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23.07.2013 19:31:00
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Eagle Financial Services, Inc. Announces 2013 Second Quarter Financial Results
BERRYVILLE, Va., July 23, 2013 /PRNewswire/ -- Eagle Financial Services, Inc. (OTC BULLETIN BOARD:EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, today announced earnings of $2.0 million, or $0.59 per diluted share, for the quarter ended June 30, 2013.
Selected Financial Highlights: | |||||
2013 | 2012 | ||||
Three months ended: | Q2 | Q1 | Q2 | ||
Net income (000's) | $ 2,001 | $ 1,803 | $ 2,002 | ||
Diluted EPS | $ 0.59 | $ 0.53 | $ 0.60 | ||
Net Interest Margin | 4.28% | 4.29% | 4.60% | ||
Total equity to assets | 11.00% | 11.17% | 10.83% | ||
Allowance for loan losses to total loans | 1.60% | 1.64% | 2.01% | ||
Provision for loan losses | $ 384 | $ 383 | $ 300 | ||
John R. Milleson, President and CEO, stated, "We are pleased to report another solid quarter of financial performance for the Bank of Clarke County and Eagle Financial Services, Inc. With the impact of some one-time events and conscientious net interest margin management, year to date net income of $3.8 million is up 2.4% over last year's level. The Bank's expansion into Loudoun County has helped generate loan volume that has contributed to the strong balance sheet of the Bank. Additionally, with the continued improvement in the Company's levels of past due loans and non-performing assets, we remain hopeful that the economic environment will improve in areas that are critical to the Bank's successes. The Bank continues to actively seek a branch site in the Leesburg area in order to add to its branch network and expansion into Loudoun County."
Income Statement Review
Net income for the quarter ended June 30, 2013 increased 10.98% to $2.0 million when compared to the $1.8 million for the quarter ended March 31, 2013. Net income was relatively unchanged for the quarter ended June 30, 2013 when compared to the same period in 2012.
Net interest income was $5.6 million for the quarters ended June 30 and March 31, 2013. Net interest income decreased 5.77% or $342,000 from $5.9 million for the quarter ended June 30, 2012 to $5.6 million for the quarter ended June 30, 2013.
Total loan interest income was $5.3 million for the quarters ended June 30 and March 31, 2013. For the quarter ended June 30, 2012, total loan interest income was $5.7 million. Average loans for the quarter ended June 30, 2013 were $425.1 million compared to $419.0 million for the quarter ended March 31, 2013. Total average accruing loans were $422.4 million for the three months ended June 30, 2013 and $416.5 million for the quarter ended March 31, 2013. For the second quarter of 2012, total average loans were $421.2 million and average accruing loans were $419.3 million. The tax equivalent yield on average loans for the quarter ended June 30, 2013 was 5.12%, down six basis points from 5.18% for the quarter ended March 31, 2013. The tax equivalent yield on loans for the quarter ended June 30, 2012 was 5.51%. Interest income from the investment portfolio was $874,000 for the quarter ended June 30, 2013 and $938,000 for the same period ended March 31, 2013. Average investments were $113.5 million for the quarter ended June 30, 2013 and $111.4 million for the quarter ended March 31, 2013. Interest income from the investment portfolio was $1.0 million for the quarter ended June 30, 2012 while average investments were $111.4 million for the same time period.
Total interest expense was $640,000 for the three months ended June 30, 2013 and $703,000 for the same period ended March 31, 2013. The average cost of interest bearing liabilities decreased six basis points when comparing the quarter ended June 30, 2013 to the quarter ended March 31, 2013. The average balance of interest bearing liabilities decreased $3.4 million from the quarter ended March 31, 2013. The net interest margin was 4.28% for the quarter ended June 30, 2013 and 4.29% for the quarter March 31, 2013. For the quarter ended June 30, 2012, total interest expense was $838,000 and the net interest margin was 4.60%. Utilizing excess cash balances to fund increased loan demand, time deposits repricing to lower levels and continued management of other funding costs has helped mitigate the decline in the Company's net interest margin in the face of declining asset yields.
