Eagle Financial Services Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Eagle Financial Services Inc. filed its Q1 2024 10-Q report detailing financial assets and loan portfolios.</b>

AI Summary

EAGLE FINANCIAL SERVICES INC (EFSI) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Filing is a 10-Q for Eagle Financial Services Inc. for the period ending March 31, 2024. The company is incorporated in Virginia (VA) and operates in the Commercial Banks sector (SIC 6022). Key addresses include 2 E Main St, Berryville, VA 22611 for business and PO Box 391, Berryville, VA 22611 for mail. The filing includes data points related to various loan types and financial assets as of March 31, 2024, and December 31, 2023. Specific financial data includes 'InvestmentInFederalHomeLoanBankStockMember' and 'AdditionalPaidInCapitalMember' for the period.

Why It Matters

For investors and stakeholders tracking EAGLE FINANCIAL SERVICES INC, this filing contains several important signals. This 10-Q filing provides a quarterly update on Eagle Financial Services Inc.'s financial health and operational status, crucial for investors to assess performance and risks. The detailed breakdown of loan types and risk categories offers insights into the company's lending practices and potential exposure to credit risks.

Risk Assessment

Risk Level: medium — EAGLE FINANCIAL SERVICES INC shows moderate risk based on this filing. The filing contains numerous specific financial data points and loan portfolio details, indicating a comprehensive but potentially complex financial picture that requires careful analysis to fully assess risk.

Analyst Insight

Investors should review the detailed loan portfolio breakdown and risk category classifications to understand potential credit exposures and asset quality trends.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 6022 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)
• VA — State of Incorporation (STATE OF INCORPORATION)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• EAGLE FINANCIAL SERVICES INC (company) — COMPANY CONFORMED NAME
• 2 E MAIN ST (address) — BUSINESS ADDRESS
• BERRYVILLE (location) — BUSINESS ADDRESS CITY
• VA (location) — BUSINESS ADDRESS STATE
• 22611 (postal_code) — BUSINESS ADDRESS ZIP
• PO BOX 391 (address) — MAIL ADDRESS
• 540-955-2510 (phone_number) — BUSINESS PHONE
• 0000880641 (identifier) — CENTRAL INDEX KEY

FAQ

Industry Context

Eagle Financial Services Inc. operates within the commercial banking sector, providing financial services to its customers.

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 detailed loan portfolio segments and their associated risk categories.
2. Review any disclosures regarding financial assets, liabilities, and equity changes.
3. Compare key financial metrics with previous periods if available in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing for the period ending March 31, 2024. Specific comparative data from the previous filing (e.g., 10-K or prior 10-Q) is not detailed in this header.

Key Financial Figures

• $2.50 — hares of the registrant's Common Stock ($2.50 par value) outstanding as of May 9 , 20

Filing Documents

• efsi-20240331.htm (10-Q) — 5920KB
• efsi-ex10_1.htm (EX-10.1) — 55KB
• efsi-ex10_2.htm (EX-10.2) — 54KB
• efsi-ex10_3.htm (EX-10.3) — 51KB
• efsi-ex31_1.htm (EX-31.1) — 14KB
• efsi-ex31_2.htm (EX-31.2) — 14KB
• efsi-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-060152.txt (&nbsp;) — 25895KB
• efsi-20240331.xsd (EX-101.SCH) — 1599KB
• efsi-20240331_htm.xml (XML) — 8148KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 1 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 55 Item 4.

Controls and Procedures

Controls and Procedures 55

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults Upon Senior Securities 56 Item 4. Mine Safety Disclosures 56 Item 5. Other Information 56 Item 6. Exhibits 57

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements EAGLE FINANCIAL SERVICES, INC. Consolidated B alance Sheets (dollars in thousands, except per share amounts) March 31, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 12,887 $ 15,417 Interest-bearing deposits with other institutions 55,393 96,649 Federal funds sold 59,353 26,287 Total cash and cash equivalents $ 127,633 $ 138,353 Securities available for sale, at fair value, amortized cost of $ 156,962 and $ 160,251 , respectively 131,867 137,443 Restricted investments, at cost 9,239 9,568 Loans held for sale 1,593 1,661 Loans 1,439,052 1,462,686 Allowance for credit losses ( 14,448 ) ( 14,493 ) Net Loans $ 1,424,604 $ 1,448,193 Bank premises and equipment, net 17,954 18,108 Bank owned life insurance 29,843 29,575 Other assets 40,168 42,696 Total assets $ 1,782,901 $ 1,825,597 Liabilities and Shareholders' Equity Liabilities Deposits: Noninterest bearing demand deposits $ 424,869 $ 436,619 Savings and interest bearing demand deposits 666,730 656,439 Time deposits 382,343 413,264 Total deposits $ 1,473,942 $ 1,506,322 Federal funds purchased 347 — Federal Home Loan Bank advances, short-term 10,000 20,000 Federal Home Loan Bank advances, long-term 145,000 145,000 Subordinated debt, net of unamortized issuance costs 29,461 29,444 Other liabilities 16,446 16,452 Total liabilities $ 1,675,196 $ 1,717,218 Commitments and contingencies Shareholders' Equity Preferred stock, $ 10 par value; 500,000 shares authorized and unissued $ — $ — Common stock, $ 2.50 par value; authorized 10,000,000 shares; issued and outstanding 2024, 3,557,229 including 75,297 shares of unvested restricted stock; issued and outstanding 2023, 3,520,894 including 56,914 shares of unvested restricted stock 8,705 8,660 Surplus 14,368 14

View Full Filing

View this 10-Q filing on SEC EDGAR