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Eagle Financial Services, Inc. Announces 2011 First Quarter Financial Results and Quarterly Dividend


News provided by

Eagle Financial Services, Inc.

Apr 27, 2011, 04:02 ET

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BERRYVILLE, Va., April 27, 2011 /PRNewswire/ -- Eagle Financial Services, Inc. (OTC BULLETIN BOARD: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announces first quarter 2011 financial results and a quarterly dividend. The Company's common stock is listed for trading on the Over-the-Counter (OTC) Bulletin Board under the ticker symbol EFSI.

Financial Highlights:



2011


2010


Q1


Q4

Q1

Net income (000's)

$1,167


$462

$955

Diluted EPS

$0.36


$0.14

$0.49

Net Interest Margin

4.39%


4.41%

4.48%

Total equity to assets

9.57%


9.64%

9.65%

Allowance for loan losses to total loans

1.80%


1.74%

1.56%

Provision for loan losses

$900


$2,175

$550


John R. Milleson, President and CEO, stated, "During the past two years of unsettled economic times, we have maintained commendable profitability and a steady return to our shareholders.  Strong core earnings helped navigate us through these tough times as we aggressively provisioned funds to reserve for current and potential losses.  Thus far into 2011, I am pleased to say that we have continued to take a proactive and aggressive stance towards quickly addressing problem loans while also generating profit and expanding our geographic footprint.  Our newest branch recently opened in Round Hill, VA.  This expansion into Loudoun County, VA will be led by Mr. Greg Jay and Mr. Jon Elliott, both of whom have years of banking experience and established relationships in this market. We look forward to serving the people of Round Hill and Loudoun County.  We are also pleased to declare a $0.18 per share dividend to be paid in May 2011.  This is a $0.01 increase over the dividend paid in May of 2010."

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2011 was $5.6 million which represented a decrease of 2.67% when compared to $5.7 million for the quarter ended December 31, 2010. This slight decrease in net interest income is mostly attributed to the decreased average yield of total earning assets. Net interest income was $5.4 million for the quarter ended March 31, 2010.

Total loan interest income was $5.7 million for the quarter ended March 31, 2011, reflecting a decrease of $243,000 from the quarter ended December 31, 2010. Total loan interest income was $5.8 million for the quarter ended March 31, 2010.  Average loans for the quarter ended March 31, 2011 were $408.2 million compared to $411.1 million at December 31, 2010.  Total average accruing loans were $400.7 million at March 31, 2011 and $399.7 million at December 31, 2010.  At March 31, 2010, total average loans were $402.8 million and average accruing loans were $397.3 million. The tax equivalent yield on average loans for the quarter ended March 31, 2011 was 5.72%, down eight basis points from 5.80% for the quarter ended December 31, 2010.  Interest income from the investment portfolio was $1.1 million for the quarters ended March 31, 2011 and December 31, 2010.  Average investments were $113.8 million at March 31, 2011 and $113.7 million at December 31, 2010.  Interest income from the investment portfolio was $1.0 million for the quarter ended March 31, 2010.

Total interest expense for the three months ended March 31, 2011 and December 31, 2010 was $1.3 million. The average cost of interest bearing liabilities decreased five basis points when comparing the quarter ended March 31, 2011 to the quarter ended December 31, 2010.  The average balance of interest bearing liabilities increased $2.1 million from the quarter ended December 31, 2010.  The net interest margin was 4.39% for the quarter ended March 31, 2011 and 4.41% for the quarter December 31, 2010.  For the quarter ended March 31, 2010, total interest expense was $1.4 million and the net interest margin was 4.48%.

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%.