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 34%.
Non-interest income was $2.5 million for the quarter ended June 30, 2013 and $1.9 million for the quarter ended March 31, 2013. During the second quarter of 2013, the Company sold the Bank's merchant processing business. The sale of the merchant portfolio resulted in a net gain of $399,000. Total proceeds from the transaction of $450,000 are reflected in other service charges and fees while broker, legal and other related expenses are reflected in non-interest expense. In April of 2013, the Company received a signing bonus of $121,000 from its current debit card vendor for extending its contract and remaining exclusive to this provider. This income is also reflected in the other service charges and fees line item. Additionally during the second quarter of 2013, the Company recorded $254,000 of income related to the termination of a bank owned life insurance policy. Net gains of $10,000 were realized on the sales of investment securities for the quarter ended June 30, 2013. Noninterest income for the three months ended June 30, 2012 was $1.6 million.
Noninterest expense was $5.0 million for the quarter ended June 30, 2013. This represents an increase of $367,000 or 8.01% from $4.6 million for the quarter ended March 31, 2013. The majority of the increase resulted from increased salary and benefit expense driven mostly by the additional personnel hired to operate the Company's newest retail branch in Purcellville, VA. This branch opened in May 2013. The increase in other operating expenses from the quarter ended March 31, 2013 to the quarter ended June 30, 2013 were mostly related to broker and legal fees associated with the sale of the Company's merchant processing business. Net gains of $53,000 were recognized on the sales of other real estate owned for the quarter ended June 30, 2013 while no gains were realized for the quarter ended March 31, 2013. Total noninterest expense for the quarter ended June 30, 2012 was $4.4 million. During that quarter, a one-time adjustment to FDIC assessment expense had been made. The Company determined that the balance of the Company's prepaid FDIC insurance was too low and as a result made a $199,000 adjustment to increase the prepaid balance and decrease the corresponding expense in the quarter ended June 30, 2012. Salary and employee benefits expense is also higher when comparing the quarter ended June 30, 2013 to the same period in 2012 due to the additional personnel hired to operate the Company's newest retail branch in Purcellville, VA.
Asset Quality and Provision for Loan Losses
Nonperforming assets consist of loans 90 days past due and still accruing interest, nonaccrual loans, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets decreased from $6.3 million or 1.08% of total assets at March 31, 2013 to $5.2 million or 0.89% of total assets at June 30, 2013. This decrease resulted from the partial charge off of a non-accrual loan and sales of other real estate owned. During the second quarter of 2013, the Bank placed one loan on non-accrual status. Management regularly evaluates the financial condition of borrowers with loans on non-accrual status 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 non-accrual loans. The majority of the non-accrual loans are secured by real estate. No real estate assets had been foreclosed upon during the second quarter of 2013 and the Bank sold two pieces of other real estate owned recorded at a net value of $298,000 during the same period. Loans greater than 90 days past due and still accruing decreased from $631,000 at March 31, 2013 to $201,000 at June 30, 2013. Nonperforming assets were $4.0 million or 0.71% of total assets at June 30, 2012.
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 June 30, 2013, the Company had 23 troubled debt restructurings totaling $8.1 million. All but three of the loans are currently performing loans.
The Company realized $366,000 in net charge-offs for the quarter ended June 30, 2013 compared to none for the three months ended March 31, 2013. Net charge-offs for the quarter ended June 30, 2012 were $559,000. The Company has a troubled credit group that continues to monitor past due loans, identify potential problem credits, and develop action plans to work through its troubled loans as promptly as possible. Asset quality remains a primary focus of the Company. Necessary resources continue to be devoted to the ongoing review of the loan portfolio and the workouts of problem assets to minimize any losses to the Company. Management will continue to monitor delinquencies, risk rating changes, charge-offs, market trends and other indicators of risk in the Company's portfolio, particularly those tied to residential and commercial real estate, and adjust the allowance for loan losses accordingly.
