Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

NOTE 23. Condensed Financial Information – Parent Company Only

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Balance Sheets

December 31, 2022 and 2021

(dollars in thousands)

	2022			2021
Assets
Cash held in subsidiary bank	$	8,222		$	2,739
Investment in subsidiary		122,767			107,416
Other assets		455			125
Total assets	$	131,444		$	110,280
Liabilities and Shareholders’ Equity
Subordinated debt	$	29,377		$	—
Other liabilities		338			—
Total liabilities	$	29,715		$	—
Shareholders’ Equity
Common stock		8,629			8,556
Surplus		13,268			12,115
Retained earnings		100,278			89,764
Accumulated other comprehensive (loss)		(20,446	)		(155	)
Total shareholders’ equity	$	101,729		$	110,280
Total liabilities and shareholders’ equity	$	131,444		$	110,280

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Statements of Income

Years Ended December 31, 2022 and 2021

(dollars in thousands)

	2022			2021
Income
Dividends from subsidiary bank	$	—		$	1,500
Interest and fees on loans		—			64
Total income	$	—		$	1,564
Expenses
Interest expense on subordinated debt	$	1,067		$	—
Other operating expenses		369			319
Total expenses	$	1,436		$	319
(Loss) income before income tax (benefit) and equity in undistributed earnings of subsidiary bank	$	(1,436	)	$	1,245
Income Tax (Benefit)		(315	)		(31	)
(Loss) income before equity in undistributed earnings of subsidiary bank	$	(1,121	)	$	1,276
Equity in Undistributed Net Income of Subsidiary Bank		15,642			9,745
Net income	$	14,521		$	11,021
Comprehensive (loss) income	$	(5,770	)	$	7,587

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Statements of Cash Flows

Years Ended December 31, 2022 and 2021

(dollars in thousands)

	2022			2021
Cash Flows from Operating Activities
Net Income	$	14,521		$	11,021
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Stock-based compensation expense		1,017			850
Provision for loan losses		—			(21	)
Undistributed earnings of subsidiary bank		(15,642	)		(9,745	)
Amortization of debt issuance costs		51			—
Changes in assets and liabilities:
(Increase) decrease in other assets		(330	)		10
Increase in other liabilities		338			—
Net cash (used in) provided by operating activities	$	(45	)	$	2,115
Cash Flows from Investing Activities
Capital contribution to bank subsidiary	$	(20,000	)	$	—
Net decrease in loans		—			2,953
Net cash (used in) provided by investing activities	$	(20,000	)	$	2,953
Cash Flows from Financing Activities
Issuance of subordinated debt, net of issuance costs	$	29,326		$	—
Cash dividends paid		(3,808	)		(3,261	)
Issuance of common stock, employee benefit plan		164			179
Retirement of common stock		(154	)		(149	)
Net cash provided by (used in) financing activities	$	25,528		$	(3,231	)
Increase in cash	$	5,483		$	1,837
Cash
Beginning	$	2,739		$	902
Ending	$	8,222		$	2,739