Eagle Financial Services, Inc. Announces 2017 Second Quarter Financial Results

Eagle Financial Services, Inc. Announces 2017 Second Quarter Financial Results

PR Newswire

BERRYVILLE, Va., July 24, 2017 /PRNewswire/ – Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, reported quarterly earnings, continued asset quality improvement and strong performance for the second quarter of 2017. Additionally, on July 19, 2017, the Board of Directors announced a quarterly common stock cash dividend of $0.22 per common share, payable on August 15, 2017, to shareholders of record on August 1, 2017. Select highlights for the second quarter include:  

  • Net Income of $2.0 million
  • Net Interest Margin of 4.15%
  • Net loan growth of $34.8 million
  • Net deposit growth of $16.1 million
  • Earnings per Share, Basic of $0.58

John R. Milleson, President and CEO, stated,“I am extremely pleased with our robust loan and deposit growth as well as the continued improvement in the Company’s overall asset quality. The recent changes to the banking landscape in our Loudoun County market area may present us further opportunities for growth. As we stay attentive to those changes, we also remain focused on the maintenance of our net interest margin with efforts to grow the balance sheet and increase levels of net interest income while still being mindful of the importance of non-interest income and expense and the Company’s general level of efficiency.”

Income Statement Review

Net income of $2.0 million for the quarter ended June 30, 2017 was unchanged when compared to the quarter ended March 31, 2017. Net income for the quarter ended June 30, 2016 was $1.6 million. Much of the increase from the quarter ended June 30, 2016, related to the increase in net interest income and the reversal of provision for loan losses.      

Net interest income increased $392,000 or 6.16% from $6.4 million for the quarter ended March 31, 2017 to $6.8 million for the quarter ended June 30, 2017.  This increase in net interest income was driven mostly by increased loan volume experienced by the Bank. Net interest income increased 6.45% or $409,000 from $6.3 million for the quarter ended June 30, 2016 to $6.8 million for the quarter ended June 30, 2017.  This increase is also attributed to increased loan volume.   

Total loan interest income was $6.1 and $5.7 million for the quarters ended June 30 and March 31, 2017, respectively. For the quarter ended June 30, 2016, total loan interest income was $5.9 million. Average loans for the quarter ended June 30, 2017 were $534.8 million compared to $518.3 million for the quarter ended March 31, 2017.  Total average accruing loans were $528.8 million for the three months ended June 30, 2017 and $511.8 million for the quarter ended March 31, 2017.  For the second quarter of 2016, total average loans were $509.7 million and average accruing loans were $505.5 million. The tax equivalent yield on average loans for the quarters ended June 30 and March 31, 2017 was 4.51%.  The tax equivalent yield on loans for the quarter ended June 30, 2016 was 4.67%.  Interest income from the investment portfolio was $879,000 for the quarter ended June 30, 2017 and $809,000 for the same period ended March 31, 2017.  Average investments were $132.9 million for the quarter ended June 30, 2017 and $125.0 million for the quarter ended March 31, 2017.  Interest income from the investment portfolio was $737,000 for the quarter ended June 30, 2016 while average investments were $103.6 million for the same time period.

Total interest expense was $248,000 for the three months ended June 30, 2017 and $203,000 for the quarter ended March 31, 2017. The average cost of interest bearing liabilities remain unchanged at 0.21% for the quarter ending June 30, 2017 when compared to the quarter ended March 31, 2017.  The average balance of interest bearing liabilities increased by $14.2 million from the quarter ended March 31, 2017 with the Bank’s acquisition of wholesale funding to meet the quarter’s loan demand.  The net interest margin was 4.15% for the quarter ended June 30, 2017 and 4.09% for the quarter March 31, 2017.  For the quarter ended June 30, 2016, total interest expense was $297,000 and the net interest margin was 4.16%.

The Company’s net interest margin is not a measurement under accounting principles generally accepted in the United States, but it is a common measure used by the financial services industry to determine how profitably earning assets are funded. The Company’s net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The tax rate utilized is 34%. The table at the end of this document reconciles tax-equivalent net interest income, which is not a measurement under accounting principles generally accepted in the United States of America (GAAP), to net interest income.

