BERRYVILLE, Va., July 21 /PRNewswire-FirstCall/ -- Eagle Financial
Services, Inc. (OTC:EFSI) (BULLETIN BOARD: EFSI) , the holding
company for Bank of Clarke County, whose divisions include Eagle
Investment Group, announces second quarter 2009 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 2009 Financial Results: -- Net
income of $904,000 -- Diluted earnings per share $0.28 -- Net
interest margin of 4.24% -- Allowance for loan losses at 1.13% of
total loans -- Retail deposit growth of $14.8 million since
December 31, 2008 -- Total equity to assets of 9.30% -- Dividend of
$0.17 per share John R. Milleson, President and CEO, stated "These
are still difficult times for Eagle Financial Services, Inc., the
industry and our economy in general, but there are some signs of
recovery, particularly in larger financial institutions and the
housing market. I believe that 2009 will continue to present
challenges, but the Company is determined to be even stronger after
the recession than it had been before. The Bank has been in
business for 128 years and it intends to continue to operate in a
safe and sound manner for the benefit of its shareholders, its
employees and the communities in which it serves." Net Interest
Income and Net Interest Margin Net interest income for the quarter
ended June 30, 2009 was $5.1 million which represented an increase
of 4.7% when compared to $4.9 million for the same period in 2008.
Although average earning assets increased $10.0 million since June
30, 2008, the increase in net interest income resulted mostly from
the decline in the Company's funding costs. Total loan interest
income was $5.7 million for the quarter ended June 30, 2009,
reflecting a decrease of $496,000 from the quarter ended June 30,
2008. Average loans decreased $1.2 million since June 30, 2008.
Interest income from the investment portfolio was $1.2 million for
the quarters ended June 30, 2009 and 2008. Average investments
increased $5.2 million since June 30, 2008. Total interest expense
for the three months ended June 30, 2009 decreased $761,000 when
compared to the three months ended June 30, 2008. The average cost
of interest bearing liabilities decreased 83 basis points from the
quarter ended June 30, 2008 to the same period in 2009. The average
balance of interest bearing liabilities increased $9.4 million from
the quarter ended June 30, 2008 to the same period in 2009. The net
interest margin increased from 4.12% for the quarter ended June 30,
2008 to 4.24% for the quarter ended June 30, 2009. The increase in
the net interest margin was mostly attributable to the decreased
cost of interest bearing liabilities. 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%. Asset Quality and Provision for Loan Losses
Provisions for loan losses were $1.1 million for the three months
ended June 30, 2009, compared to $300,000 for the quarter ended
June 30, 2008. Although the Company experienced a decrease in total
loans since the December 31, 2008, given the level of problem
loans, continued uncertainty in the economy, and the ongoing
nationwide credit crisis, the Company deemed it prudent to increase
its allowance for loan losses. Non performing assets increased from
$2.3 million or .44% of total assets at June 30, 2008 to $4.3
million or .82% of total assets at June 30, 2009. This rise was a
result of the increase in both non accrual loans and other real
estate owned. During the second quarter of 2009, the Bank
foreclosed upon real estate assets valued at $2.2 million and sold
three pieces of other real estate owned recorded at $677,000. Loans
greater than 90 days past due decreased from $1.3 million at June
30, 2008 to $50,000 at June 30, 2009. The Company realized $1.7
million in net charge-offs for the quarter ended June 30, 2009
versus $272,000 for the same period in 2008. Given the current
economic environment, it is anticipated there could be an increase
in past due loans, non performing loans and other real estate
owned. However, the Company believes that the allowance for loan
losses will be maintained at a level adequate to mitigate any
negative impact resulting from such increases. On July 17, 2009,
the Company sold its investment in CIT Group, Inc. The Company held
two bonds with a book value of $1.0 million and a fair market value
of $700,000 at June 30, 2009. The Company will settle on the sale
of the two bonds on July 21, 2009 and realize a loss in the amount
of $486,000. Non Interest Income and Non Interest Expense
Noninterest income was $1.3 million and $2.5 million for the
quarters ended June 30, 2009 and 2008, respectively. The change in
noninterest income reflects a decrease of $1.2 million or 49.2%.
