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Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2012
Condensed Financial Information - Parent Company Only [Abstract]  
Condensed Financial Information - Parent Company Only

NOTE 25. Condensed Financial Information – Parent Company Only

EAGLE FINANCIAL SERVICES, INC. (Parent Company Only) Balance Sheets December 31, 2012 and 2011 (dollars in thousands)

    2011   2011
Assets        
Cash held in subsidiary bank $ 1,488 $ 313
Due from banks   504   503
Securities available for sale   3,261   5,165
Investment in subsidiaries, at cost, plus undistributed net income   65,574   59,157
Other assets   756   777
Total assets $ 71,583 $ 65,915
 
Liabilities and Shareholders' Equity        
Trust preferred capital notes $ 7,217 $ 7,217
Other liabilities   660   608
Total liabilities $ 7,877 $ 7,825
 
Shareholders' Equity        
Preferred stock $ - $ -
Common stock   8,340   8,217
Surplus   10,424   9,568
Retained earnings   41,494   37,374
Accumulated other comprehensive income   3,448   2,931
Total shareholders' equity $ 63,706 $ 58,090
Total liabilities and shareholders' equity $ 71,583 $ 65,915

 

 

     EAGLE FINANCIAL SERVICES, INC. (Parent Company Only) Statements of Income Years Ended December 31, 2012, 2011, and 2010 (dollars in thousands)

    2012     2011     2010  
Income                  
Dividends from subsidiary bank $ 800   $ 1,600   $ 1,500  
Interest and dividends on securities available for sale   257     313     368  
(Loss) on equity investments   -     -     -  
Other income (loss)   38     (108 )   16  
Total income $ 1,095   $ 1,805   $ 1,884  
 
Expenses                  
Interest expense on borrowings $ 318   $ 317   $ 316  
Other operating expenses   192   179     112  
Total expenses $ 510   $ 496   $ 428  
 
Income before income tax (benefit) and equity                  
in undistributed net income of subsidiary bank $ 585   $ 1,309   $ 1,456  
 
Income Tax (Benefit)   (75 )   (122 )   (41 )
 
Income before equity in undistributed                  
net income of subsidiary bank $ 660   $ 1,431   $ 1,497  
 
Equity in Undistributed Net Income of Subsidiary Bank   5,890     2,891     2,108  
Net income $ 6,550   $ 4,322   $ 3,605  
Comprehensive income $ 7,067   $ 6,043   $ 3,723  

 

 

     EAGLE FINANCIAL SERVICES, INC. (Parent Company Only) Statements of Cash Flows Years Ended December 31, 2012, 2011, and 2010 (dollars in thousands)

    2012     2011     2010  
Cash Flows from Operating Activities                    
Net Income $ 6,550   $ 4,322   $ 3,605  
Adjustments to reconcile net income to net                    
cash provided by operating activities                    
(Loss) on securities   -     96       -  
Stock-based compensation expense   242     166       116  
(Discount accretion) premium amortization on securities   (1 )   (2 )     (1 )
Undistributed earnings of subsidiary bank   (5,890 )   (2,891 )   (2,108 )
Changes in assets and liabilities:                    
Decrease (increase) in other assets   30     (91 )     (24 )
(Decrease) increase in other liabilities   (2 )   (4 )     3  
Net cash provided by operating activities $ 929   $ 1,596   $ 1,591  
 
Cash Flows from Investing Activities                    
Proceeds from maturities of securities available for sale $ 1,945   $ 500     $ 406  
Net cash provided by investing activities $ 1,945   $ 500     $ 406  
 
Cash Flows from Financing Activities                    
Cash dividends paid $ (1,805 ) $ (1,764 ) $ (1,645 )
Issuance of common stock, employee benefit plan   107     89       -  
Retirement of common stock   -     (271 )     -  
Net cash (used in) financing activities $ (1,698 ) $ (1,946 ) $ (1,645 )
Increase in cash $ 1,176   $ 150     $ 352  
 
Cash                    
Beginning $ 816   $ 666     $ 314  
Ending $ 1,992   $ 816     $ 666