Eagle Financial Services Inc. (the “Company”) is a bank holding company that was incorporated in 1991. The company is headquartered in Berryville, Virginia and conducts its operations through its subsidiary, Bank of Clarke County (the “Bank”). The Bank is chartered under Virginia law. The Bank has twelve full-service branches and one drive-through only facility. The Bank’s main office is located at 2 East Main Street in Berryville, Virginia. The Bank opened for business on April 1, 1881. The Bank has offices located in Clarke County, Frederick County, and Loudoun County, as well as the Towns of Leesburg and Purcellville and the City of Winchester. This market area is located in the Shenandoah Valley and Northern Virginia.
Company profile
Ticker
EFSI
Exchange
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
541601306
Investment data
Securities sold
Number of investors
Calendar
12 Aug 22
12 Aug 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 32.14M | 32.14M | 32.14M | 32.14M | 32.14M | 32.14M |
Cash burn (monthly) | 21.26M | 6.03M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 30.93M | 8.77M | n/a | n/a | n/a | n/a |
Cash remaining | 1.21M | 23.37M | n/a | n/a | n/a | n/a |
Runway (months of cash) | 0.1 | 3.9 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
4 Aug 22 | Milleson John R | Common Stock, $2.50 Par Value | Buy | Acquire P | No | No | 36.2 | 100 | 3.62K | 137,164.019 |
27 Jul 22 | Thomas T BYRD | Common Stock, $2.50 Par Value | Grant | Acquire A | Yes | No | 0 | 600 | 0 | 62,069 |
27 Jul 22 | Cary R Claytor | Common Stock, $2.50 Par Value | Grant | Acquire A | No | No | 0 | 600 | 0 | 3,165.707 |
27 Jul 22 | Gilpin Thomas T | Common Stock, $2.50 Par Value | Grant | Acquire A | No | No | 0 | 600 | 0 | 46,690 |
27 Jul 22 | Mary Bruce Glaize | Common Stock, $2.50 Par Value | Grant | Acquire A | No | No | 0 | 600 | 0 | 13,467.554 |
Financial report summary
?Risks
- The Company’s concentration in loans secured by real estate may increase its credit losses, which would negatively affect our financial results.
- An inadequate allowance for loan losses would reduce our earnings.
- The ongoing COVID-19 pandemic and measures intended to prevent its spread may adversely affect our business, financial condition and operations; the extent of such impacts are highly uncertain and difficult to predict.
- The Company’s operations may be adversely affected by cyber security risks.
- Failure to keep pace with technological change could adversely affect our business.
- The Company’s success depends upon its ability to manage interest rate risk.
- The Company’s success depends upon its ability to compete effectively in the banking industry.
- The Company could be adversely affected by economic conditions in its market area.
- The soundness of other financial institutions could adversely affect us.
- The Company may not be able to successfully manage its growth or implement its growth strategy, which may adversely affect results of operations and financial condition.
- Severe weather, natural disasters, acts of war or terrorism, geopolitical instability, public health issues, and other external events could significantly impact the Company's business.
- The Company relies heavily on its senior management team and the unexpected loss of key officers could adversely affect operations.
- Government measures to regulate the financial industry, including the Dodd-Frank Act, subject us to increased regulation and could adversely affect us.
- The Bank is subject to stringent capital and liquidity requirements as a result of the Basel III regulatory capital reforms and the Dodd-Frank Act.
- Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to environmental, social and governance (ESG) practices may impose additional costs on the Company or expose it to new or additional risks.
- Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact the Company’s business.
- There can be no assurances concerning continuing dividend payments.
- The stock market can be volatile, and fluctuations in our operating results and other factors could cause our stock price to decline.
Management Discussion
- Net income for the six months ended June 30, 2022 was $7.2 million, an increase of 23.48% or $1.4 million when compared to the same period in 2021. Net income for the three months ended June 30, 2022 was $3.9 million, an increase of 32.93% or $989 thousand when compared to the same period in 2021. Earnings per share, basic and diluted were $2.08 and $1.71 for the six months ended June 30, 2022 and 2021, respectively. Earnings per share, basic and diluted were $1.14 and $0.87 for the three months ended June 30, 2022 and 2021, respectively
- Return on average assets ("ROA") measures how efficiently the Company uses its assets to produce net income. Some issues reflected within this efficiency include the Company’s asset mix, funding sources, pricing, fee generation, and cost control. The ROA of the Company, on an annualized basis, for the six months ended June 30, 2022 and 2021 was 1.08% and 1.01%, respectively.
- Return on average equity ("ROE") measures the utilization of shareholders’ equity in generating net income. This measurement is affected by the same factors as ROA with consideration to how much of the Company’s assets are funded by shareholders. The ROE of the Company, on an annualized basis, for the six months ended June 30, 2022 and 2021 was 13.91% and 11.19%, respectively.
Content analysis
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H.S. freshman Avg
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New words:
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Removed:
advance, affirmed, Aid, amend, ASC, assisting, ATM, automated, begun, Branch, Bulletin, call, center, computer, conduct, decision, documentation, documenting, essential, extended, governance, interagency, interpretative, live, November, observed, October, online, open, pace, passed, Paycheck, rapid, SAB, selected, serve, software, steadfastly, systematic, teller, updated, usage, validating, worked, working
Financial reports
Current reports
8-K
Eagle Financial Services, Inc. Announces 2022 Second Quarter Record Earnings
29 Jul 22
8-K
Zmitrovich Named Bank President and Chief Banking Officer for Bank of Clarke County
3 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
18 May 22
8-K
Eagle Financial Services, Inc. Announces 2022 First Quarter Financial Results
3 May 22
8-K
Announces Quarterly Dividend
22 Apr 22
8-K
Completes $30.0 Million Subordinated Notes Offering
5 Apr 22
8-K
Eagle Financial Services, Inc. Announces 2021 Fourth Quarter Financial Results
11 Feb 22
8-K
Announces Quarterly Dividend
28 Jan 22
8-K
Regulation FD Disclosure
13 Dec 21
8-K
Eagle Financial Services, Inc. Announces 2021 Third Quarter Financial Results
29 Oct 21
Ownership
4
EAGLE FINANCIAL SERVICES / JOHN R MILLESON ownership change
8 Aug 22
4
EAGLE FINANCIAL SERVICES / JOHN D STOKELY JR ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / ROBERT W SMALLEY JR ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / Douglas Clay Rinker ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / JOHN R MILLESON ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / TATIANA C MATTHEWS ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / EDWARD HILL III ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / SCOTT M HAMBERGER ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / MARY BRUCE GLAIZE ownership change
29 Jul 22
4
EAGLE FINANCIAL SERVICES / THOMAS T GILPIN ownership change
29 Jul 22