Non-interest income was $1.6 million and $1.7 million for the quarters ended June 30 and March 31, 2017, respectively. When comparing the quarter ended June 30, 2017 to the quarter ended March 31, 2017, fees from fiduciary activities increased $17,000 or 5.82%.  This increase results mostly from some one-time fees collected during the quarter ended June 30, 2017.  Fees from fiduciary activities decreased $71,000 or 18.68% from the quarter ended June 30, 2017 to the same period in 2016. This decline resulted from the decline in one time fees realized during the second quarter of 2017 when compared to the same time period in 2016. Other operating income decreased by $44,000 or 51.76% when comparing the three months ended June 30, 2017 to the three months ended March 31, 2017.  During the first quarter of 2017, the Bank adjusted its ownership interest in Bankers Insurance, LLC.  The increase in ownership adjustment was $67,000 and was based upon Bankers Insurance, LLC 2016 schedule K-1. Noninterest income for the three months ended June 30, 2016 was $1.7 million

Noninterest expense was $5.7 million for the quarters ended June 30, 2017 and March 31, 2017.   Noninterest expense was $5.8 million for the quarter ended June 30, 2016.

Asset Quality and Provision for Loan Losses

Nonperforming assets consist of loans 90 days past due and still accruing interest, nonaccrual loans, other real estate owned (foreclosed properties), and repossessed assets.  At June 30, 2017, nonperforming assets were $5.75 million or 0.77% of total assets, a decrease of $734,000 when compared to the $6.4 million at March 31, 2017.  During the second quarter of 2017, the Bank placed one loan on non-accrual status. Management regularly evaluates the financial condition of borrowers with loans on non-accrual status and the value of any collateral on these loans.  The results of these evaluations are used to estimate the amount of losses which may be realized on the disposition of these non-accrual loans.  The majority of the non-accrual loans are secured by real estate.  One real estate asset had been foreclosed upon and subsequently sold during the second quarter of 2017.   There were no loans greater than 90 days past due and still accruing at June 30 and March 31, 2017. At June 30, 2016, there were $33,000 of loans greater than 90 days past due and still accruing.  Nonperforming assets were $4.5 million or 0.67% of total assets at June 30, 2016.

The Company may, under certain circumstances, restructure loans in troubled debt restructurings as a concession to a borrower when the borrower is experiencing financial distress.  Formal, standardized loan restructuring programs are not utilized by the Company.  Each loan considered for restructuring is evaluated based on customer circumstances and may include modifications to one or more loan provision.  Such restructured loans are included in impaired loans but may not necessarily be nonperforming loans.  At June 30, 2017, the Company had 22 troubled debt restructurings totaling $5.1 million, of which 19 loans, totaling $4.4 million, were considered performing loans. 

The Company realized $219,000 in net recoveries for the quarter ended June 30, 2017 compared to $440,000 in net recoveries for the three months ended March 31, 2017. For the quarter ended June 30, 2016, the Company realized net charge offs of $31,000. The Company continues to operate a troubled credit group to monitor past due loans, identify potential problem credits, and develop action plans to work through its troubled loans as promptly as possible.  Asset quality remains a primary focus of the Company. Necessary resources continue to be devoted to the ongoing review of the loan portfolio and the workouts of problem assets to minimize any losses to the Company. Management will continue to monitor delinquencies, risk rating changes, charge-offs, market trends and other indicators of risk in the Company’s portfolio, particularly those tied to residential and commercial real estate, and adjust the allowance for loan losses accordingly.

The Company recorded a negative provision for loan losses of $230,000 and $527,000 for the quarters ended June 30, 2017 and March 31, 2017, respectively, while no provision was recorded for the quarter ended June 30, 2016.  The allowance for loan losses was $4.4 million, or 0.80% of total outstanding loans, at June 30, 2017. At March 31, 2017, the allowance for loan losses was $4.4 million or 0.85% of total outstanding loans.  The allowance for loan losses was $5.0 million or 0.96% of total assets at June 30, 2016.  The amount of provision for loan losses during each quarter reflects the results of the Bank’s analysis used to determine the adequacy of the allowance for loan losses.  The Company is committed to maintaining an allowance at a level that adequately reflects the risk inherent in the loan portfolio. 

