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Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2011
Condensed Financial Information - Parent Company Only [Abstract]  
Condensed Financial Information - Parent Company Only

NOTE 24. Condensed Financial Information – Parent Company Only

EAGLE FINANCIAL SERVICES, INC. (Parent Company Only) Balance Sheets December 31, 2011 and 2010 (dollars in thousands)

  2011 2010
Assets        
Cash held in subsidiary bank $ 313 $ 164
Due from banks   503   502
Securities available for sale   5,165   5,793
Investment in subsidiaries, at cost, plus undistributed net income   59,157   54,251
Investment in limited partnership   -   -
Other assets   777   536
Total assets $ 65,915 $ 61,246
 
Liabilities and Shareholders' Equity        
Trust preferred capital notes $ 7,217 $ 7,217
Other liabilities   608   200
Total liabilities $ 7,825 $ 7,417
 
Shareholders' Equity        
Preferred stock $ - $ -
Common stock   8,217   8,124
Surplus   9,568   9,076
Retained earnings   37,374   35,419
Accumulated other comprehensive income   2,931   1,210
Total shareholders' equity $ 58,090 $ 53,829
Total liabilities and shareholders' equity $ 65,915 $ 61,246

 

 

     EAGLE FINANCIAL SERVICES, INC. (Parent Company Only) Statements of Income Years Ended December 31, 2011, 2010, and 2009 (dollars in thousands)

     2011      2010     2009  
Income                  
Dividends from subsidiary bank $ 1,600   $ 1,500   $ 1,200  
Interest and dividends on securities available for sale   313     368     384  
(Loss) on equity investments   -     -     -  
Other income (loss)   (108 )   16     (40 )
Total income $ 1,805   $ 1,884   $ 1,544  
 
Expenses                  
Interest expense on borrowings $  317   $ 316   $ 319  
Other operating expenses   179     112     115  
Total expenses $  496   $  428   $ 434  
 
Income before income tax (benefit) and equity                  
in undistributed net income of subsidiary bank $ 1,309   $ 1,456   $ 1,110  
 
Income Tax (Benefit)   (122 )   (41 )   (52 )
 
Income before equity in undistributed                  
net income of subsidiary bank $ 1,431   $ 1,497   $ 1,162  
 
Equity in Undistributed Net Income of Subsidiary Bank   2,891     2,108     2,279  
Net income $ 4,322   $ 3,605   $ 3,441  

 

 

     EAGLE FINANCIAL SERVICES, INC. (Parent Company Only) Statements of Cash Flows Years Ended December 31, 2011, 2010, and 2009 (dollars in thousands)

     2011      2010     2009  
Cash Flows from Operating Activities                  
Net Income $ 4,322   $ 3,605   $ 3,441  
Adjustments to reconcile net income to net                  
cash provided by operating activities                  
(Loss) on securities   96     -     -  
Stock-based compensation expense   166     116     165  
(Discount accretion) premium amortization on securities   (2 )   (1 )   1  
Undistributed earnings of subsidiary bank   (2,891 )   (2,108 )   (2,279 )
Changes in assets and liabilities:                  
(Increase) in other assets   (91 )   (24 )   (7 )
(Decrease) increase in other liabilities   (4 )   3     1  
Net cash provided by operating activities $ 1,596   $ 1,591   $ 1,322  
 
Cash Flows from Investing Activities                  
Proceeds from maturities of securities available for sale $  500   $  406   $ -  
Net cash provided by investing activities $  500   $  406   $ -  
 
Cash Flows from Financing Activities                  
Cash dividends paid $ (1,764 ) $ (1,645 ) $ (1,587 )
Issuance of common stock, employee benefit plan   89     -     76  
Retirement of common stock   (271 )   -     -  
Net cash (used in) financing activities $ (1,946 ) $ (1,645 ) $ (1,511 )
Increase (decrease) in cash $  150   $  352   $ (189 )
 
Cash                  
Beginning $  666   $  314   $ 503  
Ending $  816   $  666   $ 314