Bank of Clarke County reports growth

Eagle Financial Services, Inc., the holding company for Bank of Clarke County, saw growth in the third quarter of 2016, but at a slower rate than the prior year. The company posted a net income of $1.4 million, $1.9 million lower than the third quarter 2015 and $183,000 lower than the previous quarter that ended on June 30, according to a news release.

Kathleen Chappell, vice president for Eagle Financial Services, attributed the slower rate of growth to competition, especially in the Loudoun County area, where the bank has expanded branch operations over the past two years.

“We’re making some headway there,” she said. “It’s been slow, there’s a lot of competition and other choices for consumers there but I think we are pleased with the efforts that we’ve had and what we’ve seen so far.”

The company saw net interest income drop slightly for the third quarter, decreasing 5.07 percent to $6 million.  Net interest income for the quarter ending June 30 was $6.3 million.  from $6.3 million in the second quarter of 2016 to $5.9 million for the quarter ending Sept. 30.

The company saw net interest income for the third quarter drop slightly to $6 million. Net interest income was $6.3 million for the quarter ending June 30.

Earnings per share dropped, falling from 46 cents in the second quarter to 40 cents in the third quarter.

Also falling were the company’s total consolidated assets, from $677.4 million in the second quarter to $668.4 million in the third quarter

 

Non-interest income remained static from quarter two to quarter three at $1.7 million, $2.1 million less than the same quarter for the previous year. Non-interest expense for the 2016 third quarter was $5.9 million, slightly up from the second quarter.

Total deposits, including brokered deposits, totaled $581 million, an increase of $9.8 million over the 2016 second quarter.

Closing price per share was up 55 cents from the second quarter, at $23.45 per share. Despite the positive trend, Chappell called the stock “undervalued.”

“I think a lot of times, the value of the stock is more perspective of the whole rather than quarter to quarter,” she said. “A lot of the attributes we have are high performing and that has as lot to do with the value of the stock. Of course we would like it to be higher, we actually believe we are undervalued given our performance attributes.”

Contact staff writer Nathan Budryk at 540-465-5137 ext. 155, or nbudryk@nvdaily.com

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