Asset Quality and Provision for Loan Losses

Nonperforming assets consist of nonaccrual loans, other real estate owned (foreclosed properties), and repossessed assets.  Non-performing assets decreased from $10.2 million or 1.83% of total assets at December 31, 2010 to $8.7 million or 1.52% of total assets at March 31, 2011. This decrease mostly resulted from the charge off of two large non-accrual loans. During the first quarter of 2011, the Bank placed two loans on non-accrual status. Management evaluates the financial condition of these borrowers 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 nonaccrual loans.  Most of the non accrual loans are secured by real estate and have allocated specific allowances.  Two real estate assets valued at $1.1 million had been foreclosed upon during the first quarter of 2011 while the Bank sold one piece of other real estate owned recorded at a net value of $130,000 during the same period.  Loans greater than 90 days past due and still accruing decreased from $10,000 at December 31, 2010 to $4,000 at March 31, 2011.  Non-performing assets were $9.0 million or 1.64% of total assets at March 31, 2010.

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 March 31, 2011, the Company had 24 troubled debt restructurings totaling $8.8 million. All 24 loans are performing loans.  

The Company realized $734,000 in net charge-offs for the quarter ended March 31, 2011 versus $2.9 million for the three months ended December 31, 2010. The Company has a troubled credit group to monitor past due loans, identify potential problem credits, and develop action plans to work through its troubled loans as promptly as possible. Net charge-offs for the quarter ended March 31, 2010 were $229,000.

Provisions for loan losses were $900,000 for the three months ended March 31, 2011, compared to $2.2 million for the quarter ended December 31, 2010. The provisions for loan losses for the quarter ended March 31, 2010 were $550,000.  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.  Given the current economic environment, it is anticipated there could be an increase in past due loans, non performing loans and other real estate owned.  However, the increase is not expected to be as significant as that experienced during 2010.  The Company is committed to maintaining an allowance at a level adequate to mitigate any negative impact resulting from such increases and that adequately reflects the risk inherent in the loan portfolio.  

Noninterest Income and Noninterest Expense

Noninterest income was $1.4 million for the quarter ended March 31, 2011 and $1.3 million for the quarter ended December 31, 2010. Income from fiduciary activities increased $61,000 or 29.5% for the quarter ended March 31, 2011 when compared to the quarter ended December 31, 2010.  The Company's trust department had an estate settle during the quarter which generated additional fees.  Net losses of $48,000 were recognized on the sales of repossessed assets for the quarter ended March 31, 2011 while net losses of $92,000 had been recognized on the sales repossessed assets for the quarter ended December 31, 2010.  Noninterest income for the three months ended March 31, 2010 was $1.4 million.

Noninterest expense was $4.5 million for the quarter ended March 31, 2011.  This represents an increase of $148,000 or 3.4% from $4.4 million for the quarter ended December 31, 2010. With the April 2011 opening of the Round Hill branch in Loudoun County Virginia, additional levels of expenditures had been incurred in the advertising and supply expense categories during the first quarter of 2011 when compared to the quarter ended December 31, 2010.   The Company continues to diligently manage and monitor its other operating expenses. Other operating expenses increased $77,000 or 7.7% when comparing the quarter ended March 31, 2011 to the quarter ended December 31, 2010.  This change is due to increases in various other expense categories including outside consulting fees and expenses associated with other real estate owned.  Total noninterest expense for the quarter ended March 31, 2010 was $4.1 million.

Total Consolidated Assets

Total consolidated assets of the Company at March 31, 2011 were $571.3 million, which represented an increase of $13.0 million or 2.3% from total assets of $558.3 million at December 31, 2010. At March 31, 2010, total consolidated assets were $549.6 million. Cash and due from banks increased $17.3 million from $13.5 million at December 31, 2010.  Total loans decreased from $408.4 million at December 31, 2010 to $403.9 at March 31, 2011.  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 $404.4 million at March 31, 2010.

Deposits and Other Borrowings

Total deposits, which include brokered deposits, increased $11.8 million to $440.6 million at March 31, 2011 from $428.8 million at December 31, 2010. At March 31, 2010, total deposits were $414.6 million.  The Company held $19.0 million in brokered deposits at March 31, 2011.  At December 31, 2010 and March 31, 2010, brokered deposits were $19.9 million.

