# EDGAR Filing Document

**Accession Number:** 0000880641
**File Stem:** 0000950170-25-098360
**Filing Date:** 2025-7
**Character Count:** 66212
**Document Hash:** ce7b9f6a7d2c327de54d607e76754e77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-098360.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000950170-25-098360

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EAGLE FINANCIAL SERVICES INC
- **CENTRAL INDEX KEY:** 0000880641
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 541601306
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42512
- **FILM NUMBER:** 251147315

**BUSINESS ADDRESS:**
- **STREET 1:** 2 E MAIN ST
- **CITY:** BERRYVILLE
- **STATE:** VA
- **ZIP:** 22611
- **BUSINESS PHONE:** 540-955-2510

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 391
- **CITY:** BERRYVILLE
- **STATE:** VA
- **ZIP:** 22611

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 24, 2025<br>

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EAGLE FINANCIAL SERVICES, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Virginia | 001-42512 | 54-1601306 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2 East Main Street |  |  |
| Berryville**,** Virginia |  | 22611 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (540) 955-2510<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock, $2.50 par value per share | EFSI | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition**

On July 24, 2025, the Registrant issued a press release announcing the results for the quarter ended June 30, 2025.

A copy of the Company's press release with respect to the results for the quarter ended June 30, 2025 is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02. The Registrant also announced in the press release that it will host a conference call for investors and analysts on Friday, July 25, 2025 at 10 a.m. (Eastern Time) to discuss second quarter results.

**Item 7.01 Regulation FD Disclosure**

Attached as Exhibit 99.2 to this report is the earnings presentation which also may be used in connection with potential meetings with investors and/or analysts.

The information provided pursuant to these Items 2.02 and 7.01 is to be considered "furnished" pursuant to Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference into any of the Company's reports or filings under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such report or filing. The filing of this Current Report shall not be deemed an admission as to the materiality of any information in the Current Report that is required to be disclosed solely by reason of Regulation FD.

A cautionary note about forward-looking statements: This Current Report may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can include statements about estimated cost savings, plans and objectives for future operations and expectations about the Company's financial and business performance as well as economic and market conditions. They often can be identified by the use of words like "expect," "may," "could," "intend," "project," "estimate," "believe" or "anticipate." By their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. You are cautioned that actual results may differ materially from those contained in the forward-looking statement.

Any forward-looking statements are intended to speak only as of the date of this Current Report, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the forward-looking statement is made or to reflect the occurrence of unanticipated events.

**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| Exhibit<br>No. | Description |
| [<u>99.1</u>](efsi-ex99_1.htm)<br>[<u>99.2</u>](efsi-ex99_2.htm)<br>104 | Press release, dated July 24, 2025<br>Eagle Financial Services, Inc. Investor Presentation<br>Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 24, 2025

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| | |
|:---|:---|
| Eagle Financial Services, Inc. | Eagle Financial Services, Inc. |
| By: | /s/ KATHLEEN J. CHAPPELL |
|  | Kathleen J. Chappell |
|  | Executive Vice President and CFO |

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## Exhibit 99.1

**Exhibit 99.1**

**EAGLE FINANCIAL SERVICES, INC. ANNOUNCES** 

**2025 SECOND QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND**

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| | | |
|:---|:---|:---|
| **Contact:** | **Kathleen J. Chappell, Executive Vice President and CFO** | **540-955-2510** |
|  |  | **<u>kchappell@bankofclarke.com</u>** |

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**BERRYVILLE, VIRGINIA** (July 24, 2025) – Eagle Financial Services, Inc. (NASDAQ: EFSI) (the "Company"), the holding company for Bank of Clarke, whose divisions include Bank of Clarke Wealth Management, announced its second quarter 2025 results. On July 24, 2025, the Board of Directors announced a quarterly common stock cash dividend of $0.31 per common share, payable on August 15, 2025, to shareholders of record on August 4, 2025. The following table presents selected financial performance highlights for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,** | **March 31,** | **March 31,** | **June 30,** |
|  | **2025** | **2025** | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  |  |  | **As adjusted (1)** |  |
| **Consolidated net income (loss)** | $5270 | $(6974) | $2842 | $3185 |
| **Consolidated noninterest income (loss)** | $4917 | $(8554) | $3871 | $4305 |
| **Earnings (loss) per share - basic and diluted** | $0.98 | $(1.53) | $0.62 | $0.89 |
| **Annualized return on average equity** | 11.93% | -20.75% | 8.46% | 11.89% |
| **Annualized return on average assets** | 1.09% | -1.48% | 0.59% | 0.72% |
| **Net interest margin** | 3.42% | 2.98% | 2.98% | 2.92% |

