Eagle Financial hits record-high profits

BERRYVILLE — Eagle Financial Services Inc. has announced its fourth quarter 2012 financial results, which include record annual profits.

The firm (OTC Bulletin Board: EFSI) is the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group.

The highlights include:

Net income: $1,581,000 for the fourth quarter and $6,550,000 for the year.

Diluted earnings per share: 47 cents for the fourth quarter and $1.96 for the year.

Net interest margin: 4.31 percent for the fourth quarter and 4.47 percent for the year.

Allowance for loan losses to total loans: 1.57 percent for the year.

Total equity to assets: 10.74 percent for the year.

“We are pleased to report two exciting accomplishments during 2012: the company produced record profits for the year and continued its streak of consecutive dividend increases, a streak unmatched by most financial institutions,” President and Chief Executive Officer John R. Milleson stated in a news release.

According to Milleson, “that level of core earnings afforded the company the ability to aggressively manage its non-performing assets as well as begin an expansion east into Loudoun County.”

The bank’s 12th retail branch is expected to open in April in Purcellville.

Other results include:

Total consolidated assets of the company as of Dec. 31 were $593.3 million, an increase of $25.3 million (4.5 percent) from total assets of $568 million as of Dec. 31, 2011.

Total deposits, which included brokered deposits, increased $28.6 million to $477.1 million as of Dec. 31, from $448.5 million a year earlier.

On Jan. 16, the board of directors declared a 19 cents per common share cash dividend for shareholders of record as of Jan. 28 and payable on Feb. 15.