Securities sold under agreement to repurchase decreased $345,000 since December 31, 2010 and were $14.1 million at March 31, 2011.  Securities sold under agreement to repurchase were $14.6 million at March 31, 2010. Borrowings with the Federal Home Loan Bank of Atlanta were unchanged from December 31, 2010 at $52.5 million at March 31, 2011. Borrowings with the Federal home Loan Bank of Atlanta were $57.3 million at March 31, 2010.  

Equity

Shareholders' equity at March 31, 2011 was $54.7 million and $53.8 million at December 31, 2010. Shareholder's equity was $53.1 million at March 31, 2010.  The book value of the Company at March 31, 2011 was $16.76 per common share. Total common shares outstanding were 3,279,940 at March 31, 2011.  On April 20, 2011, the board of directors declared a $0.18 per common share cash dividend for shareholders of record as of April 29, 2011 and payable on May 13, 2011.

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, 2010, and other filings with the Securities and Exchange Commission.


EAGLE FINANCIAL SERVICES, INC.

KEY STATISTICS

For the Three Months Ended


1Q11


4Q10


3Q10


2Q10


1Q10











Net Income (dollars in thousands)

$          1,167


$         462


$           81


$      1,484


$      1,578

Earnings per share, basic

$            0.36


$        0.14


$        0.03


$        0.46


$        0.49

Earnings per share, diluted

$            0.36


$        0.14


$        0.02


$        0.46


$        0.49











Return on average total assets

0.84%


0.33%


0.06%


1.07%


1.19%

Return on average total equity

8.79%


3.36%


0.59%


11.13%


12.17%

Dividend payout ratio

50.00%


128.57%


566.67%


36.96%


34.69%

Fee revenue as a percent of total revenue

20.48%


20.22%


21.01%


20.88%


19.93%











Net interest margin(1)

4.39%


4.41%


4.31%


4.38%


4.48%

Yield on average earning assets

5.35%


5.41%


5.34%


5.45%


5.61%

Yield on average interest-bearing liabilities

1.26%


1.31%


1.35%


1.39%


1.44%

Net interest spread

4.09%


4.10%


3.99%


4.06%


4.17%

Tax equivalent adjustment to net interest income (dollars in thousands)

$             193


$         202


$         198


$         202


$         204











Non-interest income to average assets

1.01%


0.90%


1.04%


1.00%


1.02%

Non-interest expense to average assets

3.25%


3.07%


3.03%


2.97%


3.05%











Efficiency ratio(2)

62.40%


59.10%


59.22%


57.56%


58.01%


(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 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.  



EAGLE FINANCIAL SERVICES, INC.

SELECTED FINANCIAL DATA BY QUARTER



1Q11


4Q10


3Q10


2Q10


1Q10

BALANCE SHEET RATIOS











Loans to deposits

91.67%


95.26%


96.78%


97.45%


97.56%


Average interest-earning assets to average-interest bearing liabilities

130.62%


131.31%


130.60%


130.10%


128.13%

PER SHARE DATA











Dividends

$            0.18


$            0.18


$            0.18


$            0.17


$            0.17


Book value

$          16.76


$          16.50


$          16.86


$          16.85


$          16.42


Tangible book value

$          16.76


$          16.50


$          16.86


$          16.84


$          16.40

SHARE PRICE DATA











Closing price

$          16.22


$          16.50


$          17.00


$          16.00


$          18.00


Diluted earnings multiple(1)

0.97


1.00


1.01


0.96


1.10


Book value multiple(2)

