

 

 

 

242

 

 

 

1.27

%

 

 

57,981

 

 

 

60

 

 

 

0.41

%

Total interest-bearing deposits

 

$

774,812

 

 

$

1,474

 

 

 

0.75

%

 

$

695,304

 

 

$

373

 

 

 

0.21

%

Federal funds purchased

 

 

26,476

 

 

 

151

 

 

 

2.26

%

 

 

1

 

 

 

—

 

 

 

0.64

%

Federal Home Loan Bank advances

 

 

90,217

 

 

 

891

 

 

 

3.92

%

 

 

—

 

 

 

—

 

 

 

—

%

Subordinated debt

 

 

29,366

 

 

 

392

 

 

 

5.29

%

 

 

—

 

 

 

—

 

 

 

 

Total interest-bearing liabilities

 

$

920,871

 

 

$

2,908

 

 

 

1.25

%

 

$

695,305

 

 

$

373

 

 

 

0.22

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

493,373

 

 

 

 

 

 

 

 

 

468,801

 

 

 

 

 

 

 

Other Liabilities

 

 

16,737

 

 

 

 

 

 

 

 

 

13,892

 

 

 

 

 

 

 

Total liabilities

 

$

1,430,981

 

 

 

 

 

 

 

 

$

1,177,998

 

 

 

 

 

 

 

Shareholders' equity

 

 

99,839

 

 

 

 

 

 

 

 

 

110,483

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

1,530,820

 

 

 

 

 

 

 

 

$

1,288,481

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

13,276

 

 

 

 

 

 

 

 

$

11,124

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

 

3.23

%

 

 

 

 

 

 

 

 

3.57

%

Interest expense as a percent of average earning assets

 

 

 

 

 

 

 

 

0.81

%

 

 

 

 

 

 

 

 

0.12

%

Net interest margin

 

 

 

 

 

 

 

 

3.68

%

 

 

 

 

 

 

 

 

3.67

%

 

(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

 

 

 

12/31/2022

 

 

9/30/2022

 

 

6/30/2022

 

 

3/31/2022

 

 

12/31/2021

 

GAAP Financial Measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income - Loans

 

$

15,117

 

 

$

13,282

 

 

$

11,663

 

 

$

10,620

 

 

$

10,665

 

Interest Income - Securities and Other Interest-Earnings Assets

 

 

1,047

 

 

 

1,084

 

 

 

984

 

 

 

889

 

 

 

800

 

Interest Expense - Deposits

 

 

1,474

 

 

 

714

 

 

 

383

 

 

 

370

 

 

 

373

 

Interest Expense - Other Borrowings

 

 

1,434

 

 

 

753

 

 

 

345

 

 

 

—

 

 

 

—

 

Total Net Interest Income

 

$

13,256

 

 

$

12,899

 

 

$

11,919

 

 

$

11,139

 

 

$

11,092

 

Non-GAAP Financial Measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

19

 

 

$

16

 

 

$

5

 

 

$

5

 

 

$

6

 

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

 

 

1

 

 

 

16

 

 

 

20

 

 

 

22

 

 

 

26

 

Total Tax Benefit on Tax-Exempt Interest Income

 

$

20

 

 

$

32

 

 

$

25

 

 

$

27

 

 

$

32

 

Tax-Equivalent Net Interest Income

 

$

13,276

 

 

$

12,931

 

 

$

11,944

 

 

$

11,166

 

 

$

11,124