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Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information - Parent Company Only
Condensed Financial Information – Parent Company Only
EAGLE FINANCIAL SERVICES , INC.
(Parent Company Only)
Balance Sheets
December 31, 2017 and 2016
(dollars in thousands)
 
 
 
2017
 
2016
Assets
 
 
 
 
Cash held in subsidiary bank
 
$
426

 
$
391

Loans, net of allowance
 
2,825

 
2,881

Investment in subsidiaries, at cost, plus undistributed net income
 
80,459

 
76,099

Other assets
 
107

 
45

Total assets
 
$
83,817

 
$
79,416

 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
Total liabilities
 
$
—

 
$
—

 
 
 
 
 
Shareholders’ Equity
 
 
 
 
Preferred stock
 
$
—

 
$
—

Common stock
 
8,587

 
8,633

Surplus
 
12,075

 
12,642

Retained earnings
 
62,845

 
58,165

Accumulated other comprehensive income (loss)
 
310

 
(24
)
Total shareholders’ equity
 
$
83,817

 
$
79,416

Total liabilities and shareholders’ equity
 
$
83,817

 
$
79,416














EAGLE FINANCIAL SERVICES , INC.
(Parent Company Only)
Statements of Income
Years Ended December 31, 2017, 2016, and 2015
(dollars in thousands)
 
 
 
2017
 
2016
 
2015
Income
 
 
 
 
 
 
Dividends from subsidiary bank
 
$
3,800

 
$
4,350

 
$
6,576

Interest and fees on loans
 
106

 
97

 
52

Other interest and dividends
 
—

 
2

 
11

Gain on redemption of trust preferred debt
 
—

 
—

 
2,424

Other income (loss)
 
—

 
149

 
(121
)
Total income
 
$
3,906

 
$
4,598

 
$
8,942

 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
Interest expense on borrowings
 
$
—

 
$
143

 
$
260

Other operating expenses
 
255

 
211

 
260

Total expenses
 
$
255

 
$
354

 
$
520

Income before income tax (benefit) expense and equity (deficit) in undistributed earnings of subsidiary bank
 
$
3,651

 
$
4,244

 
$
8,422

 
 
 
 
 
 
 
Income Tax (Benefit) Expense
 
(58
)
 
(36
)
 
629

Income before equity (deficit) in undistributed earnings of subsidiary bank
 
$
3,709

 
$
4,280

 
$
7,793

 
 
 
 
 
 
 
Equity (Deficit) in Undistributed Net Income of Subsidiary Bank
 
4,077

 
2,090

 
(896
)
Net income
 
$
7,786

 
$
6,370

 
$
6,897

Comprehensive income
 
$
8,069

 
$
5,295

 
$
6,633




























EAGLE FINANCIAL SERVICES , INC.
(Parent Company Only)
Statements of Cash Flows
Years Ended December 31, 2017, 2016, and 2015
(dollars in thousands)
 
 
 
2017
 
2016
 
2015
Cash Flows from Operating Activities
 
 
 
 
 
 
Net Income
 
$
7,786

 
$
6,370

 
$
6,897

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
 
 
(Recovery of) Provision for loan losses
 
(2
)
 
(2
)
 
23

(Gain) on the sale of securities
 
—

 
—

 
(27
)
(Gain) on the redemption of trust preferred capital notes
 
—

 
—

 
(2,424
)
Loss on derecognition of cash flow hedge
 
—

 
—

 
237

Fair value adjustment on derivative contract
 
—

 
(149
)
 
(88
)
Stock-based compensation expense
 
382

 
314

 
328

Undistributed earnings of subsidiary bank
 
(4,077
)
 
(2,090
)
 
896

Changes in assets and liabilities:
 
 
 
 
 
 
(Increase) decrease in other assets
 
(62
)
 
(39
)
 
294

(Decrease) increase in other liabilities
 
—

 
(568
)
 
814

Net cash provided by operating activities
 
$
4,027

 
$
3,836

 
$
6,950

 
 
 
 
 
 
 
Cash Flows from Investing Activities
 
 
 
 
 
 
Proceeds from the sale of securities available for sale
 
$
—

 
$
—

 
$
1,009

Proceeds from maturities of securities available for sale
 
—

 
—

 
385

Net decrease (increase) in loans
 
58

 
62

 
(2,963
)
Net cash provided by (used in) investing activities
 
$
58

 
$
62

 
$
(1,569
)
 
 
 
 
 
 
 
Cash Flows from Financing Activities
 
 
 
 
 
 
Redemption of trust preferred capital notes
 
$
—

 
$
—

 
$
(4,793
)
Cash dividends paid
 
(2,652
)
 
(2,354
)
 
(2,064
)
Issuance of common stock, employee benefit plan
 
166

 
81

 
187

Retirement of common stock
 
(1,564
)
 
(2,143
)
 
—

Net cash (used in) financing activities
 
$
(4,050
)
 
$
(4,416
)
 
$
(6,670
)
Increase (decrease) in cash
 
$
35

 
$
(518
)
 
$
(1,289
)
 
 
 
 
 
 
 
Cash
 
 
 
 
 
 
Beginning
 
$
391

 
$
909

 
$
2,198

Ending
 
$
426

 
$
391

 
$
909