0.97


1.00


1.10


0.95


1.10

COMMON STOCK DATA











Outstanding shares at end of period

3,279,940


3,262,249


3,254,204


3,226,923


3,231,964


Weighted average shares outstanding

3,274,898


3,243,292


3,249,236


3,236,763


3,227,129


Weighted average shares outstanding, diluted

3,281,586


3,250,868


3,259,231


3,245,229


3,232,700

CAPITAL RATIOS











Total equity to total assets

9.57%


9.64%


9.82%


9.73%


9.65%

CREDIT QUALITY











Net charge-offs to average loans

0.18%


0.70%


1.51%


0.49%


0.23%


Total non-performing loans to total loans

1.48%


2.05%


2.44%


1.84%


1.84%


Total non-performing assets to total assets

1.52%


1.83%


2.18%


1.70%


1.64%


Non-accrual loans to:











     total loans

1.48%


2.05%


2.39%


1.51%


1.84%


     total assets

1.04%


1.50%


1.77%


1.11%


1.35%


Allowance for loan losses to:











     total loans

1.80%


1.74%


1.90%


1.59%


1.56%


    non-performing assets

83.96%


69.77%


64.20%


69.04%


69.85%


    non-accrual loans

121.97%


84.89%


79.35%


105.45%


84.62%

NON-PERFORMING ASSETS:










(dollars in thousands)











   Loans delinquent over 90 days

$                 4


$               10


$             208


$          1,366


$                 2


   Non-accrual loans    

5,966


8,377


9,870


6,204


7,434


   Other real estate owned and repossessed assets

2,697


1,805


2,122


1,906


1,571

NET LOAN CHARGE-OFFS (RECOVERIES):










(dollars in thousands)











   Loans charged off

$             834


$          3,045


$          1,618


$             531


$             281


   (Recoveries)

(100)


(149)


(58)


(32)


(52)


Net charge-offs (recoveries)

734


2,896


1,560


499


229

PROVISION FOR LOAN LOSSES (dollars in thousands)

$             900


$          2,175


$          2,850


$             750


$             550

ALLOWANCE FOR LOAN LOSS SUMMARY










(dollars in thousands)











Balance at the beginning of period

$          7,111


$          7,832


$          6,542


$          6,291


$          5,970


Provision

900


2,175


2,850


750


550


Net charge-offs (recoveries)

734


2,896


1,560


499


229


Balance at the end of period

$          7,277


$          7,111


$          7,832


$          6,542


$          6,291


(1) The diluted earnings multiple (or price earnings ratio) is calculated by dividing the period's closing market price per share by total equity per weighted average shares outstanding, diluted 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


Audited


Unaudited


Unaudited


Unaudited


3/31/2011


12/31/2010


9/30/2010


6/30/2010


3/31/2010











Assets










Cash and due from banks

$        30,769


$       13,468


$       12,439


$       18,951


$       24,385

Federal funds sold

-


-


-


-


-

Securities available for sale, at fair value

113,360


113,775


112,175


107,104


100,148

Loans, net of allowance for loan losses

396,631


401,338


405,075


404,177


398,134

Bank premises and equipment, net

15,826


15,712


15,881


15,591


14,984

Other assets

14,752


14,045


13,402


13,059


11,904

             Total assets

$      571,338


$     558,338


$     558,972


$     558,882


$     549,555











Liabilities and Shareholders' Equity










Liabilities










   Deposits:










      Noninterest bearing demand deposits

$      103,568


$       97,754


$       97,409


$       94,354


$       91,477

      Savings and interest bearing demand deposits

183,660


184,548


177,798


177,999


171,317

      Time deposits

153,390


146,492


151,456


149,098


151,765

         Total deposits

$      440,618


$     428,794


$     426,663


$     421,451


$     414,559

   Federal funds purchased and securities










       sold under agreements to repurchase

14,050


14,395


14,920


14,987


14,628

   Federal Home Loan Bank advances

52,250


52,250


52,250


57,250


57,250

   Trust preferred capital notes

7,217


7,217


7,217


7,217


7,217

   Other liabilities

2,507


1,853


3,047


3,616


2,847

   Commitments and contingent liabilities

-


-


-


-


-

             Total liabilities

$      516,642


$     504,509


$     504,097


$     504,521


$     496,501











Shareholders' Equity










   Preferred stock, $10 par value

$                -


$               -


$               -


$               -


$               -

   Common stock, $2.50 par value

8,159


8,124


8,090


8,067


8,045

   Surplus

9,208


9,076


8,930


8,733


8,559

   Retained earnings

35,997


35,420


35,544


36,014


35,079

   Accumulated other comprehensive income

1,332


1,209


2,311


1,547


1,371

             Total shareholders' equity

$        54,696


$       53,829


$       54,875


$       54,361


$       53,054

             Total liabilities and shareholders' equity

$      571,338


$     558,338


$     558,972


$     558,882


$     549,555



EAGLE FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands)

Unaudited


Three Months Ended


3/31/2011


12/31/2010


9/30/2010


6/30/2010


3/31/2010











Interest and Dividend Income










       Interest and fees on loans

$          5,731


$          5,974


$          5,875


$          5,873


$          5,807

       Interest on federal funds sold

-


-


-


8


3

       Interest and dividends on securities available for sale:










             Taxable interest income

714


520


753


621


595

             Interest income exempt from federal income taxes

327


330


320


324


328

             Dividends

61


227


-


108


111

       Interest on deposits in banks

6


11


1


-


-

                   Total interest and dividend income

$          6,839


$          7,062


$          6,949


$          6,934


$          6,844

Interest Expense










       Interest on deposits

$             661


$             693


$             741


$             765


$             784

       Interest on federal funds purchased and securities










           sold under agreements to repurchase

90


96


97


96


98

       Interest on Federal Home Loan Bank advances

438


468


461


460


455

       Interest on trust preferred capital notes

78


80


80


79


77

                  Total interest expense

$          1,267


$          1,337


$          1,379


$          1,400


$          1,414

                  Net interest income

$          5,572


$          5,725


$          5,570


$          5,534


$          5,430

Provision For Loan Losses

900


2,175


2,850


750


550

                  Net interest income after provision for loan losses

$          4,672


$          3,550


$          2,720


$          4,784


$          4,880

Noninterest Income










       Income from fiduciary activities

$             268


$             207


$             248


$             222


$             240

       Service charges on deposit accounts

387


423


438


477


446

       Other service charges and fees

774


786


794


745


668

       (Loss) Gain on the sale of bank premises and equipment

-


(83)


-


-


-

       (Loss) on the sale of repossessed assets

(48)


(92)


3


(123)


(126)

       (Loss) on sales of AFS securities

-


-


-


-


98

       Other operating income

24


36


(8)


62


38

                   Total noninterest income

$          1,405


$          1,277


$          1,475


$          1,383


$          1,364

Noninterest Expenses










       Salaries and employee benefits

$          2,413


$          2,396


$          2,334


$          2,344


$          2,189

       Occupancy expenses

309


309


260


281


292

       Equipment expenses

161


156


172


144


152

       Advertising and marketing expenses

125


97


138


95


105

       Stationery and supplies

99


65


69


47


65

       ATM network fees

114


145


194


265


157

       FDIC assessment

199


181


179


178


314

       Other operating expenses

1,084


1,007


943


751


785

                   Total noninterest expenses

$          4,504


$          4,356


$          4,289


$          4,105


$          4,059

                   Income before income taxes

$          1,573


$             471


$             (94)


$          2,062


$          2,185

Income Tax Expense

406


9


(175)


578


607

                   Net income

$          1,167


$             462


$               81


$          1,484


$          1,578

Earnings Per Share










       Net income per common share, basic

$            0.36


$            0.14


$            0.03


$            0.46


$            0.49

       Net income per common share, diluted

$            0.36


$            0.14


$            0.02


$            0.46


$            0.49



EAGLE FINANCIAL SERVICES, INC.

