Eagle Financial Services Inc(US:EFSI)2025-11-13 20:20Financial Performance - For the three months ended September 30, 2025, net income increased by $2.2 million, or 63.1%, compared to the same period in 2024, while for the nine months ended September 30, 2025, net income decreased by $5.3 million, or 57.6%, compared to the same period in 2024[158]. - The company reported a net income of $4.414 million for the three months ended September 30, 2025, a 130% increase from $1.921 million in 2024[205]. - Noninterest income for the three months ended September 30, 2025, was $5.2 million, slightly down from $5.3 million in Q3 2024[181]. Assets and Liabilities - As of September 30, 2025, the Company reported total assets of $1.93 billion, net loans of $1.45 billion, total deposits of $1.66 billion, and shareholders' equity of $185.6 million[147]. - Total assets as of September 30, 2025, were $2,012,402,000, up from $1,823,478,000 in the same period of 2024, reflecting a growth of 10.4%[160]. - Total deposits rose to $1.66 billion at September 30, 2025, a $79.9 million increase or 5.07% from $1.58 billion at December 31, 2024[236]. Income and Expenses - Total noninterest expenses increased by $1.5 million, or 11.28%, for the three months ended September 30, 2025, and by $2.6 million, or 6.76%, for the nine months ended September 30, 2025, compared to the same periods in 2024[191]. - Salaries and employee benefits rose by 15% to $8.717 million for the three months ended September 30, 2025, compared to $7.548 million in 2024[192]. - Other operating expenses rose by $412 thousand, or 27.56%, during the three months ended September 30, 2025, compared to the same period in 2024[200]. Interest Income and Margin - Net interest income for the three months ended September 30, 2025, was $17.2 million, compared to $13.2 million for the same period in 2024, reflecting a significant increase[158]. - The net interest margin (non-GAAP) improved to 3.58% for the three months ended September 30, 2025, up from 3.03% in the same period of 2024[160]. - Net interest income increased to $17.2 million for Q3 2025, up 30.6% from $13.2 million in Q3 2024[169]. Credit Losses - The provision for credit losses for the three months ended September 30, 2025, was $1.1 million, compared to $1.5 million for the same period in 2024[158]. - Total charge-offs for the three months ended September 30, 2025, were $2.4 million, compared to $1.4 million for the same period in 2024, representing a 75% increase[225]. - The allowance for credit losses on loans was $15,699,000 as of September 30, 2025, compared to $14,729,000 as of September 30, 2024, indicating an increase of 6.6%[160]. Capital and Ratios - As of September 30, 2025, the Bank's Common Equity Tier 1 capital ratio increased to 14.29% from 11.04% at December 31, 2024[244]. - The Bank's Total Risk-Based Capital ratio rose to 15.25% at September 30, 2025, compared to 12.00% at December 31, 2024[244]. - The allowance for credit losses on loans to nonperforming assets ratio was 104% at September 30, 2025, down from 581% at December 31, 2024[231]. Shareholder Information - The company declared dividends of $0.93 per share for the nine months ended September 30, 2025, compared to $0.90 per share in the same period of 2024[241]. - The Company completed a public offering of 1,796,875 shares at a price of $32.00 per share, generating net proceeds of $53.5 million[148]. Securities and Investments - The Company recognized a loss on the sale of available for sale securities totaling $9.8 million, net of tax, during the nine months ended September 30, 2025[158]. - The company reported a net pre-tax loss of $12.4 million from the sale of available for sale debt securities totaling $99.2 million, with a fair value of $86.8 million[208]. - The company purchased $102.2 million of securities during the nine months ended September 30, 2025, including $66.0 million as part of balance sheet repositioning transactions[213].