Total Consolidated Assets

Total consolidated assets of the Company at June 30, 2017 were $744.0 million, which represented an increase of $38.9 million or 5.52% from total assets of $705.1 million at March 31, 2017. This increase was driven by the increased volume of the loan portfolio.  Total loans increased from $519.4 million at March 31, 2017 to $554.2 at June 30, 2017.  At June 30, 2016, total consolidated assets were $677.4 million and total loans were $517.4 million.

Deposits and Other Borrowings

Total deposits were $632.0 million at June 30, 2017.  This reflects an increase of 2.62% or $16.1 million from $615.9 at March 31, 2017.  At June 30, 2016, total deposits were $571.2 million.  Borrowings with the Federal Home Loan Bank of Atlanta were $20.0 million at June 30, 2017 and June 30, 2016.  

Equity

Shareholders’ equity at June 30, 2017 was $83.2 million, reflecting an increase of $2.6 million from $80.5 million at March 31, 2017.  At June 30, 2016 shareholders’ equity was $81.4 million. The book value of the Company at June 30, 2017 was $24.02 per common share. Total common shares outstanding were 3,481,946 at June 30, 2017.  On July 19, 2017, the board of directors declared a $0.22 per common share cash dividend for shareholders of record as of August 1, 2017, and payable on August 15, 2017.

Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, and other filings with the Securities and Exchange Commission.

 


EAGLE FINANCIAL SERVICES, INC.


KEY STATISTICS


For the Three Months Ended



2Q17



1Q17



4Q16



3Q16



2Q16

Net Income (dollars in thousands)

$          2,026

$          2,044

$          1,806

$          1,428

$          1,611

Earnings per share, basic

$            0.58

$            0.59

$            0.52

$            0.40

$            0.46

Earnings per share, diluted

$            0.58

$            0.59

$            0.52

$            0.40

$            0.46

Return on average total assets

1.19%

1.20%

1.07%

0.85%

0.97%

Return on average total equity

9.96%

10.40%

9.00%

7.03%

8.07%

Dividend payout ratio

37.93%

37.29%

42.31%

50.00%

43.48%

Fee revenue as a percent of total revenue

18.69%

19.21%

19.82%

21.17%

20.56%

Net interest margin(1)

4.15%

4.09%

4.01%

3.94%

4.16%

Yield on average earning assets

4.30%

4.21%

4.14%

4.10%

4.35%

Yield on average interest-bearing liabilities

0.21%

0.21%

0.23%

0.25%

0.31%

Net interest spread

4.09%

4.00%

3.92%

3.85%

4.50%

Tax equivalent adjustment to net interest income (dollars in thousands)

$             166

$             158

$             146

$             147

$             149

Non-interest income to average assets

0.90%

0.97%

0.95%

1.00%

1.05%

Non-interest expense to average assets

3.24%

3.35%

3.19%

3.50%

3.51%

Efficiency ratio(2)

67.45%

69.67%

67.62%

74.61%

70.84%

(1)

The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets.  Tax equivalent interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense.  The rate utilized is 34%.  See the table below for the quarterly tax equivalent net interest income and the reconciliation of net interest income to tax equivalent net interest income.  The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded.  Because the Company earns a fair amount of non-taxable interest income due to the mix of securities in its investment security portfolio, net interest income for the ratio is calculated on a tax equivalent basis as described above.

(2)

The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio and sales of repossessed assets. The tax rate utilized is 34%. See the table below for the quarterly tax equivalent net interest income and a reconciliation of net interest income to tax equivalent net interest income. The Company calculates this ratio in order to evaluate its overhead structure or how effectively it is operating. An increase in the ratio from period to period indicates the Company is losing a larger percentage of its income to expenses. The Company believes that the efficiency ratio is a reasonable measure of profitability.

 

 


EAGLE FINANCIAL SERVICES, INC.


SELECTED FINANCIAL DATA BY QUARTER



2Q17



1Q17



4Q16



3Q16



2Q16

BALANCE SHEET RATIOS

Loans to deposits

87.69%

83.61%

85.60%

88.52%

90.58%

Average interest-earning assets to

    average-interest bearing liabilities

162.04%

162.59%

164.25%

163.98%

160.81%

PER SHARE DATA

Dividends

$            0.22

$            0.22

$            0.22

$            0.20

$            0.20

Book value

24.02

23.32

23.01

23.28

$          23.09

Tangible book value

24.02

23.32

23.10

23.28

$          23.09

SHARE PRICE DATA

Closing price

$          31.25

$          28.40

$          25.75

$          23.45

$          22.90

Diluted earnings multiple(1)