Average Balances, Income and Expenses, Yields and Rates

(dollars in thousands)












For the Three Months Ended


March 31, 2011


December 31, 2010




Interest





Interest



Average


Income/

Average


Average


Income/

Average

Assets:

Balance


Expense

Rate


Balance


Expense

Rate

Securities:










       Taxable

$78,892


$3,146

3.99%


$78,233


$2,964

3.79%

       Tax-Exempt (1)

34,947


2,010

5.75%


35,502


1,984

5.59%

           Total Securities

$113,839


$5,155

4.53%


$113,735


$4,948

4.35%

Loans:










       Taxable

$395,604


$23,044

5.83%


$394,409


$23,455

5.95%

        Non accrual

7,502


-

0.00%


11,375


0

0.00%

       Tax-Exempt (1)

5,101


300

5.89%


5,286


373

7.05%

           Total Loans

$408,207


$23,344

5.72%


$411,070


$23,828

5.80%

Federal funds sold

-


-

0.00%


64


0

0.00%

Interest-bearing deposits in other banks

10,673


23

0.55%


7,933


44

0.55%

           Total earning assets

$532,719


$28,523

5.35%


$532,802


$28,820

5.41%

Allowance for loan losses

(7,360)





(7,777)




Total non-earning assets

36,801





37,050




Total assets

$562,159





$562,075














Liabilities and Shareholders' Equity:










Interest-bearing deposits:










       NOW accounts

$69,966


$220

0.31%


$69,649


$210

0.30%

       Money market accounts

68,546


360

0.53%


71,187


372

0.52%

       Savings accounts

43,169


56

0.13%


41,962


53

0.13%

Time deposits:










       $100,000 and more

64,200


689

1.07%


61,433


697

1.13%

       Less than $100,000

87,985


1,358

1.54%


86,607


1,418

1.64%

           Total interest-bearing deposits

$333,866


$2,682

0.80%


$330,838


$2,750

0.83%

Federal  funds purchased and securities










    sold under agreements to repurchase

14,493


363

2.51%


15,447


385

2.49%

Federal Home Loan Bank advances

52,250


1,776

3.40%


52,250


1,856

3.55%

Trust preferred capital notes

7,217


317

4.40%


7,217


317

4.40%

           Total interest-bearing liabilities

$407,826


$5,139

1.26%


$405,752


$5,308

1.31%

Noninterest-bearing liabilities:










       Demand deposits

98,518





98,720




       Other Liabilities

1,968





3,430




           Total liabilities

$508,312





$507,451




Shareholders' equity

53,847





54,624




Total liabilities and shareholders' equity

$562,159





$562,075














Net interest income



$23,384





$23,512












Net interest spread




4.09%





4.10%

Interest expense as a percent of










    average earning assets




0.96%





1.00%

Net interest margin




4.39%





4.41%


(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


3/31/2011

12/31/2010

9/30/2010

6/30/2010

3/31/2010







GAAP Financial Measurements:






  Interest Income - Loans

$            5,731

$            5,974

$            5,875

$            5,873

$            5,807

  Interest Income - Securities and Other Interest-Earnings Assets

1,108

1,088

1,074

1,061

1,037

  Interest Expense - Deposits

661

693

741

765

784

  Interest Expense - Other Borrowings

606

644

638

635

630

Total Net Interest Income

$            5,572

$            5,725

$            5,570

$            5,534

$            5,430







Non-GAAP Financial Measurements:






  Add:  Tax Benefit on Tax-Exempt Interest Income - Loans

$                 25

$                 32

$                 33

$                 35

$                 35

  Add:  Tax Benefit on Tax-Exempt Interest Income - Securities

168

170

165

167

169

Total Tax Benefit on Tax-Exempt Interest Income

$               193

$               202

$               198

$               202

$               204

Tax-Equivalent Net Interest Income

$            5,765

$            5,927

$            5,768

$            5,736

$            5,634


SOURCE Eagle Financial Services, Inc.

Modal title

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