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Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information 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, 2023 and 2022

(dollars in thousands)

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash held in subsidiary bank

 

$

1,125

 

 

$

8,222

 

Investment in subsidiary

 

 

136,130

 

 

 

122,767

 

Other assets

 

 

906

 

 

 

455

 

Total assets

 

$

138,161

 

 

$

131,444

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Subordinated debt

 

$

29,444

 

 

$

29,377

 

Other liabilities

 

 

338

 

 

 

338

 

Total liabilities

 

$

29,782

 

 

$

29,715

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

Common stock

 

$

8,660

 

 

$

8,629

 

Surplus

 

 

14,280

 

 

 

13,268

 

Retained earnings

 

 

103,445

 

 

 

100,278

 

Accumulated other comprehensive (loss)

 

 

(18,006

)

 

 

(20,446

)

Total shareholders’ equity

 

$

108,379

 

 

$

101,729

 

Total liabilities and shareholders’ equity

 

$

138,161

 

 

$

131,444

 

 

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Statements of Income

Years Ended December 31, 2023 and 2022

(dollars in thousands)

 

 

 

2023

 

 

2022

 

Income

 

 

 

 

 

 

Dividends from subsidiary bank

 

$

4,000

 

 

$

—

 

Total income

 

$

4,000

 

 

$

—

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Interest expense on subordinated debt

 

$

1,417

 

 

$

1,067

 

Other operating expenses

 

 

523

 

 

 

369

 

Total expenses

 

$

1,940

 

 

$

1,436

 

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

 

$

2,060

 

 

$

(1,436

)

 

 

 

 

 

 

Income Tax (Benefit)

 

 

(413

)

 

 

(315

)

Income (loss) before equity in undistributed earnings of subsidiary bank

 

$

2,473

 

 

$

(1,121

)

 

 

 

 

 

 

Equity in Undistributed Net Income of Subsidiary Bank

 

 

6,884

 

 

 

15,642

 

Net income

 

$

9,357

 

 

$

14,521

 

Comprehensive income (loss)

 

$

11,797

 

 

$

(5,770

)

 

EAGLE FINANCIAL SERVICES, INC.

(Parent Company Only)

Statements of Cash Flows

Years Ended December 31, 2023 and 2022

(dollars in thousands)

 

 

 

2023

 

 

2022

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net Income

 

$

9,357

 

 

$

14,521

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities

 

 

 

 

 

 

Stock-based compensation expense

 

 

1,213

 

 

 

1,017

 

Undistributed earnings of subsidiary bank

 

 

(6,884

)

 

 

(15,642

)

Amortization of debt issuance costs

 

 

67

 

 

 

51

 

Changes in assets and liabilities:

 

 

 

 

 

 

(Increase) in other assets

 

 

(451

)

 

 

(330

)

Increase in other liabilities

 

 

—

 

 

 

338

 

Net cash provided by (used in) operating activities

 

$

3,302

 

 

$

(45

)

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

     Capital contribution to bank subsidiary

 

$

(6,000

)

 

$

(20,000

)

Net cash (used in) investing activities

 

$

(6,000

)

 

$

(20,000

)

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

Issuance of subordinated debt, net of issuance costs

 

$

—

 

 

$

29,326

 

Cash dividends paid

 

 

(4,229

)

 

 

(3,808

)

Issuance of common stock, employee benefit plan

 

 

132

 

 

 

164

 

Retirement of common stock

 

 

(302

)

 

 

(154

)

Net cash (used in) provided by financing activities

 

$

(4,399

)

 

$

25,528

 

(Decrease) increase in cash

 

$

(7,097

)

 

$

5,483

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

Beginning

 

$

8,222

 

 

$

2,739

 

Ending

 

$

1,125

 

 

$

8,222