For the quarter ended June 30, 2008, the Company had realized a
$742,000 gain on the sale of a branch building. Much of the
remaining decrease resulted from the decline in commissions earned
from sales of non-deposit investments. Noninterest expense was $4.1
million for the quarters ended June 30, 2009 and 2008. Despite an
increase in FDIC insurance premiums of $194,000 for the quarter
ended June 30, 2009 versus the same period in 2008, the Company has
diligently managed and monitored its other operating expenses.
Total Consolidated Assets Total consolidated assets of the Company
at June 30, 2009 were $522.6 million, which represents a decrease
of $5.5 million or 1.1% from total assets of $528.1 million at
December 31, 2008. Total loans decreased $503,000 from $390.1
million at December 31, 2008 to $389.6 million at June 30, 2009.
Considering the current interest rate and competitive market
environment, the Company has been conscientious about maintaining
both its underwriting standards and its net interest margin and
thereby cautious about the growth it has permitted in the loan
portfolio. Deposits and Other Borrowings Total deposits, which
include brokered deposits, decreased $5.3 million to $381.2 million
at June 30, 2009 from $386.5 million at December 31, 2008. Brokered
deposits were $5.5 million at June 30, 2009 and $25.5 million at
December 31, 2008. Securities sold under agreement to repurchase
were $14.2 million at June 30, 2009 and $16.4 million at December
31, 2008. Borrowings with the Federal Home Loan Bank of Atlanta
were $62.3 million at June 30, 2009 and $75.0 million at December
31, 2008. Equity Shareholders' equity at June 30, 2009 and December
31, 2008 was $48.6 million and $46.8 million, respectively. The
book value of the Company at June 30, 2009 was $15.28 per common
share. Total common shares outstanding were 3,180,899 at June 30,
2009. On July 15, 2009, the board of directors declared a $0.17 per
common share cash dividend for shareholders of record as of August
1, 2009 and payable on August 14, 2009. 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, 2008,
and other filings with the Securities and Exchange Commission.
EAGLE FINANCIAL SERVICES, INC. KEY STATISTICS For the Three Months
Ended 2Q09 1Q09 2Q08 1Q08 ---- ---- ---- ---- Net Income (dollars
in thousands) $904 $955 $2,081 $1,689 Earnings per share, basic
$0.29 $0.30 $0.66 $0.54 Earnings per share, diluted $0.28 $0.30
$0.66 $0.54 Return on average total assets 0.71% 0.74% 1.61% 1.32%
Return on average total equity 7.80% 8.27% 17.76% 14.75% Dividend
payout ratio 58.62% 56.67% 25.76% 29.63% Fee revenue as a percent
of total revenue 15.44% 15.13% 25.01% 15.58% Net interest margin(1)
4.24% 3.98% 4.12% 3.90% Yield on average earning assets 5.67% 5.66%
6.20% 6.42% Yield on average interest-bearing liabilities 1.82%
2.12% 2.65% 3.17% Net interest spread 3.85% 3.54% 3.55% 3.25% Tax
equivalent adjustment to net interest income (dollars in thousands)
$187 $182 $175 $174 Non-interest income to average assets 0.95%
0.92% 1.92% 1.51% Non-interest expense to average assets 3.10%
2.92% 3.16% 3.04% Efficiency ratio(2) 62.88% 63.04% 54.20% 58.50%
(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%. For the quarters ended June 30, 2009 and June 30, 2008 net
interest income on a tax equivalent basis was $5.3 million and $5.0
million, respectively. For the quarters ended March 31, 2009 and
