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Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information - Parent Company Only

NOTE 23. Condensed Financial Information – Parent Company Only

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Balance Sheets

December 31, 2020 and 2019

(dollars in thousands)

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash held in subsidiary bank

 

$

902

 

 

$

989

 

Loans, net of allowance

 

 

2,932

 

 

 

2,939

 

Investment in subsidiary

 

 

101,104

 

 

 

92,257

 

Other assets

 

 

136

 

 

 

141

 

Total assets

 

$

105,074

 

 

$

96,326

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Total liabilities

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Preferred stock

 

$

—

 

 

$

—

 

Common stock

 

 

8,460

 

 

 

8,529

 

Surplus

 

 

10,811

 

 

 

11,406

 

Retained earnings

 

 

82,524

 

 

 

74,909

 

Accumulated other comprehensive income

 

 

3,279

 

 

 

1,482

 

Total shareholders’ equity

 

$

105,074

 

 

$

96,326

 

Total liabilities and shareholders’ equity

 

$

105,074

 

 

$

96,326

 

 

 

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Statements of Income

Years Ended December 31, 2020 and 2019

(dollars in thousands)

 

 

 

2020

 

 

2019

 

Income

 

 

 

 

 

 

 

 

Dividends from subsidiary bank

 

$

4,250

 

 

$

5,000

 

Interest and fees on loans

 

 

133

 

 

 

134

 

Total income

 

$

4,383

 

 

$

5,134

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Other operating expenses

 

$

295

 

 

$

457

 

Total expenses

 

$

295

 

 

$

457

 

Income before income tax (benefit) and equity in undistributed earnings of subsidiary bank

 

$

4,088

 

 

$

4,677

 

 

 

 

 

 

 

 

 

 

Income Tax (Benefit)

 

 

(34

)

 

 

(70

)

Income before equity in undistributed earnings of subsidiary bank

 

$

4,122

 

 

$

4,747

 

 

 

 

 

 

 

 

 

 

Equity in Undistributed Net Income of Subsidiary Bank

 

 

7,050

 

 

 

5,012

 

Net income

 

$

11,172

 

 

$

9,759

 

Comprehensive income

 

$

12,969

 

 

$

12,794

 

 

 

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Statements of Cash Flows

Years Ended December 31, 2020 and 2019

(dollars in thousands)

 

 

 

2020

 

 

2019

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

Net Income

 

$

11,172

 

 

$

9,759

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

604

 

 

 

562

 

Undistributed earnings of subsidiary bank

 

 

(7,050

)

 

 

(5,012

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Decrease (increase) in other assets

 

 

5

 

 

 

(50

)

Net cash provided by operating activities

 

$

4,731

 

 

$

5,259

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

Net decrease (increase) in loans

 

$

7

 

 

$

(43

)

Net cash provided by (used in) investing activities

 

$

7

 

 

$

(43

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

Cash dividends paid

 

 

(3,198

)

 

 

(2,996

)

Issuance of common stock, employee benefit plan

 

 

227

 

 

 

138

 

Retirement of common stock

 

 

(1,854

)

 

 

(1,771

)

Net cash (used in) financing activities

 

$

(4,825

)

 

$

(4,629

)

(Decrease) increase in cash

 

$

(87

)

 

$

587

 

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

Beginning

 

$

989

 

 

$

402

 

Ending

 

$

902

 

 

$

989