13.47

12.03

12.38

14.66

12.45

Book value multiple(2)

1.30

1.22

1.12

1.01

0.99

COMMON STOCK DATA

Outstanding shares at end of period

3,481,946

3,476,553

3,468,243

3,486,425

3,541,802

Weighted average shares outstanding

3,474,628

3,478,053

3,477,020

3,527,725

3,538,997

Weighted average shares outstanding, diluted

3,474,628

3,478,053

3,477,020

3,527,725

3,538,997

CAPITAL RATIOS

Total equity to total assets

11.18%

11.42%

11.34%

12.07%

12.02%

CREDIT QUALITY

Net charge-offs to average loans

-0.16%

-0.34%

0.01%

0.15%

0.02%

Total non-performing loans to total loans

1.01%

1.23%

1.35%

1.47%

0.78%

Total non-performing assets to total assets

0.77%

0.91%

1.05%

1.26%

0.67%

Non-accrual loans to:

      total loans

1.01%

1.23%

1.35%

1.41%

0.77%

      total assets

0.75%

0.90%

1.00%

1.08%

0.59%

Allowance for loan losses to:

      total loans

0.80%

0.85%

0.87%

0.91%

0.96%

     non-performing assets

77.22%

68.59%

61.13%

55.36%

109.64%

     non-accrual loans

78.68%

69.74%

64.44%

64.24%

124.99%

NON-PERFORMING ASSETS:


(dollars in thousands)

    Loans delinquent over 90 days

$                -

$                -

$                 8

$             300

$               33

    Non-accrual loans   

5,601

6,335

6,991

7,251

3,978

    Other real estate owned and repossessed assets

106

106

370

863

524

NET LOAN CHARGE-OFFS (RECOVERIES):


(dollars in thousands)

    Loans charged off

$               67

$               62

$             135

$             316

$               82

    (Recoveries)

(286)

(502)

(124)

(127)

(51)

Net charge-offs (recoveries)

(219)

(440)

11

189

31

PROVISION FOR LOAN LOSSES (dollars in thousands)

$           (230)

$           (527)

$           (142)

$           (125)

$                -

ALLOWANCE FOR LOAN LOSS SUMMARY


(dollars in thousands)

Balance at the beginning of period

$          4,418

$          4,505

$          4,658

$          4,972

$          5,003

Provision

(230)

(527)

(142)

(125)

Net charge-offs (recoveries)

(219)

(440)

11

189

31

Balance at the end of period

$          4,407

$          4,418

$          4,505

$          4,658

$          4,972

(1)

The diluted earnings multiple is calculated by dividing the period’s closing market price per share by the annualized diluted earnings per share for the period. The diluted earnings multiple is a measure of how much an investor may be willing to pay for $1.00 of the Company’s earnings.

(2)

The book value multiple (or price to book ratio) is calculated by dividing the period’s closing market price per share by the period’s book value per share. The book value multiple is a measure used to compare the Company’s market value per share to its book value per share.

 

 


EAGLE FINANCIAL SERVICES, INC.


CONSOLIDATED BALANCE SHEETS


(dollars in thousands)


Unaudited


Unaudited


Audited


Unaudited


Unaudited


6/30/2017


3/31/2017


12/31/2016


9/30/2016


6/30/2016


Assets

Cash and due from banks

$        27,184

$        24,826

$        35,125

$        19,286

$        29,594

Federal funds sold

152

132

156

108

Securities available for sale, at fair value

133,613

132,449

120,329

106,622

104,699

Loans, net of allowance for loan losses

549,772

514,940

512,437

509,654

512,434

Bank premises and equipment, net

19,911

19,959

20,169

20,278

20,495

Other assets

13,417

12,834

11,933

12,473

10,166

              Total assets

$      744,049

$      705,140

$      700,149

$      668,421

$      677,388


Liabilities and Shareholders’ Equity


Liabilities

    Deposits:

       Noninterest bearing demand deposits

$      218,117

$      213,542

$      208,948

$      203,626

$      197,524

       Savings and interest bearing demand deposits

312,990

317,325

306,847

288,535

284,572

       Time deposits

100,903

85,006

88,082

88,861

89,133

          Total deposits

$      632,010

$      615,873

$      603,877

$      581,022

$      571,229

    Federal funds purchased and securities

        sold under agreements to repurchase

    Federal Home Loan Bank advances

20,000

20,000

    Trust preferred capital notes

    Other liabilities

8,871

8,740

16,856

6,692

4,764

    Commitments and contingent liabilities

              Total liabilities

$      660,881

$      624,613

$      620,733

$      587,714

$      595,993


Shareholders’ Equity

    Preferred stock, $10 par value

$                -

$                -

$                -

$                -

$                -

    Common stock, $2.50 par value

8,656

8,632

8,633

8,666

8,817

    Surplus

12,748

12,548

12,642

12,951

14,129

    Retained earnings

60,705

59,442

58,165

57,125

56,405

    Accumulated other comprehensive income

1,059

(95)

(24)

1,965

2,044

              Total shareholders’ equity

$        83,168

$        80,527

$        79,416

$        80,707

$        81,395

              Total liabilities and shareholders’ equity

$      744,049

$      705,140

$      700,149

$      668,421

$      677,388

 

 


EAGLE FINANCIAL SERVICES, INC.


CONSOLIDATED STATEMENTS OF INCOME


(dollars in thousands)

Unaudited


Three Months Ended


6/30/2017


3/31/2017


12/31/2016


9/30/2016


6/30/2016


Interest and Dividend Income

        Interest and fees on loans

$          6,108

$          5,736

$          5,786

$          5,658

$          5,884

        Interest on federal funds sold

        Interest and dividends on securities available for sale:

              Taxable interest income

591

550

393

354

483

              Interest income exempt from federal income taxes

269

254

230

230

232

              Dividends

19

5

13

22

22

        Interest on deposits in banks

16

21

20

14

22

                    Total interest and dividend income

$          7,003

$          6,566

$          6,442

$          6,278

$          6,643


Interest Expense

        Interest on deposits

$             217

$             203

$             196

$             197

$             193

        Interest on federal funds purchased and securities

            sold under agreements to repurchase

13

        Interest on Federal Home Loan Bank advances

18

7

65

        Interest on trust preferred capital notes

24

38

39

                   Total interest expense

$             248

$             203

$             220

$             242

$             297

                   Net interest income

6,755

$          6,363

$          6,222

$          6,036

$          6,346


Provision For Loan Losses

(230)

(527)

(142)

(125)



                   Net interest income after provision for loan losses

$          6,985

$          6,890

$          6,364

$          6,161

$          6,346


Noninterest Income

        Income from fiduciary activities

$             309

$             292

$             333

$             315

$             380

        Service charges on deposit accounts

295

299

326

321

290

        Other service charges and fees

957

953

893

999

992

        Gain on the sale of bank premises and equipment

(5)

(6)

        Gain (Loss) on sales of AFS securities

1

50

5

8

        Gain on redemption of trust preferred debt

        Other operating income

41

85

52

44

76

                    Total noninterest income

$          1,598

$          1,673

$          1,609

$          1,687

$          1,738


Noninterest Expenses

        Salaries and employee benefits

$          3,364

$          3,350

$          3,187

$          3,251

$          3,312

        Occupancy expenses

367

377

355

355

368

        Equipment expenses

259

239

307

361

355

        Advertising and marketing expenses

175

178

135

151

185

        Stationery and supplies

47

41

32

68

51

        ATM network fees

183

220

224

242

259

        Other real estate owned expenses

10

1

9

50

2

        Loss (gain) on sale of other real estate

(1)

67

(12)

47

        FDIC assessment

54

52

(2)

104

99

       Computer software expense

159

195

176

180

131

       Bank franchise tax

134

125

125

125

125

       Professional fees

266

291

174

266

282

       Data processing fees

139

117

143

183

202

        Other operating expenses

590

524

463

548

414

                    Total noninterest expenses

$          5,747

$          5,709

$          5,395

$          5,872

$          5,832

                    Income before income taxes

2,836

2,854

2,578

1,976

2,252


Income Tax Expense

810

810

772

548

641

                    Net income

$          2,026

$          2,044

$          1,806

$          1,428

$          1,611


Earnings Per Share

        Net income per common share, basic

$            0.58

$            0.59

$            0.52

$            0.40

$            0.46

        Net income per common share, diluted

$            0.58

$            0.59

$            0.52

$            0.40

$            0.46

 

 


EAGLE FINANCIAL SERVICES, INC.


