Eagle Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter 2017
January 25, 2018 at 02:27 pm
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Eagle Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $7,323,000 against $6,442,000 a year ago. Net interest income was $6,971,000 against $6,222,000 a year ago. Income before income taxes was $2,906,000 against $2,578,000 a year ago. Net income was $1,709,000 against $1,806,000 a year ago. Basic and diluted net income per common share was $0.49 against $0.52 a year ago. This decrease in net income resulted mostly from the increase in income tax expense. The increases in net interest income resulted from the increases in the Company's securities and loan portfolios. Return on average total assets was 0.91% against 1.07% a year ago. Return on average total equity was 8.11% against 9.00% a year ago.
For the year, the company reported total interest and dividend income of $28,531,000 against $25,785,000 a year ago. Net interest income was $27,196,000 against $24,718,000 a year ago. Income before income taxes was $11,411,000 against $8,923,000 a year ago. Net income was $7,786,000 against $6,370,000 a year ago. Basic and diluted net income per common share was $2.24 against $1.81 a year ago. This increase in net income resulted mostly from the $1.8 million increase in interest and fees on loans.
For the fourth quarter 2017, the company reported net charge-offs of $98,000 against $11,000 a year ago.
Eagle Financial Services, Inc. is a bank holding company for Bank of Clarke (the Bank). The Bank offers a range of retail and commercial banking services, including demand, savings and time deposits and consumer, mortgage and commercial loans. The Company operates in three reportable business segments through the Bank: community banking, marine lending and wealth management. The Bank has over 13 full-service branches, two loan production offices, and one drive-through-only facility. The Bank has over 13 automated teller machine (ATM) locations in its trade area, and issues debit cards to deposit customers. The Bank offers telephone banking, Internet banking, and mobile banking to its customers. The Bank offers other commercial deposit account services, such as automated clearing house origination and remote deposit capture. The Bank has Virginia offices located in Clarke County, Frederick County, Fauquier County, Loudoun County, Fairfax County and other locations.
Eagle Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter 2017