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Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information 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, 2019 and 2018
(dollars in thousands)
 
 
 
2019
 
2018
Assets
 
 
 
 
Cash held in subsidiary bank
 
$
989

 
$
402

Loans, net of allowance
 
2,939

 
2,896

Investment in subsidiaries, at cost, plus undistributed net income
 
92,257

 
84,210

Other assets
 
141

 
91

Total assets
 
$
96,326

 
$
87,599

 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
Total liabilities
 
$
—

 
$
—

 
 
 
 
 
Shareholders’ Equity
 
 
 
 
Preferred stock
 
$
—

 
$
—

Common stock
 
8,529

 
8,573

Surplus
 
11,406

 
11,992

Retained earnings
 
74,909

 
68,587

Accumulated other comprehensive income (loss)
 
1,482

 
(1,553
)
Total shareholders’ equity
 
$
96,326

 
$
87,599

Total liabilities and shareholders’ equity
 
$
96,326

 
$
87,599














EAGLE FINANCIAL SERVICES , INC.
(Parent Company Only)
Statements of Income
Years Ended December 31, 2019, 2018, and 2017
(dollars in thousands)
 
 
 
2019
 
2018
 
2017
Income
 
 
 
 
 
 
Dividends from subsidiary bank
 
$
5,000

 
$
3,500

 
$
3,800

Interest and fees on loans
 
134

 
115

 
106

Total income
 
$
5,134

 
$
3,615

 
$
3,906

 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
Other operating expenses
 
$
457

 
$
272

 
$
255

Total expenses
 
$
457

 
$
272

 
$
255

Income before income tax (benefit) and equity in undistributed earnings of subsidiary bank
 
$
4,677

 
$
3,343

 
$
3,651

 
 
 
 
 
 
 
Income Tax (Benefit)
 
(70
)
 
(45
)
 
(58
)
Income before equity in undistributed earnings of subsidiary bank
 
$
4,747

 
$
3,388

 
$
3,709

 
 
 
 
 
 
 
Equity in Undistributed Net Income of Subsidiary Bank
 
5,012

 
5,613

 
4,077

Net income
 
$
9,759

 
$
9,001

 
$
7,786

Comprehensive income
 
$
12,794

 
$
7,138

 
$
8,069




























EAGLE FINANCIAL SERVICES , INC.
(Parent Company Only)
Statements of Cash Flows
Years Ended December 31, 2019, 2018, and 2017
(dollars in thousands)
 
 
 
2019
 
2018
 
2017
Cash Flows from Operating Activities
 
 
 
 
 
 
Net Income
 
$
9,759

 
$
9,001

 
$
7,786

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

 
2

 
(2
)
Stock-based compensation expense
 
562

 
518

 
382

Undistributed earnings of subsidiary bank
 
(5,012
)
 
(5,613
)
 
(4,077
)
Changes in assets and liabilities:
 
 
 
 
 
 
(Increase) decrease in other assets
 
(50
)
 
15

 
(62
)
Net cash provided by operating activities
 
$
5,259

 
$
3,923

 
$
4,027

 
 
 
 
 
 
 
Cash Flows from Investing Activities
 
 
 
 
 
 
Net (increase) decrease in loans
 
$
(43
)
 
$
(73
)
 
$
58

Net cash (used in) provided by investing activities
 
$
(43
)
 
$
(73
)
 
$
58

 
 
 
 
 
 
 
Cash Flows from Financing Activities
 
 
 
 
 
 
Cash dividends paid
 
$
(2,996
)
 
$
(2,776
)
 
$
(2,652
)
Issuance of common stock, employee benefit plan
 
138

 
163

 
166

Retirement of common stock
 
(1,771
)
 
(1,261
)
 
(1,564
)
Net cash (used in) financing activities
 
$
(4,629
)
 
$
(3,874
)
 
$
(4,050
)
Increase (decrease) in cash
 
$
587

 
$
(24
)
 
$
35

 
 
 
 
 
 
 
Cash
 
 
 
 
 
 
Beginning
 
$
402

 
$
426

 
$
391

Ending
 
$
989

 
$
402

 
$
426