Wed, May 15, 3:29 PM (72 days ago)
Eagle Financial Services, Inc. reported a net income of $2.5 million for Q1 2024, a slight decrease from $2.6 million in Q1 2023. Earnings per share were $0.72, down from $0.73. The return on average assets and equity were 0.57% and 9.41%, respectively, compared to 0.63% and 10.14% in Q1 2023. Net interest income fell to $12.4 million from $12.6 million, with interest income rising to $21.9 million and interest expense increasing significantly to $9.5 million. The provision for credit losses decreased to $475 thousand from $664 thousand. Noninterest income remained stable at $3.5 million, while noninterest expenses were largely unchanged at $12.4 million. Total assets decreased to $1.78 billion from $1.83 billion, and total deposits fell to $1.47 billion from $1.51 billion. The allowance for credit losses on loans was 1.00% of total loans. The Bank remains well-capitalized with a total risk-based capital ratio of 11.32%. The Company reduced its workforce in the marine lending division and plans to hold the remaining marine loans until repayment.