March 31, 2008 net interest income on a tax equivalent basis was
$4.9 million and $4.7 million, respectively. See the table below
for a 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. The tax
rate utilized is 34%. For the quarters ended June 30, 2009 and June
30, 2008, tax equivalent net interest income was $5.3 million and
$5.0 million, respectively. For the quarters ended March 31, 2009
and March 31, 2008 net interest income on a tax equivalent basis
was $4.9 million and $4.7 million, respectively. See the table
below for a reconciliation of net interest income to tax equivalent
net interest income. Total non interest income, excluding gains and
losses on the investment portfolio, for the quarters ended June 30,
2009 and June 30, 2008, was $1.3 million and $2.5 million,
respectively. Total non interest income, excluding gains and losses
on the investment portfolio, for the quarters ended March 31, 2009
and March 31, 2008, was $1.2 million and $1.9 million,
respectively. 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 2Q09 1Q09 2Q08 1Q08 ---- ---- ---- ----
BALANCE SHEET RATIOS Loans to deposits 102.20% 96.85% 104.96%
103.21% Average interest-earning assets to average-interest bearing
liabilities 126.56% 125.56% 127.07% 125.77% PER SHARE DATA
Dividends $0.17 $0.17 $0.17 $0.16 Book value $15.28 $14.74 $14.96
$14.85 Tangible book value $15.26 $14.71 $14.92 $14.81 SHARE PRICE
DATA Closing price $15.00 $14.60 $21.00 $22.00 Diluted earnings
multiple(1) 0.98 0.99 1.41 1.48 Book value multiple(2) 0.98 0.99
1.40 1.48 COMMON STOCK DATA Outstanding shares at end of period
3,180,899 3,167,250 3,167,250 3,128,667 Weighted average shares
outstanding 3,169,197 3,162,666 3,132,315 3,125,355 Weighted
average shares outstanding, diluted 3,172,659 3,166,620 3,138,161
3,132,370 CAPITAL RATIOS Total equity to total assets 9.30% 8.72%
9.05% 8.98% CREDIT QUALITY Net charge-offs to average loans 0.43%
0.08% 0.07% 0.02% Total non-performing loans to total loans 0.54%
1.52% 0.32% 0.34% Total non-performing assets to total assets 0.82%
1.30% 0.44% 0.30% Non-accrual loans to: total loans 0.53% 1.10%
0.00% 0.18% total assets 0.39% 0.80% 0.00% 0.14% Allowance for loan
losses to: total loans 1.13% 1.29% 0.85% 0.85% non-performing
assets 102.74% 72.12% 144.39% 216.01% non-accrual loans 213.60%
116.66% 0.00% 473.44% NON-PERFORMING ASSETS: (dollars in thousands)
Loans delinquent over 90 days $50 $1,624 $1,269 $624 Non-accrual
loans 2,052 4,293 - 704 Other real estate owned and repossessed
assets 2,164 1,027 1,020 215 NET LOAN CHARGE-OFFS (RECOVERIES):
(dollars in thousands) Loans charged off $1,727 $361 $301 $99
(Recoveries) (52) (48) (29) (13) Net charge-offs (recoveries) 1,675
313 272 86 PROVISION FOR LOAN LOSSES (dollars in thousands) $1,050
$800 $300 200 ALLOWANCE FOR LOAN LOSS SUMMARY (dollars in
thousands) Balance at the beginning of period $5,008 $4,521 $3,305
$3,191 Provision 1,050 800 300 200 Net charge-offs (recoveries)
1,675 313 272 86 Balance at the end of period $4,383 $5,008 $3,333
$3,305 (1) The diluted earnings multiple (or price earnings ratio)
is calculated by dividing the period's closing market price per
share by total equity per weighted average shares outstanding,
diluted 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. BALANCE SHEET (dollars in thousands) Unaudited Unaudited
Audited Unaudited Unaudited 6/30/2009 3/31/2009 12/31/2008
6/30/2008 3/31/2008 --------- --------- ---------- ---------