Provisions for loan losses were $384,000 for the three months ended June 30, 2013 and March 31, 2013. The provisions for loan losses for the quarter ended June 30, 2012 were $300,000. The allowance for loan losses was $7.0 million, or 1.60% of total outstanding loans, at June 30, 2013. At March 31, 2013 and June 30, 2012, the allowance for loan losses was $7.0 million and $8.6 million, respectively. The amount of provision for loan losses during each quarter reflects the results of the Bank's analysis used to determine the adequacy of the allowance for loan 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 June 30, 2013 were $585.6 million, which represented an increase of $4.8 million or 0.83% from total assets of $580.8 million at March 31, 2013. This increase was driven by the increased volume of the loan portfolio. At June 30, 2012, total consolidated assets were $568.9 million. Total loans increased from $423.9 million at March 31, 2013 to $436.4 at June 30, 2013. Considering the current interest rate and competitive market environment, the Company has been conscientious about maintaining both its underwriting standards and its net interest margin and thereby cautious about the growth it has accepted in the loan portfolio. Total loans were $428.5 million at June 30, 2012.
Deposits and Other Borrowings
Total deposits, which include brokered deposits, remained relatively unchanged at $473.0 million for the quarters ended March 31 and June 30, 2013. At June 30, 2012, total deposits were $454.1 million. The Company held $9.9 million in brokered deposits at June 30, 2013 and 2012 as well as at March 31, 2013.
Fed funds purchased and securities sold under agreement to repurchase were $5.6 million at June 30, 2013 and $0 at March 31, 2013. Fed funds purchased and securities sold under agreement to repurchase were $10.0 million at June 30, 2012. Borrowings with the Federal Home Loan Bank of Atlanta have remained unchanged at $32.3 million since June 30, 2012.
Equity
Shareholders' equity at June 30, 2013 was $64.4 million, reflecting a decrease of $452,000 from $64.9 million at March 31, 2013. This decrease is the result of the decline in the unrealized gain on the Company's available for sale investment securities. At June 30, 2012 shareholders' equity was $61.6 million. The book value of the Company at June 30, 2013 was $19.13 per common share. Total common shares outstanding were 3,388,005 at June 30, 2013. On July 17, 2013, the board of directors declared a $0.19 per common share cash dividend for shareholders of record as of July 31, 2013 and payable on August 14, 2013.
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. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and other filings with the Securities and Exchange Commission.
EAGLE FINANCIAL SERVICES, INC. | |||||||||
KEY STATISTICS | For the Three Months Ended | ||||||||
2Q13 | 1Q13 | 4Q12 | 3Q12 | 2Q12 | |||||
Net Income (dollars in thousands) | $ 2,001 | $ 1,803 | $ 1,581 | $ 1,253 | $ 2,002 | ||||
