Eagle Financial Services Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Eagle Financial Services Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

EAGLE FINANCIAL SERVICES INC (EFSI) filed a Annual Report (10-K) with the SEC on March 29, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company is classified under Standard Industrial Classification 6022 (State Commercial Banks). Primary business address is 2 E Main St, Berryville, VA. Fiscal year end is December 31. SEC file number is 000-20146.

Why It Matters

For investors and stakeholders tracking EAGLE FINANCIAL SERVICES INC, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023. As a commercial bank, the 10-K details its loan portfolio, assets, liabilities, and other financial metrics crucial for investors and regulators.

Risk Assessment

Risk Level: low — EAGLE FINANCIAL SERVICES INC shows low risk based on this filing. The filing is a standard annual report (10-K) for a commercial bank, indicating routine financial disclosure rather than immediate significant events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Eagle Financial Services Inc.'s operational performance and strategic outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Filed as of date)
• 6022 — SIC Code (Standard Industrial Classification)
• 000-20146 — SEC File Number (SEC file number)
• VA — State of Incorporation (State of incorporation)

Key Players & Entities

• EAGLE FINANCIAL SERVICES INC (company) — Filer name
• 2 E MAIN ST (address) — Business address
• Berryville, VA (location) — Business address city and state
• 540-955-2510 (phone) — Business phone number
• PO BOX 391 (address) — Mail address
• VA (state) — State of incorporation
• Axos Bank (company) — Mentioned in relation to a date
• 2023-12-31 (date) — Fiscal year end

FAQ

Industry Context

Eagle Financial Services Inc. operates within the State Commercial Banks industry, as indicated by its SIC code.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, though specific regulatory details are not provided in this header information.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's financial condition and results of operations.
3. Review the Risk Factors section for potential challenges and uncertainties facing Eagle Financial Services Inc.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing information extracted; comparison to a previous filing requires access to prior period data.

Key Financial Figures

• $2.50 — ) of the Act: Common Stock, Par Value $2.50 (Title of class) Indicate by check
• $4.2 m — 23, the Company paid total dividends of $4.2 million, including cash dividends that we
• $250,000 — ard maximum deposit insurance amount to $250,000. The FDIC has implemented a risk-based
• $10 billion — tes for insured institutions with under $10 billion in assets are calculated based on super
• $3 b — total consolidated assets of less than $3 billion, such as the Company, are not sub

Filing Documents

• efsi-20231231.htm (10-K) — 6739KB
• efsi-ex21_1.htm (EX-21.1) — 2KB
• efsi-ex23_1.htm (EX-23.1) — 5KB
• efsi-ex31_1.htm (EX-31.1) — 14KB
• efsi-ex31_2.htm (EX-31.2) — 14KB
• efsi-ex32_1.htm (EX-32.1) — 13KB
• img78055599_0.jpg (GRAPHIC) — 10KB
• img213553172_0.jpg (GRAPHIC) — 10KB
• 0000950170-24-038718.txt (&nbsp;) — 29926KB
• efsi-20231231.xsd (EX-101.SCH) — 2240KB
• efsi-20231231_htm.xml (XML) — 8686KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. Reserved 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 Item 9A.

Controls and Procedures

Controls and Procedures 98 Item 9B. Other Information 99 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 99 PART III Item 10. Directors, Executive Officers and Corporate Governance 100 Item 11.

Executive Compensation

Executive Compensation 100 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100 Item 13. Certain Relationships and Related Transactions, and Director Independence 100 Item 14. Principal Accounting Fees and Services 100 PART IV Item 15. Exhibit and Financial Statement Schedules 101 Item 16. Form 10-K Summary 102 3 PAR T I

Business

Item 1. Business General Eagle Financial Services, Inc. is a bank holding company that was incorporated in 1991. The company is headquartered in Berryville, Virginia and conducts its operations through its subsidiary, Bank of Clarke (the "Bank"). The Bank changed its name from Bank of Clarke County to Bank of Clarke in 2022. The Bank is chartered under Virginia law. For purposes of this annual report on Form 10-K, the terms the "Company," "our," "us" and "we" refer to Eagle Financial Services, Inc. and our subsidiaries as a combined entity, unless this report otherwise indicates or the context otherwise requires. The Bank has thirteen full-service branches, two loan production offices, and one drive-through only facility. The Bank's main office is located at 2 East Main Street in Berryville, Virginia. The Bank opened for business on April 1, 1881. The Bank has Virginia offices located in Clarke County, Frederick County, Fauquier County, Loudoun County and Fairfax County, as well as the Towns of Leesburg, Ashburn and Purcellville and the City of Winchester. The Bank has a Maryland office located in Frederick. This market area is located in the Shenandoah Valley of Virginia, Northern Virginia and Frederick, Maryland. The Bank offers a wide range of retail and commercial banking services, including demand, savings and time deposits and consumer, mortgage and commercial loans. The Bank has thirteen ATM locations in its trade area and issues debit cards to deposit customers. These cards can be used to withdraw cash at most ATMs through the Bank's membership in both regional and national networks. These cards can also be used to make purchases at retailers who accept transactions through the same regional and national networks. The Bank offers telephone banking, internet banking, and mobile banking to its customers. Internet banking also offers online bill payment to consumer and commercial customers. The Bank offers other commercial deposit account services such

View Full Filing

View this 10-K filing on SEC EDGAR