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Eagle Financial Services Inc (EFSI-3.13%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net income to $15.3 million from $9.4 million in the previous year. Basic and diluted earnings per share were $4.32, up from $2.66 in 2023.
Total assets increased to $1.87 billion from $1.83 billion, while total deposits grew to $1.58 billion from $1.51 billion. Shareholders’ equity rose to $119.0 million from $108.4 million.
Net interest income was $51.2 million, an increase from $50.3 million in 2023. The net interest margin was 3.00%, compared to 2.96% in the previous year.
The provision for credit losses increased to $2.6 million from $1.6 million. Net charge-offs were $2.0 million, up from $443 thousand in the previous year.
Noninterest income rose to $21.6 million from $14.8 million, driven by gains on the sale and disposal of bank premises and equipment, and increased wealth management fees.
Noninterest expenses decreased to $51.3 million from $52.8 million, with reductions in salaries and employee benefits contributing to the decline.
Eagle Financial Services reported a total of $1.47 billion in loans, net of the allowance for credit losses, with the allowance for credit losses on loans at $15.0 million, representing 1.02% of total loans.
The company’s capital ratios were strong, with a common equity Tier 1 capital ratio of 11.04% and a total risk-based capital ratio of 12.00%.
The filing also details the company’s business segments, including community banking, marine lending, and wealth management, with each segment contributing to the overall financial performance.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.