Earnings per share, basic | $ 0.59 | $ 0.54 | $ 0.47 | $ 0.38 | $ 0.60 | ||||
Earnings per share, diluted | $ 0.59 | $ 0.53 | $ 0.47 | $ 0.37 | $ 0.60 | ||||
Return on average total assets | 1.40% | 1.27% | 1.08% | 0.88% | 1.43% | ||||
Return on average total equity | 12.51% | 11.42% | 9.95% | 8.01% | 13.29% | ||||
Dividend payout ratio | 32.20% | 35.19% | 40.43% | 47.37% | 30.00% | ||||
Fee revenue as a percent of total revenue | 25.86% | 20.02% | 20.32% | 20.40% | 20.26% | ||||
Net interest margin(1) | 4.28% | 4.29% | 4.31% | 4.40% | 4.60% | ||||
Yield on average earning assets | 4.76% | 4.81% | 4.91% | 5.01% | 5.23% | ||||
Yield on average interest-bearing liabilities | 0.69% | 0.75% | 0.83% | 0.85% | 0.87% | ||||
Net interest spread | 4.07% | 4.06% | 4.08% | 4.16% | 4.36% | ||||
Tax equivalent adjustment to net interest income | $ 186 | $ 192 | $ 198 | $ 200 | $ 207 | ||||
Non-interest income to average assets | 1.73% | 1.36% | 1.05% | 1.09% | 1.12% | ||||
Non-interest expense to average assets | 3.47% | 3.23% | 3.41% | 3.20% | 3.12% | ||||
Efficiency ratio(2) | 60.18% | 62.71% | 60.91% | 61.36% | 56.96% | ||||
(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 34%. 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 non-taxable 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 34%. 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 | ||||||||||
2Q13 | 1Q13 | 4Q12 | 3Q12 | 2Q12 | ||||||
BALANCE SHEET RATIOS | ||||||||||
Loans to deposits | 92.19% | 89.59% | 87.63% | 93.51% | 94.36% | |||||
Average interest-earning assets to | ||||||||||
average-interest bearing liabilities | 145.49% | 152.08% | 139.30% | 139.84% | 138.63% | |||||
PER SHARE DATA | ||||||||||
Dividends | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | |||||
Book value | $ 19.13 | $ 19.36 | $ 19.11 | $ 18.78 | $ 18.47 | |||||
Tangible book value | $ 19.13 | $ 19.36 | $ 19.11 | $ 18.78 | $ 18.47 | |||||
SHARE PRICE DATA | ||||||||||
Closing price | $ 23.35 | $ 22.10 | $ 22.00 | $ 21.50 | $ 20.10 | |||||
Diluted earnings multiple(1) | 9.89 | 10.42 | 11.70 | 14.53 | 8.38 | |||||
Book value multiple(2) | 1.22 | 1.15 | 1.15 | 1.15 | 1.09 | |||||
COMMON STOCK DATA | ||||||||||
Outstanding shares at end of period | 3,388,005 | 3,372,080 | 3,352,523 | 3,344,737 | 3,337,251 | |||||
Weighted average shares outstanding | 3,373,353 | 3,367,689 | 3,348,630 | 3,341,050 | 3,326,999 | |||||
Weighted average shares outstanding, diluted | 3,383,748 | 3,378,369 | 3,359,611 | 3,352,337 | 3,337,114 | |||||
CAPITAL RATIOS | ||||||||||
Total equity to total assets | 11.00% | 11.17% | 10.74% | 10.94% | 10.83% | |||||
CREDIT QUALITY | ||||||||||
Net charge-offs to average loans | 0.09% | 0.00% | 0.33% | 0.40% | 0.13% | |||||
Total non-performing loans to total loans | 0.59% | 0.79% | 0.63% | 1.19% | 0.43% | |||||
Total non-performing assets to total assets | 0.89% | 1.08% | 0.94% | 1.30% | 0.71% | |||||
Non-accrual loans to: | ||||||||||
