Eagle Financial Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 25, 2013 at 11:27 pm IST
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Eagle Financial Services Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest and dividend income of $6,479,000 against $6,949,000 for the same period last year. Net interest income was $5,665,000 against $5,858,000 for the same period last year. The increase in net interest income resulted mostly from reduced interest costs and loan loss provisions. Income before income taxes was $2,205,000 against $806,000 for the same period last year. Net income was $1,581,000 or $0.47 per diluted share against $693,000 or $0.21 per diluted share for the same period last year. Tax-equivalent net interest income was $5,863,000 against $6,071,000 for the same period last year. Return on average total assets was 1.08% against 0.48% for the same period last year. Return on average total equity was 9.95% against 4.76% for the same period last year.
For the year, the company reported total interest and dividend income of $26,566,000 against $27,571,000 for the same period last year. Net interest income was $23,182,000 against $22,766,000 for the same period last year. The increase in net interest income for the year resulted mostly from the decline in the company's funding costs. Income before income taxes was $9,109,000 against $5,693,000 for the same period last year. Net income was $6,550,000 or $1.96 per diluted share against $4,322,000 or $1.31 per diluted share for the same period last year. Book value per share as at December 31, 2012 was $19.11 against $17.67 as at December 31, 2011. Tangible book value per share as at December 31, 2012 was $19.11 against $17.67 as at December 31, 2011.
Eagle Financial Services, Inc. is a bank holding company for Bank of Clarke (the Bank). The Bank offers a range of retail and commercial banking services, including demand, savings and time deposits and consumer, mortgage and commercial loans. The Company operates in three reportable business segments through the Bank: community banking, marine lending and wealth management. The Bank has over 13 full-service branches, two loan production offices, and one drive-through-only facility. The Bank has over 13 automated teller machine (ATM) locations in its trade area, and issues debit cards to deposit customers. The Bank offers telephone banking, Internet banking, and mobile banking to its customers. The Bank offers other commercial deposit account services, such as automated clearing house origination and remote deposit capture. The Bank has Virginia offices located in Clarke County, Frederick County, Fauquier County, Loudoun County, Fairfax County and other locations.