Average Balances, Income and Expenses, Yields and Rates


(dollars in thousands)


For the Three Months Ended


June 30, 2017


March 31, 2017


June 30, 2016


Interest


Interest


Interest


Average


Income/


Average


Average


Income/


Average


Average


Income/


Average


Assets:


Balance


Expense


Yield


Balance


Expense


Yield


Balance


Expense


Yield

Securities:

        Taxable

$93,425

$    2,446

2.56%

$  88,081

$    2,251

2.56%

$   71,792

$  2,031

2.83%

        Tax-Exempt (1)

39,438

1,637

4.15%

36,966

1,563

4.23%

31,771

1,411

4.44%

            Total Securities

$132,863

$    4,084

3.07%

$125,047

$    3,814

3.05%

$ 103,563

$  3,442

3.32%

Loans:

        Taxable

$522,636

$  24,286

4.56%

$505,538

$  23,048

4.56%

$ 498,794

$23,432

4.70%

         Nonaccrual

5,998

0.00%

6,552

0.00%

4,194

0.00%

        Tax-Exempt (1)

6,151

323

5.23%

6,230

326

5.23%

6,679

351

5.25%

            Total Loans

$534,785

$  24,609

4.51%

$518,320

$  23,374

4.51%

$ 509,667

$23,783

4.67%

Federal funds sold

59

1

1.25%

85

1

1.25%

0.00%

Interest-bearing deposits in other banks

6,521

66

0.82%

10,435

85

0.82%

18,291

90

0.49%

            Total earning assets

$668,230

$  28,759

4.30%

$647,335

$  27,274

4.21%

$ 627,327

$27,314

4.35%

Allowance for loan losses

(4,543)

(4,812)

(5,110)

Total non-earning assets

48,764

49,455

46,506

Total assets

$712,451

$691,978

$ 668,723


Liabilities and Shareholders’ Equity:

Interest-bearing deposits:

        NOW accounts

$84,219

$       145

0.15%

$  83,730

$       130

0.15%

$   81,086

$       84

0.10%

        Money market accounts

129,633

264

0.17%

129,830

227

0.17%

115,434

213

0.18%

        Savings accounts

101,506

64

0.06%

98,075

61

0.06%

85,150

48

0.06%

Time deposits:

        $100,000 and more

39,778

171

0.65%

40,755

264

0.65%

44,517

257

0.58%

        Less than $100,000

46,947

228

0.32%

45,709

146

0.32%

43,848

172

0.39%

            Total interest-bearing deposits

$402,083

$       872

0.21%

$398,099

827

0.21%

$ 370,035

$     775

0.21%

Federal  funds purchased and securities

     sold under agreements to repurchase

3,260

53

1.87%

42

1

1.87%

79

0.51%

Federal Home Loan Bank advances

7,033

70

0.00%

0.00%

20,000

260

1.30%

Trust preferred capital notes

0.00%

0.00%

156

0.00%

            Total interest-bearing liabilities

$412,376

$       995

0.21%

$398,141

828

0.21%

$ 390,114

$  1,192

0.31%

Noninterest-bearing liabilities:

        Demand deposits

210,010

205,646

193,364

        Other Liabilities

8,453

8,469

4,966

            Total liabilities

$630,839

$612,256

$ 588,444

Shareholders’ equity

81,612

79,722

80,279

Total liabilities and shareholders’ equity

$712,451

$691,978

$ 668,723

Net interest income

$  27,763

$26,446

$26,123

Net interest spread

4.09%

4.00%

4.05%

Interest expense as a percent of

     average earning assets

0.15%

0.13%

0.19%

Net interest margin

4.15%

4.09%

4.16%

(1)     Income and yields are reported on a tax equivalent basis using a federal tax rate of 34%.

 

 


EAGLE FINANCIAL SERVICES, INC.