total loans | 0.55% | 0.64% | 0.58% | 1.19% | 0.39% | |||||
total assets | 0.41% | 0.47% | 0.41% | 0.89% | 0.30% | |||||
Allowance for loan losses to: | ||||||||||
total loans | 1.60% | 1.64% | 1.57% | 1.86% | 2.01% | |||||
non-performing assets | 133.53% | 110.88% | 118.38% | 16.64% | 213.78% | |||||
non-accrual loans | 291.44% | 256.07% | 272.45% | 156.37% | 509.93% | |||||
NON-PERFORMING ASSETS: | ||||||||||
(dollars in thousands) | ||||||||||
Loans delinquent over 90 days | $ 201 | $ 631 | $ 208 | $ 10 | $ 163 | |||||
Non-accrual loans | 2,394 | 2,718 | 2,414 | 5,091 | 1,692 | |||||
Other real estate owned and repossessed assets | 2,630 | 2,928 | 2,934 | 2,364 | 2,181 | |||||
NET LOAN CHARGE-OFFS (RECOVERIES): | ||||||||||
(dollars in thousands) | ||||||||||
Loans charged off | $ 403 | $ 42 | $ 1,516 | $ 1,801 | $ 609 | |||||
(Recoveries) | (37) | (42) | (122) | (84) | (50) | |||||
Net charge-offs (recoveries) | 366 | - | 1,394 | 1,717 | 559 | |||||
PROVISION FOR LOAN LOSSES (dollars in thousands) | $ 384 | $ 383 | $ 10 | $ 1,050 | $ 300 | |||||
ALLOWANCE FOR LOAN LOSS SUMMARY | ||||||||||
(dollars in thousands) | ||||||||||
Balance at the beginning of period | $ 6,960 | $ 6,577 | $ 7,961 | $ 8,628 | $ 8,887 | |||||
Provision | 384 | 383 | 10 | 1,050 | 300 | |||||
Net charge-offs (recoveries) | 366 | - | 1,394 | 1,717 | 559 | |||||
Balance at the end of period | $ 6,978 | $ 6,960 | $ 6,577 | $ 7,961 | $ 8,628 | |||||
(1) The diluted earnings multiple is calculated by dividing the period's closing market price per share by the annualized diluted earnings per share 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 | Unaudited | Audited | Unaudited | Unaudited | |||||
6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | |||||
Assets | |||||||||
Cash and due from banks | $ 10,632 | $ 21,829 | $ 48,690 | $ 21,812 | $ 21,941 | ||||
Federal funds sold | - | - | - | - | - | ||||
Securities available for sale, at fair value | 109,145 | 115,001 | 105,531 | 103,963 | 117,654 | ||||
Loans, net of allowance for loan losses | 429,379 | 416,890 | 411,520 | 419,538 | 401,681 | ||||
Bank premises and equipment, net | 17,287 | 16,834 | 16,545 | 16,420 | 15,200 | ||||
Other assets | 19,230 | 10,292 | 10,990 | 12,419 | 11,546 | ||||
Total assets | $ 585,673 | $ 580,846 | $ 593,276 | $ 574,152 | $ 568,022 | ||||
Liabilities and Shareholders' Equity | |||||||||
Liabilities | |||||||||
Deposits: | |||||||||
Noninterest bearing demand deposits | $ 135,802 | $ 135,650 | $ 134,871 | $ 122,093 | $ 107,237 | ||||
Savings and interest bearing demand deposits | 234,430 | 227,876 | 231,249 | 219,984 | 210,158 | ||||
Time deposits | 103,080 | 109,554 | 110,981 | 115,101 | 131,070 | ||||
Total deposits | $ 473,312 | $ 473,080 | $ 477,101 | $ 457,178 | $ 448,465 | ||||
Federal funds purchased and securities | |||||||||
sold under agreements to repurchase | 5,616 | - | 10,000 | 10,000 | 10,000 | ||||
Federal Home Loan Bank advances | 32,250 | 32,250 | 32,250 | 32,250 | 42,250 | ||||
