Eagle Financial Services, Inc (EFSI) has reported a 6.36 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $1.43 million, or $0.40 a share in the quarter, compared with $1.52 million, or $0.43 a share for the same period last year.
Revenue during the quarter went up marginally by 2.33 percent to $7.85 million from $7.67 million in the previous year period. Net interest income for the quarter dropped 1.28 percent over the prior year period to $6.04 million. Non-interest income for the quarter rose 3.24 percent over the last year period to $1.69 million.
Eagle Financial Services, Inc has made negative provision of $0.12 million for loan losses during the quarter, compared with a positive provision of $0.08 million in the same period last year.
John R. Milleson, president and chief executive officer, stated “Although loan growth has been slower than anticipated due to intense interest rate and structure competition from various banks within our markets, earnings and profitability remain sound. The Company intends to stay disciplined about maintaining both its underwriting standards and its net interest margin and thereby cautious about the growth it is willing to accept in the loan portfolio. We remain confident that our expansion into Loudoun County and the extensive presence that we have in our existing markets will allow the Company to continue to provide its shareholders a positive return and consistent dividends. Accordingly, we again, are very pleased to be able to increase the shareholders’ dividend for the upcoming quarter.”
Liabilities outpace assets growth
Total assets stood at $668.42 million as on Sep. 30, 2016, up 4.76 percent compared with $638.07 million on Sep. 30, 2015. On the other hand, total liabilities stood at $587.71 million as on Sep. 30, 2016, up 4.86 percent from $560.46 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $509.65 million as on Sep. 30, 2016, up 4.86 percent compared with $486.05 million on Sep. 30, 2015. Deposits stood at $581.02 million as on Sep. 30, 2016, up 10.07 percent compared with $527.87 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $203.63 million or 35.05 percent of total deposits on Sep. 30, 2016, compared with $177 million or 33.53 percent of total deposits on Sep. 30, 2015.
Investments stood at $106.62 million as on Sep. 30, 2016, up 3.01 percent or $3.12 million from year-ago. Shareholders equity stood at $80.71 million as on Sep. 30, 2016, up 3.99 percent or $3.10 million from year-ago.
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