EXHIBIT 99.1
| | |
Contact: | | Jim McCarty |
| | | Vice President and Chief Financial Officer |
| | | 540-955-2510 |
| | | jmccarty@bankofclarke.com |
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES FIRST
QUARTER RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., April 21 — EAGLE FINANCIAL SERVICES, INC. (OTC BULLETIN BOARD: EFSI), the holding company for Bank of Clarke County, Bank of Clarke County Trust Department and Eagle Investment Services, announces financial results for the first quarter of 2005 and a quarterly dividend. The Company’s common stock is listed for trading on the Over-the-Counter (OTC) Bulletin Board under the ticker symbol EFSI.
The Company’s net income for the first quarter of 2005 was $1.3 million, which represents an increase of $0.4 million or 50% over net income of $0.9 million for the first quarter of 2004. Diluted earnings per share were $0.89 and $0.60 for the first quarter of 2005 and 2004, respectively, which represents an increase of $0.29 or 48%. Net interest income was $4.1 million for the first three months of 2005 as compared to $3.5 million during the same period of 2004. This represents an increase of $0.6 million or 16%.
Total assets of the Company at March 31, 2004 were $423.3 million, which represents an increase of $67.8 million or 19% from total assets of $355.5 million at March 31, 2004. Total loans grew $37.2 million or 13% and total deposits grew $55.0 million or 19% during the same period.
A dividend of $0.23 per share will be paid on May 16, 2005 to shareholders on record as of May 2, 2005. This represents an increase of $0.02 or 10% over the May 17, 2004 dividend of $0.21 per share. The Company’s total dividend was $0.84 per share for 2004 and $0.75 per share for 2003.
This press release may contain “forward-looking statements,” as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by the Company in conjunction with other factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements. Consequently, all forward-looking statements made herein are qualified by the cautionary language in the Company’s most recent Form 10-K and other documents filed with the Securities and Exchange Commission.