Trust preferred capital notes | 7,217 | 7,217 | 7,217 | 7,217 | 7,217 | ||||
Other liabilities | 2,860 | 3,429 | 3,002 | 4,709 | 2,000 | ||||
Commitments and contingent liabilities | - | - | - | - | - | ||||
Total liabilities | $ 521,255 | $ 515,976 | $ 529,570 | $ 511,354 | $ 509,932 | ||||
Shareholders' Equity | |||||||||
Preferred stock, $10 par value | $ - | $ - | $ - | $ - | $ - | ||||
Common stock, $2.50 par value | 8,417 | 8,376 | 8,340 | 8,312 | 8,217 | ||||
Surplus | 10,935 | 10,636 | 10,424 | 10,218 | 9,568 | ||||
Retained earnings | 44,018 | 42,657 | 41,494 | 40,548 | 37,374 | ||||
Accumulated other comprehensive income | 1,048 | 3,201 | 3,448 | 3,720 | 2,931 | ||||
Total shareholders' equity | $ 64,418 | $ 64,870 | $ 63,706 | $ 62,798 | $ 58,090 | ||||
Total liabilities and shareholders' equity | $ 585,673 | $ 580,846 | $ 593,276 | $ 574,152 | $ 568,022 |
EAGLE FINANCIAL SERVICES, INC. | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
(dollars in thousands) | |||||||||
Unaudited | |||||||||
Three Months Ended | |||||||||
6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | |||||
Interest and Dividend Income | |||||||||
Interest and fees on loans | $ 5,343 | $ 5,331 | $ 5,532 | $ 5,634 | $ 5,748 | ||||
Interest on federal funds sold | - | - | - | - | - | ||||
Interest and dividends on securities available for sale: | |||||||||
Taxable interest income | 518 | 547 | 511 | 524 | 554 | ||||
Interest income exempt from federal income taxes | 314 | 324 | 335 | 337 | 351 | ||||
Dividends | 42 | 67 | 87 | 87 | 107 | ||||
Interest on deposits in banks | 6 | 10 | 14 | 4 | 2 | ||||
Total interest and dividend income | $ 6,223 | $ 6,279 | $ 6,479 | $ 6,586 | $ 6,762 | ||||
Interest Expense | |||||||||
Interest on deposits | $ 288 | $ 326 | $ 368 | $ 377 | $ 397 | ||||
Interest on federal funds purchased and securities | |||||||||
sold under agreements to repurchase | 1 | 29 | 90 | 90 | 89 | ||||
Interest on Federal Home Loan Bank advances | 273 | 270 | 276 | 273 | 273 | ||||
Interest on trust preferred capital notes | 78 | 78 | 80 | 80 | 79 | ||||
Total interest expense | $ 640 | $ 703 | $ 814 | $ 820 | $ 838 | ||||
Net interest income | $ 5,583 | $ 5,576 | $ 5,665 | $ 5,766 | $ 5,924 | ||||
Provision For Loan Losses | 384 | 383 | 10 | 1,050 | 300 | ||||
Net interest income after provision for loan losses | $ 5,199 | $ 5,193 | $ 5,655 | $ 4,716 | $ 5,624 | ||||
Noninterest Income | |||||||||
Income from fiduciary activities | $ 273 | $ 360 | $ 237 | $ 205 | $ 281 | ||||
Service charges on deposit accounts | 366 | 343 | 397 | 390 | 370 | ||||
Other service charges and fees | 1,443 | 800 | 828 | 898 | 868 | ||||
Gain on the sale of bank premises and equipment | - | - | - | - | - | ||||
Gain (Loss) on sales of AFS securities | 10 | 390 | 30 | 1 | 14 | ||||
Other operating income | 377 | 39 | 39 | 59 | 40 | ||||
Total noninterest income | $ 2,469 | $ 1,932 | $ 1,531 | $ 1,553 | $ 1,573 | ||||
Noninterest Expenses | |||||||||
