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Posted February 25, 2009 | Copyright © The Northern Virginia Daily
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Bank of Clarke's earnings fall in '08
BERRYVILLE -- Eagle Financial Services, the parent company of Bank of Clarke County, saw its earnings tumble 23 percent last year as economic conditions caused more past-due loans and the company's investments suffered.
Net income for the year ending Dec. 31 was $4.1 million, or $1.29 a share, down from $5.3 million, or $1.69 a share, in 2007.
Current economic conditions, and in particular the local real estate market, caused past-due loans, nonperforming assets, and charge-offs to increase during 2008, the company said.
The company's allowance for loan losses increased $1.3 million, or 41 percent, to $4.5 million last year.
Noninterest income fell by 26 percent to $4.6 million. The figure includes a $376,000 gain on the sale of loans and a $742,000 gain on the sale of a former branch building in downtown Winchester, offset by a $2.5 million decline in the value of its investments in government-backed mortgage lenders Fannie Mae and Freddie Mac.
John R. Milleson, president and CEO, said the company "focused heavily on managing its balance sheet to improve net interest income," which grew $1.6 million, or 9 percent, year over year.
Also, noninterest expenses, which include salaries and benefits, increased less than 2 percent, he said.
-- Daily Staff Report
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