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Condensed Financial Information - Parent Company Only (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule Of Condensed Balance Sheets

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

 
Schedule Of Condensed Income Statement

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

)
Schedule Of Condensed Cash Flows Statement

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