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Eagle Financial Services, Inc. (EFSI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $3.4 million from $2.3 million in the same quarter the previous year. The increase is attributed to higher noninterest income and lower noninterest expenses.
Net interest income for the quarter was $13.2 million, up from $12.9 million in the previous year, reflecting a slight increase in interest income and a decrease in interest expense.
The company reported a provision for credit losses of $1.5 million for the quarter, compared to $216,000 in the previous year, with the increase attributed to charge-offs in the marine loan portfolio.
Noninterest income rose to $5.3 million from $4.2 million, driven by increased wealth management fees and gains on loan sales.
Noninterest expenses decreased to $12.9 million from $14.1 million, primarily due to reduced salaries and employee benefits following a workforce reduction in the marine lending division.
Eagle Financial Services had total assets of $1.88 billion as of September 30, 2024, with net loans of $1.47 billion and total deposits of $1.55 billion.
The company maintains a strong capital position, with a total shareholders' equity of $117.8 million, representing 6.26% of total assets.
The filing also details the company's strategy to focus on core banking operations, including residential and commercial real estate lending, while reducing exposure to marine lending.
Eagle Financial Services does not anticipate any significant changes in its dividend policy and continues to focus on operational efficiency and cost control.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eagle Financial Services, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.