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(1) Non-GAAP financial measure - Excluding the tax effected impact of the loss on sale of securities for the three months ended March 31, 2025. See the "Reconciliation of GAAP to Non-GAAP Performance Highlights" table for a reconciliation of these measures to comparable measures calculated in accordance with GAAP.

Additional key highlights for the second quarter of 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net interest income increased by $2.4 million or 17.7% during the quarter to $15.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FHLB borrowings decreased by $25.0 million during the quarter to $40.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sales of $17.1 million and $8.4 million in mortgage and SBA loans, respectively, with a gain on sale of $1.1 million recognized during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Efficiency ratio decreased from 72.20% to 64.91% during the quarter.

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Brandon Lorey, President and CEO, stated, *"We are very pleased to report record net income of $5.3 million and earnings per share of $0.98, results that are in line with our expectations for the quarter. The full-quarter impact of post-capital raise execution, along with the strategic repositioning of the securities portfolio, contributed to a 44-basis point expansion in net interest margin and an annualized return on assets of 1.09%. Additionally, the continued transition from higher-cost borrowings to lower-cost deposits is strengthening our funding profile and positioning us for long-term balance sheet efficiency. I would like to extend my sincere appreciation to the entire EFSI and Bank of Clarke team for their steadfast commitment to our shareholders, communities, and customers."*

**Income Statement Review**

Total net income (loss) for the quarters ended June 30, 2025 and March 31, 2025 was $5.3 million and ($7.0 million), respectively. Total net (loss) for the quarter ended March 31, 2025 included a loss on sale of securities of $12.4 million related to an executed balance sheet repositioning. Net income, as adjusted to excluded the one-time effect of this significant transaction, for the quarter ended March 31, 2025 was $2.8 million. This is a non-GAAP financial measure. Please refer to the "Reconciliation of GAAP to Non-GAAP Performance Highlights" table for additional information. For the quarter ended June 30, 2025, net income increased $2.4 million or 85.4% from the adjusted quarter ended March 31, 2025 and increased $2.1 million or 65.5% from the quarter ended June 30, 2024. Net income was $3.2 million for the quarter ended June 30, 2024. The increase from the quarter ended March 31, 2025 was due to an increase in net interest income and gain on loans held for sale as well as a lower provision, partially offset by an increase in salaries and employee benefits expense during the quarter ended June 30, 2025. The increase from the quarter ended June 30, 2024 was due largely to an increase in net interest income, wealth management fee income and gain on loans held for sale and partially offset by an increase in salaries and employee benefits expense during the quarter ended June 30, 2025. These changes are discussed below in greater detail.

Total loan interest income was $20.4 million and $20.0 million for the quarters ended June 30, 2025 and March 31, 2025, respectively. Total loan interest income was $19.5 million for the quarter ended June 30, 2024. Total loan interest income increased $438 thousand or 2.2% from the quarter ended March 31, 2025 to the quarter ended June 30, 2025. This increase is due mainly to the first quarter reversal of $202 thousand in accrued interest income for one loan relationship totaling $12.5 million with a weighted average yield of 8.73% that was placed in nonaccrual status. Average loans did decrease slightly from $1.46 billion for the quarter ended March 31, 2025 to $1.45 billion for the quarter ended June 30, 2025. The tax equivalent yield on average loans for the quarter ended June 30, 2025 was 5.67%, an increase of 10 basis points from the 5.57% average yield for the quarter ended March 31, 2025. The increase in loan interest income between the quarters ended June 30, 2025 and June 30, 2024 was largely due to an increase in higher yielding loans.