--------- Assets Cash and due from banks $7,841 $7,425 $7,287
$9,687 $10,768 Federal funds sold - 16,679 11,052 - 1,326
Securities available for sale, at fair value 101,884 101,796 98,919
97,675 97,960 Loans, net of allowance for loan losses 385,200
383,632 385,565 387,327 384,292 Bank premises and equipment, net
15,006 15,165 15,377 15,681 16,420 Other assets 12,679 10,685 9,942
8,069 7,053 ------ ------ ----- ----- ----- Total assets $522,610
$535,382 $528,142 $518,439 $517,819 ======== ======== ========
======== ======== Liabilities and Shareholders' Equity Liabilities
Deposits: Noninterest bearing demand deposits $83,985 $83,180
$81,340 $81,065 $80,968 Savings and interest bearing demand
deposits 154,071 153,629 154,622 154,827 144,584 Time deposits
143,130 164,471 150,565 136,295 149,989 ------- ------- -------
------- ------- Total deposits $381,186 $401,280 $386,527 $372,187
$375,541 Federal funds purchased and securities sold under
agreements to repurchase 19,791 14,717 14,693 19,324 15,505 Federal
Home Loan Bank advances 62,250 62,250 70,000 70,000 70,000 Trust
preferred capital notes 7,217 7,217 7,217 7,217 7,217 Other
liabilities 3,555 3,244 2,876 2,810 3,079 Commitments and
contingent liabilities - - - - - --- --- --- --- --- Total
liabilities $473,999 $488,708 $481,313 $471,538 $471,342 --------
-------- -------- -------- -------- Shareholders' Equity Preferred
stock, $10 par value $- $- $- $- $- Common stock, $2.50 par value
7,952 7,918 7,888 7,839 7,822 Surplus 8,085 7,872 7,796 7,418 7,256
Retained earnings 33,558 33,194 32,779 33,566 32,019 Accumulated
other comprehensive income (984) (2,310) (1,634) (1,922) (620) ----
------ ------ ------ ---- Total shareholders' equity $48,611
$46,674 $46,829 $46,901 $46,477 ------- ------- ------- -------
------- Total liabilities and shareholders' equity $522,610
$535,382 $528,142 $518,439 $517,819 ======== ======== ========
======== ======== EAGLE FINANCIAL SERVICES, INC. SUMMARY INCOME
STATEMENT (dollars in thousands) Unaudited Unaudited Unaudited
Unaudited 6/30/2009 3/31/2009 6/30/2008 3/31/2008 ---------
--------- --------- --------- Interest and Dividend Income Interest
and fees on loans $5,698 $5,604 $6,194 $6,491 Interest on federal
funds sold 3 4 8 28 Interest and dividends on securities available
for sale: Taxable interest income 748 753 691 594 Interest income
exempt from federal income taxes 298 285 290 297 Dividends 119 113
219 182 Interest on deposits in banks 2 - 1 2 --- --- --- --- Total
interest and dividend income $6,868 $6,759 $7,403 $7,594 ------
------ ------ ------ Interest Expense Interest on deposits $1,080
$1,328 $1,694 $2,115 Interest on federal funds purchased and
securities sold under agreements to repurchase 95 97 130 107
Interest on Federal Home Loan Bank advances 530 564 640 724
Interest on trust preferred capital notes 48 61 81 108 Interest on
interest rate swap 31 17 - - --- --- --- --- Total interest expense
$1,784 $2,067 $2,545 $3,054 ------ ------ ------ ------ Net
interest income $5,084 $4,692 $4,858 $4,540 Provision For Loan
Losses 1,050 800 300 200 ----- --- --- --- Net interest income
after provision for loan losses $4,034 $3,892 $4,558 $4,340 ------
------ ------ ------ Noninterest Income Income from fiduciary
activities $204 240 $274 $219 Service charges on deposit accounts
517 477 584 553 Other service charges and fees 494 486 717 711 Gain
on the sale of loans - - - 376 Gain on the sale of bank premises