Reconciliation of Tax-Equivalent Net Interest Income


(dollars in thousands)


Three Months Ended


6/30/2017


3/31/2017


12/31/2016


9/30/2016


6/30/2016


GAAP Financial Measurements:

   Interest Income – Loans

$          6,108

$          5,736

$          5,786

$          5,658

$          5,884

   Interest Income – Securities and Other Interest-Earnings Assets

896

830

657

620

759

   Interest Expense – Deposits

217

203

196

197

193

   Interest Expense – Other Borrowings

31

24

45

104


Total Net Interest Income

$          6,756

$          6,363

$          6,223

$          6,036

$          6,346


Non-GAAP Financial Measurements:

   Add:  Tax Benefit on Tax-Exempt Interest Income – Loans

$               27

$               27

$               28

$               28

$               30

   Add:  Tax Benefit on Tax-Exempt Interest Income – Securities

139

131

118

119

119


Total Tax Benefit on Tax-Exempt Interest Income

$             166

$             158

$             146

$             147

$             149


Tax-Equivalent Net Interest Income

$          6,922

$          6,521

$          6,369

$          6,183

$          6,495

 

 

View original content:http://www.prnewswire.com/news-releases/eagle-financial-services-inc-announces-2017-second-quarter-financial-results-300492888.html

SOURCE Eagle Financial Services, Inc.

Notice of Crown Capital Q2 2017 Results Conference Call

Notice of Crown Capital Q2 2017 Results Conference Call

Canada NewsWire

CALGARY, July 24, 2017 /CNW/ – Crown Capital Partners Inc. (“Crown” or “the Company”) (TSX: CRWN), which provides growth capital to successful mid-market companies, today announced it will host a conference call to discuss its 2017 second quarter financial results on August 9, 2017 at 8:30 a.m. EST. The call will be hosted by Chris Johnson, President and Chief Executive Officer, and Michael Overvelde, Chief Financial Officer. Crown will issue its financial results on the morning of August 9, 2017. 

CONFERENCE CALL DETAILS

DATE:                                    

Wednesday, August 9, 2017

TIME:                                     

8:30 a.m. EST

DIAL IN NUMBER:               

(647) 427-7450 or (888) 231-8191

CONFERENCE ID:                 

59205747

REPLAY:                                

(416) 849-0833 or (855) 859-2056

Available until midnight (EST) August 16, 2017

WEBCAST:                            

The audio webcast can be accessed at http://www.crowncapital.caunder Investor Relations or athttp://bit.ly/2ueMEpT

 

ABOUT CROWN

Crown (TSX: CRWN) is a specialty finance company focused on providing capital to successful Canadian and select U.S. companies that are unwilling or unable to obtain suitable financing from traditional capital providers such as banks and private equity funds. Crown also manages capital pools, including some in which Crown has a direct ownership interest. Crown originates, structures and provides tailored special situation and long-term financing solutions to a diversified group of private and public mid-market companies in the form of loans, royalties and other structures with minimal or no ownership dilution.

SOURCE Crown Capital Partners Inc.

View original content: http://www.newswire.ca/en/releases/archive/July2017/24/c4175.html

Supremex Announces Date of Second Quarter 2017 Results Conference Call

Supremex Announces Date of Second Quarter 2017 Results Conference Call

Canada NewsWire

MONTREAL, July 24, 2017 /CNW Telbec/ - Supremex Inc. (“Supremex” or the “Company”) (TSX: SXP), a leading North American manufacturer and marketer of a broad range of stock and custom envelopes and growing provider of packaging and specialty products, will release its results for the second quarter ended June 30, 2017, before market open on Tuesday, August 1, 2017. A conference call to discuss these results will be held on the same day, at 10:00 a.m. (Eastern Time).


Conference Call:

A live broadcast of the Conference Call will be available on the Company’s website, in the Investors section under Webcast.

To participate (professional investment community only) or to listen to the live conference call:

  • Local participants (Montreal area), dial into (514) 807-9895
  • North-American participants, dial toll-free 1 888 231-8191

A replay of the conference call will be available on the Company’s website in the Investors section under Webcast.

About Supremex

Supremex Inc. is a leading North American manufacturer and marketer of envelopes and growing provider of packaging and specialty products. Supremex operates facilities across seven provinces and three facilities in the United States and employs approximately 845 people. Supremex’ growing footprint allows it to efficiently manufacture and distribute paper and packaging solutions designed to the specifications of major national and multinational corporations, resellers, government entities, SMEs and solutions providers. For more information, please visit www.supremex.com

 

SOURCE Supremex Inc.

View original content: http://www.newswire.ca/en/releases/archive/July2017/24/c4030.html