Salaries and employee benefits | $ 2,910 | $ 2,641 | $ 2,699 | $ 2,651 | $ 2,671 | ||||
Occupancy expenses | 319 | 281 | 289 | 279 | 287 | ||||
Equipment expenses | 191 | 155 | 163 | 162 | 176 | ||||
Advertising and marketing expenses | 144 | 127 | 123 | 132 | 100 | ||||
Stationery and supplies | 68 | 78 | 58 | 91 | 69 | ||||
ATM network fees | 143 | 157 | 132 | 139 | 135 | ||||
Other real estate owned expenses | 20 | 8 | 305 | 8 | 29 | ||||
FDIC assessment | 96 | 97 | 90 | 96 | (77) | ||||
(Gain) loss on the sale of other real estate owned | (53) | - | 2 | - | (4) | ||||
Other operating expenses | 1,114 | 1,040 | 1,120 | 1,019 | 994 | ||||
Total noninterest expenses | $ 4,952 | $ 4,584 | $ 4,981 | $ 4,577 | $ 4,380 | ||||
Income before income taxes | $ 2,716 | $ 2,541 | $ 2,205 | $ 1,692 | $ 2,817 | ||||
Income Tax Expense | 715 | 738 | 624 | 439 | 815 | ||||
Net income | $ 2,001 | $ 1,803 | $ 1,581 | $ 1,253 | $ 2,002 | ||||
Earnings Per Share | |||||||||
Net income per common share, basic | $ 0.59 | $ 0.54 | $ 0.47 | $ 0.38 | $ 0.60 | ||||
Net income per common share, diluted | $ 0.59 | $ 0.53 | $ 0.47 | $ 0.37 | $ 0.60 | ||||
EAGLE FINANCIAL SERVICES, INC. | ||||||||||||||
Average Balances, Income and Expenses, Yields and Rates | ||||||||||||||
(dollars in thousands) | ||||||||||||||
For the Three Months Ended | ||||||||||||||
June 30, 2013 | March 31, 2013 | June 30, 2012 | ||||||||||||
Interest | Interest | Interest | ||||||||||||
Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average | ||||||
Assets: | Balance | Expense | Yield | Balance | Expense | Yield | Balance | Expense | Yield | |||||
Securities: | ||||||||||||||
Taxable | $76,102 | $2,267 | 2.98% | $ 73,925 | $ 2,490 | 3.37% | $ 71,755 | $ 2,658 | 3.70% | |||||
Tax-Exempt (1) | 37,437 | 1,933 | 5.16% | 37,473 | 1,990 | 5.31% | 39,638 | 2,136 | 5.39% | |||||
Total Securities | $113,539 | $4,200 | 3.70% | $111,398 | $ 4,480 | 4.02% | $ 111,393 | $ 4,794 | 4.30% | |||||
Loans: | ||||||||||||||
Taxable | $417,906 | $21,478 | 5.14% | $411,822 | $ 21,426 | 5.20% | $ 414,499 | $22,916 | 5.53% | |||||
Nonaccrual | 2,692 | - | 0.00% | 2,514 | - | 0.00% | 1,962 | - | 0.00% | |||||
Tax-Exempt (1) | 4,531 | 285 | 6.29% | 4,651 | 294 | 6.32% | 4,777 | 307 | 6.42% | |||||
Total Loans | $425,129 | $21,763 | 5.12% | $418,987 | $ 21,719 | 5.18% | $ 421,238 | $23,223 | 5.51% | |||||
Federal funds sold | - | - | 0.00% | - | - | 0.00% | 145 | - | 0.00% | |||||
Interest-bearing deposits in other banks | 10,190 | 24 | 0.23% | 17,156 | 41 | 0.24% | 4,652 | 9 | 0.20% | |||||
Total earning assets | $546,166 | $25,987 | 4.76% | $545,027 | $ 26,240 | 4.81% | $ 535,466 | $28,027 | 5.23% | |||||
Allowance for loan losses | (7,137) | (6,784) | (8,893) | |||||||||||
Total non-earning assets | 38,813 | 37,769 | 37,390 | |||||||||||
Total assets | $577,842 | $576,012 | $ 563,963 | |||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||
Interest-bearing deposits: | ||||||||||||||
NOW accounts | $83,485 | $101 | 0.12% | $ 85,175 | $ 134 | 0.16% | $ 78,555 | $ 132 | 0.17% | |||||