and equipment - - 742 - Gain (loss) on the sale of other real
estate owned 4 - - - Other operating income 35 2 152 63 -- --- ---
-- Total noninterest income $1,254 $1,205 $2,469 $1,922 ------
------ ------ ------ Noninterest Expenses Salaries and employee
benefits $2,287 $2,170 $2,321 $2,297 Occupancy expenses 348 296 358
287 Equipment expenses 166 171 175 171 Advertising and marketing
expenses 87 95 90 88 Stationery and supplies 80 85 101 92 ATM
network fees 32 31 112 103 Other operating expenses 1,103 984 909
844 ----- --- --- --- Total noninterest expenses $4,103 $3,832
$4,066 $3,882 ------ ------ ------ ------ Income before income
taxes $1,185 $1,265 $2,961 $2,380 Income Tax Expense 281 310 880
691 --- --- --- --- Net income $904 $955 $2,081 $1,689 ==== ====
====== ====== Earnings Per Share Net income per common share, basic
$0.29 $0.30 $0.66 $0.54 ===== ===== ===== ===== Net income per
common share, diluted $0.28 $0.30 $0.66 $0.54 ===== ===== =====
===== EAGLE FINANCIAL SERVICES, INC. Average Balances, Income and
Expenses, Yields and Rates (dollars in thousands) For the Three
Months Ended June 30, ----------------------------------- 2009 2008
------------------------- ------------------------- Interest
Interest Average Income/ Average Average Income/ Average Assets:
Balance Expense Rate Balance Expense Rate ------- ------- ----
------- ------- ---- Securities: Taxable 71,617 3,478 4.86% 68,189
3,640 5.34% Tax-Exempt(1) 32,614 1,814 5.56% 30,892 1,760 5.70%
------ ----- ------ ----- Total Securities 104,231 5,292 5.08%
99,081 5,400 5.45% Loans: Taxable 380,692 22,595 5.94% 383,884
24,581 6.40% Tax-Exempt(1) 6,221 393 6.32% 4,218 299 7.09% -----
--- ----- --- Total Loans 386,913 22,988 5.94% 388,102 24,880 6.41%
Federal funds sold 7,647 12 0.16% 1,726 32 1.85% Interest-bearing
deposits in other banks 215 8 3.72% 122 4 3.28% --- --- --- ---
Total earning assets 499,006 28,300 5.67% 489,031 30,316 6.20%
------ ------ Allowance for loan losses (4,359) (3,352) Total
non-earning assets 35,403 30,787 ------ ------ Total assets 530,050
516,466 ======= ======= Liabilities and Shareholders' Equity:
Interest-bearing deposits: NOW accounts 57,173 287 0.50% 62,151 656
1.06% Money market accounts 60,352 557 0.92% 51,691 901 1.74%
Savings accounts 36,734 124 0.34% 34,152 220 0.64% Time deposits:
$100,000 and more 53,221 1,109 2.08% 71,827 2,473 3.44% Less than
$100,000 102,638 2,257 2.20% 69,219 2,526 3.65% ------- -----
------ ----- Total interest- bearing deposits 310,118 4,334 1.40%
289,040 6,776 2.34% Federal funds purchased and securities sold
under agreements to repurchase 14,685 382 2.60% 18,609 520 2.79%
Federal Home Loan Bank advances 62,250 2,125 3.41% 70,000 2,560
3.66% Trust preferred capital notes 7,217 317 4.39% 7,217 324 4.49%
----- --- ----- --- Total interest- bearing liabilities 394,270
7,158 1.82% 384,866 10,180 2.65% ------- ----- ------- ------
Noninterest-bearing liabilities: Demand deposits 84,477 81,793
Other Liabilities 3,232 2,920 ----- ----- Total liabilities 481,979
469,579 Shareholders' equity 48,071 46,887 ------ ------ Total
liabilities and shareholders' equity 530,050 516,466 =======
======= ------ ------ Net interest income 21,142 20,136 ======
====== Net interest spread 3.85% 3.55% Interest expense as a
percent of average earning assets 1.43% 2.08% Net interest margin
4.24% 4.12% (1) Income and yields are reported on tax-equivalent
