Eagle Financial Services reported second-quarter net income of $5 million, or $0.92 per diluted share, including a one-time gain from the sale of its ownership interest in Bering Insurance Group. Excluding that gain, adjusted net income was $2.2 million, or $0.41 per diluted share. Net interest income rose 6.7% from the first quarter to $16.9 million, while net interest margin expanded 23 basis points sequentially to 3.86%. Provision expense totaled $3.2 million, reflecting higher specific reserves and loan growth, and nonperforming assets rose to $16.5 million, or 0.89% of total assets, largely due to one commercial real estate relationship placed on nonaccrual status. CEO Brandon Lorey said the company remains open to strategic opportunities including potential partnerships and acquisitions.
Eagle Financial Services IncQ2 net income of $5M beat expectations, driven by a one-time gain from insurance sale, and net interest income rose 6.7%.