Interest and dividend income from the investment portfolio was $1.3 million for the quarter ended June 30, 2025 compared to $848 thousand for the quarter ended March 31, 2025. Interest and dividend income from the investment portfolio was $897 thousand for the quarter ended June 30, 2024. The tax equivalent yield on average investments for the quarter ended June 30, 2025 was 4.37%, up 144 basis points from 2.93% for the quarter ended March 31, 2025 and up 175 basis points from 2.62% for the quarter ended June 30, 2024. The increase in yield was due largely to lower yielding investments sold during the first quarter of 2025 being replaced with higher yielding securities. During the quarter ended March 31, 2025, $99.2 million in securities were sold with a weighted average yield of 1.72%. During the same quarter, $76.0 million in securities were purchased. Of the $76.0 million in securities purchased, $66.0 million were purchased as a part of the executed balance sheet repositioning with a weighted average yield of 4.72%.

Total interest expense was $9.1 million and $10.2 million for the three months ended June 30, 2025 and March 31, 2025, respectively and $9.6 million for three months ended June 30, 2024. The decrease in interest expense between the quarter ended June 30, 2025 and the quarter ended June 30, 2024 was due to the $1.2 million decrease in FHLB interest expense, partially offset by increased interest expense on deposits due to growth in interest-bearing deposit accounts year over year. The average balance of interest-bearing deposits increased $140.0 million from the quarter ended June 30, 2024 to the same period in 2025 while the average balance of FHLB advances decreased by $104.3 million when comparing the same periods. The decrease in interest expense between the quarter ended June 30, 2025 and the quarter ended March 31, 2025 was due primarily to the payoff of one FHLB advance totaling $25.0 million in April 2025.

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Net interest income for the quarter ended June 30, 2025 was $15.7 million reflecting an increase of 17.7% from the quarter ended March 31, 2025 and an increase of 29.1% from the quarter ended June 30, 2024. Net interest income was $13.3 million and $12.2 million, respectively, for the quarters ended March 31, 2025 and June 30, 2024.

The net interest margin was 3.42% for the quarter ended June 30, 2025. For the quarters ended March 31, 2025 and June 30, 2024, the net interest margin was 2.98% and 2.92%, respectively. The increases in the net interest margin from March 31, 2025 and June 30, 2024 can be attributed to several factors. The net interest spread increased to 2.51% at June 30, 2025 from 2.13% and 2.08% at March 31, 2025 and June 30, 2024, respectively. The repositioning of the securities portfolio during the first quarter of 2025 increased the yield on securities by 144 basis points in the second quarter. In addition, the yield on loans increased due to higher yielding loans being originated during the second quarter of 2025. Certificates of deposits accounts have been renewed and retained at lower rates as they mature. The Company's net interest margin is not a measurement under accounting principles generally accepted in the United States, but it is a common measure used by the financial services industry to determine how profitable earning assets are funded. The Company's net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The tax rate utilized is 21%. This is a non-GAAP financial measure. Please refer to the "Reconciliation of Tax-Equivalent Net Interest Income" table for additional information.

Total noninterest income (loss) was $4.9 million and $(8.6 million) for the quarters ended June 30, 2025 and March 31, 2025 respectively. Total noninterest income was $4.3 million for the quarter ended June 30, 2024. As discussed above, the quarter ended March 31, 2025 included a significant transaction. Noninterest income, as adjusted to exclude the one-time effect of this significant transaction, was $3.9 million for the quarter ended March 31, 2025. This is a non-GAAP financial measure. Please refer to the "Reconciliation of GAAP to Non-GAAP Performance Highlights" table for additional information. The increase in total noninterest income when comparing the second quarter of 2025 to the as adjusted first quarter of 2025 and the second quarter of 2024 is due to higher gains on sale of loans held for sale. Gains on loans held for sale were higher during the second quarter of 2025 due to increased sales activity in the SBA portfolio. The Company sold $8.4 million in SBA loans for a gain of $712 thousand during the second quarter of 2025, as compared to the sale of $2.0 million in SBA loans for a gain of $125 thousand during the first quarter of 2025. During the second quarter of 2024, the Company sold $2.6 million in SBA loans for a gain of $238 thousand.