Money market accounts | 87,654 | 110 | 0.12% | 85,589 | 142 | 0.17% | 84,224 | 204 | 0.24% | |||||
Savings accounts | 58,997 | 28 | 0.05% | 55,696 | 28 | 0.05% | 52,854 | 37 | 0.07% | |||||
Time deposits: | ||||||||||||||
$100,000 and more | 38,478 | 247 | 0.64% | 41,255 | 296 | 0.72% | 72,740 | 385 | 0.53% | |||||
Less than $100,000 | 67,143 | 677 | 1.01% | 68,359 | 722 | 1.06% | 48,326 | 836 | 1.73% | |||||
Total interest-bearing deposits | $335,757 | $1,164 | 0.35% | $336,074 | 1,322 | 0.39% | $ 336,699 | $ 1,593 | 0.47% | |||||
Federal funds purchased and securities | ||||||||||||||
sold under agreements to repurchase | 169 | - | 0.00% | 3,222 | 118 | 3.65% | 10,086 | 360 | 3.57% | |||||
Federal Home Loan Bank advances | 32,250 | 1,107 | 3.43% | 32,250 | 1,095 | 3.40% | 32,250 | 1,097 | 3.40% | |||||
Trust preferred capital notes | 7,217 | 324 | 4.50% | 7,217 | 316 | 4.38% | 7,217 | 318 | 4.41% | |||||
Total interest-bearing liabilities | $375,393 | $2,596 | 0.69% | $378,763 | 2,851 | 0.75% | $ 386,252 | $ 3,369 | 0.87% | |||||
Noninterest-bearing liabilities: | ||||||||||||||
Demand deposits | 134,867 | 130,333 | 114,206 | |||||||||||
Other Liabilities | 2,703 | 2,882 | 2,914 | |||||||||||
Total liabilities | $512,963 | $511,978 | $ 503,372 | |||||||||||
Shareholders' equity | 64,879 | 64,034 | 60,591 | |||||||||||
Total liabilities and shareholders' equity | $577,842 | $576,012 | $ 563,963 | |||||||||||
Net interest income | $23,392 | $23,389 | $24,657 | |||||||||||
Net interest spread | 4.07% | 4.06% | 4.36% | |||||||||||
Interest expense as a percent of | ||||||||||||||
average earning assets | 0.48% | 0.52% | 0.63% | |||||||||||
Net interest margin | 4.28% | 4.29% | 4.60% | |||||||||||
(1) Income and yields are reported on a tax equivalent basis using a federal tax rate of 34%. | ||||||||||||||
EAGLE FINANCIAL SERVICES, INC. | |||||
Reconciliation of Tax-Equivalent Net Interest Income | |||||
(dollars in thousands) | |||||
Three Months Ended | |||||
6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | |
GAAP Financial Measurements: | |||||
Interest Income - Loans | $ 5,342 | $ 5,331 | $ 5,532 | $ 5,634 | $ 5,748 |
Interest Income - Securities and Other Interest-Earnings Assets | 880 | 947 | 947 | 952 | 1,014 |
Interest Expense - Deposits | 287 | 326 | 368 | 377 | 396 |
Interest Expense - Other Borrowings | 353 | 377 | 446 | 443 | 442 |
Total Net Interest Income | $ 5,582 | $ 5,575 | $ 5,665 | $ 5,766 | $ 5,924 |
Non-GAAP Financial Measurements: | |||||
Add: Tax Benefit on Tax-Exempt Interest Income - Loans | $ 24 | $ 25 | $ 26 | $ 26 | $ 26 |
Add: Tax Benefit on Tax-Exempt Interest Income - Securities | 162 | 167 | 172 | 174 | 181 |
Total Tax Benefit on Tax-Exempt Interest Income | $ 186 | $ 192 | $ 198 | $ 200 | $ 207 |
Tax-Equivalent Net Interest Income | $ 5,768 | $ 5,767 | $ 5,863 | $ 5,966 | $ 6,131 |
SOURCE Eagle Financial Services, Inc.
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