Eagle Financial Services, Inc. (EFSI) has reported a 33.28 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.81 million, or $0.52 a share in the quarter, compared with $1.36 million, or $0.38 a share for the same period last year.
Revenue during the quarter grew 6.99 percent to $7.97 million from $7.45 million in the previous year period. Net interest income for the quarter rose 6.05 percent over the prior year period to $6.22 million. Non-interest income for the quarter rose 20.52 percent over the last year period to $1.61 million.
Eagle Financial Services, Inc. has made negative provision of $0.14 million for loan losses during the quarter, compared with a negative provision of $0.25 million in the same period last year.
Net interest margin improved 4 basis points to 4.01 percent in the quarter from 3.97 percent in the last year period. Efficiency ratio for the quarter improved to 67.62 percent from 78.51 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
John R. Milleson, president and chief executive officer, stated, "It makes me very proud to announce the Company’s reaching $700 million in total consolidated assets. With the Bank's 135th anniversary in 2016, I believe this milestone reflects the Company's long-held belief in and commitment to being a strong and conservative yet progressive financial institution, a slogan originally coined by Bank of Clarke in the 1930’s. It's interesting to note the parallels in that 80+ year slogan that continue to inspire our Company. Sound decisions are made every day to remain strong and independent. We believe our conservative approach, when appropriate, allows us to successfully control risk. And our progressive side allows us to develop products and services to meet the preferences of a constantly evolving customer base. All-in-all, a time-honored approach that still resonates in 2017. Additionally, as I have had the pleasure of proclaiming for several years now, I am extremely pleased with the Company's ability to increase its annual dividend to shareholders for the 30th consecutive year."
Liabilities outpace assets growth
Total assets stood at $700.15 million as on Dec. 31, 2016, up 7.18 percent compared with $651.65 million on Dec. 31, 2015. On the other hand, total liabilities stood at $620.73 million as on Dec. 31, 2016, up 7.94 percent from $573.43 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $512.44 million as on Dec. 31, 2016, up 4.45 percent compared with $490.61 million on Dec. 31, 2015. Deposits stood at $603.88 million as on Dec. 31, 2016, up 9.65 percent compared with $550.72 million on Dec. 31, 2015.
Loans to deposits ratio was 85.60 percent for the quarter, down from 89.99 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $208.95 million or 34.60 percent of total deposits on Dec. 31, 2016, compared with $186.13 million or 33.80 percent of total deposits on Dec. 31, 2015.
Investments stood at $120.33 million as on Dec. 31, 2016, up 11.71 percent or $12.61 million from year-ago. Shareholders equity stood at $79.42 million as on Dec. 31, 2016, up 1.53 percent or $1.19 million from year-ago.
Return on average assets moved up 23 basis points to 1.07 percent in the quarter from 0.84 percent in the last year period. At the same time, return on average equity increased 208 basis points to 9 percent in the quarter from 6.92 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.05 percent in the quarter, up from 0.95 percent in the last year period.
Equity to assets ratio was 11.34 percent for the quarter, down from 12 percent for the previous year quarter. Book value per share was $23.01 for the quarter, up 3.42 percent or $0.76 compared to $22.25 for the same period last year.
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