Eagle Financial Services Announces Second Quarter Financial Results
Eagle Financial Services, Inc , the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announces second quarter 2010 financial results and a quarterly dividend. The Company’s common stock is listed for trading on the Over-the-Counter (OTC) Bulletin Board under the ticker symbol EFSI.
Second Quarter 2010 Financial Results:
Net income of $1.5 million
Diluted earnings per share $0.46
Net interest margin of 4.38%
Allowance for loan losses at 1.59% of total loans
Retail deposit growth of $6.9 million since March 31, 2010
Total equity to assets of 9.73%
Dividend of $0.17 per share
John R. Milleson, President and CEO, stated, “For the second quarter of 2010, we are pleased to announce continued strong earnings. We have continued to diligently manage the net interest margin and control expenses as well as conservatively fund the allowance for loan losses. Most importantly, however, the Bank remains well capitalized and that has allowed us to focus on geographical growth. We will open our newest branch, located on Pleasant Valley Road in Winchester, VA, at the end of this month and, as announced just last week, we plan to expand our market area by opening a branch in Round Hill, Virginia, in western Loudoun County. We are truly excited about this market expansion. We believe that this is the right time to expand due to the Bank’s financial strength and the opportunities we see in Loudoun County. The Round Hill area residents have been without a bank to call their own for too long; we’ve been their neighbors and now we look forward to becoming part of their community.”
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