basis using a federal tax rate of 34%. EAGLE FINANCIAL SERVICES,
INC. Average Balances, Income and Expenses, Yields and Rates
(dollars in thousands) For the Three Months Ended March 31,
-------------------------------------------------- 2009 2008
------------------------ ------------------------ Interest Interest
Average Income/ Average Average Income/ Average Assets: Balance
Expense Rate Balance Expense Rate ------------------------
------------------------ Securities: Taxable 68,082 3,529 5.18%
58,270 3,104 5.33% Tax-Exempt (1) 31,189 1,750 5.61% 31,613 1,800
5.69% ------ ----- ------ ----- Total Securities 99,271 5,279 5.32%
89,883 4,904 5.46% Loans: Taxable 383,241 22,451 5.86% 386,550
25,796 6.67% Tax-Exempt (1) 5,776 419 7.26% 3,429 252 7.35% -----
--- ----- --- Total Loans 389,017 22,870 5.88% 389,979 26,048 6.68%
Federal funds sold 8,642 17 0.20% 3,937 112 2.84% Interest-bearing
deposits in other banks 314 1 0.18% 248 8 3.23% --- ----- --- -
Total earning assets 497,243 28,167 5.66% 484,047 31,072 6.42%
------ ------ Allowance for loan losses (4,606) (3,233) Total
non-earning assets 33,073 31,210 ------ ------ Total assets 525,710
512,024 ======= ======= Liabilities and Shareholders' Equity:
Interest-bearing deposits: NOW accounts 57,565 384 0.67% 64,435 847
1.31% Money market accounts 59,458 750 1.26% 45,635 910 1.99%
Savings accounts 34,286 160 0.47% 33,184 227 0.68% Time deposits:
$100,000 and more 57,823 1,602 2.77% 78,507 3,393 4.32% Less than
$100,000 95,706 2,489 2.60% 72,886 3,082 4.23% ------ ----- ------
----- Total interest-bearing deposits 304,838 5,385 1.77% 294,647
8,459 2.87% Federal funds purchased and securities sold under
agreements to repurchase 15,673 394 2.51% 13,774 428 3.11% Federal
Home Loan Bank advances 68,278 2,287 3.35% 69,231 2,896 4.18% Trust
preferred capital notes 7,217 317 4.39% 7,217 432 5.99% ----- ---
----- --- Total interest-bearing liabilities 396,005 8,382 2.12%
384,869 12,215 3.17% ------- ----- ------- ------
Noninterest-bearing liabilities: Demand deposits 79,854 78,450
Other Liabilities 3,014 2,898 ----- ----- Total liabilities 478,873
466,217 Shareholders' equity 46,837 45,807 ------ ------ Total
liabilities and shareholders' equity 525,710 512,024 =======
======= Net interest income 19,785 18,857 ====== ====== Net
interest spread 3.54% 3.25% Interest expense as a percent of
average earning assets 1.69% 2.52% Net interest margin 3.98% 3.90%
(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
--------------------------------------- 6/30/2009 3/31/2009
6/30/2008 3/31/2008 --------- --------- --------- --------- GAAP
Financial Measurements: Interest Income - Loans $5,698 $5,604
$6,194 $6,491 Interest Income - Securities and Other
Interest-Earnings Assets 1,170 1,155 1,209 1,103 Interest Expense -
Deposits 1,080 1,328 1,694 2,115 Interest Expense - Other
Borrowings 704 739 851 939 --- --- --- --- Total Net Interest
Income $5,084 $4,692 $4,858 $4,540 Non-GAAP Financial Measurements:
Add: Tax Benefit on Tax-Exempt Interest Income - Loans $33 $35 $25
$21 Add: Tax Benefit on Tax-Exempt Interest Income - Securities 154
147 150 153 --- --- --- --- Total Tax Benefit on Tax-Exempt
Interest Income $187 $182 $175 174 ---- ---- ---- ---
Tax-Equivalent Net Interest Income $5,271 $4,874 $5,033 $4,714
====== ====== ====== ====== DATASOURCE: Eagle Financial Services,
Inc. CONTACT: Kathleen J. Chappell, Vice President and CFO,
+1-540-955-2510,
Copyright