Noninterest expense increased $810 thousand, or 6.4%, to $13.4 million for the quarter ended June 30, 2025 from $12.6 million for the quarter ended March 31, 2025. Noninterest expense was $12.5 million for the quarter ended June 30, 2024, representing an increase of $889 thousand or 7.1% when comparing to the quarter ended June 30, 2025. A $667 thousand or 9.3% increase in salaries and benefits expenses was noted between June 30, 2025 and March 31, 2025. This is mainly due to the increase in the number of employees. Full time equivalent employees were 245 and 233 at June 30, 2025 and March 31, 2025, respectively. A $492 thousand or 6.7% increase in salaries and benefits expenses was noted between June 30, 2025 and June 30, 2024. This increase is due to increased insurance expenses as well as increases in commissions expense due to increased loan sales activity during the current quarter.

**Asset Quality and Provision for Credit Losses**

Nonperforming assets consist of nonaccrual loans, loans 90 days or more past due and still accruing, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets increased from $16.4 million or 0.86% of total assets at March 31, 2025 to $17.5 million or 0.86% of total assets at June 30, 2025. This increase was due largely to the placement of several loans onto nonaccrual status during the second quarter of 2025. Six loans were placed onto nonaccrual status with an average balance of $162 thousand. Nonperforming assets were $3.3 million or 0.18% of total assets at June 30, 2024. Nonperforming assets increased as of June 30, 2025 in comparison to June 30, 2024 mainly due to two large relationships being placed in nonaccrual status during the first quarter of 2025. These two relationships had a total balance of $13.7 million as of June 30, 2025.

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The first relationship had an outstanding balance of $2.2 million as of June 30, 2025 and was a partially owner-occupied property whose owner passed away unexpectedly causing the business to halt. The courts have assigned an executor of the estate, and the Bank is filing a motion for summary judgment which, if granted, would permit moving forward with the foreclosure process during the third quarter of 2025. Based on a recent appraisal, the Bank believes that there is sufficient collateral to cover the entirety of the outstanding balance of the loan.

The second relationship was comprised of four residential multifamily income producing properties in Washington DC (the District) with a combined exposure of approximately $11.5 million. The largest of the four properties had a corresponding loan balance of $5.9 million. This property was offered for sale on July 8, 2025, for $5.7 million with the Bank agreeing to a short sale of $4.8 million, thereby creating a deficiency balance of $1.1 million after consideration of past due taxes and other costs. The property owner has entered into an agreement with the Bank to pay back the deficiency balance and the Bank has collateralized this note with the property owner's remaining three properties, as well as two additional properties, as a condition of the aforementioned short sale. The Bank has allocated a specific reserve for the full amount of the deficiency balance. Concurrently, the property owner agreed to assign receivership of the remaining three properties to the Bank, which should help alleviate a prolonged court proceeding. The Bank is now actively working with the receiver to update the properties and ready them for sale while continuing to collect the housing payments directly from the District. These three properties were written down to their liquidation value, with no consideration of potentially needed repairs in the first quarter of 2025. The Bank does not anticipate having to make any further significant write-downs on these three properties.

The majority of all nonaccrual loans are secured by real estate and management evaluates the financial condition of these borrowers and the value of any collateral on these loans. The results of these evaluations are used to estimate the amount of losses which may be realized on the disposition of these nonaccrual loans. Specific reserves on nonaccrual loans totaled $1.5 million, $152 thousand and $346 thousand as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

The Company realized $159 thousand in net charge-offs for the quarter ended June 30, 2025 compared to $891 thousand for the three months ended March 31, 2025. During the three months ended June 30, 2024, $252 thousand in net recoveries were recognized. The majority of the charge-offs recognized during the first quarter of 2025 were related to one nonaccrual multifamily relationship collateralized by four properties being written down by $971 thousand to fair market value.

The ratio of allowance for credit losses to total loans was 1.11% and 1.05% at June 30, 2025 and March 31, 2025, respectively. The ratio of allowance for credit losses to total loans was 1.04% at June 30, 2024. The amount of provision for credit losses on loans reflects the results of the Bank's analysis used to determine the adequacy of the allowance for credit losses. The Company recorded $856 thousand in provision for credit losses on loans for the quarter ended June 30, 2025. The Company recognized provision for credit losses on loans of $1.1 million and $315 thousand for the quarters ended March 31, 2025 and June 30, 2024, respectively. The provision for the quarter ended June 30, 2025 was mainly due to a large specific reserve on a nonaccrual loan relationship totaling $1.1 million. This specific reserve was partially offset by the reduction in the loan portfolio during the quarter. The provision for the quarter ended March 31, 2025 was mainly due to the larger net charge-offs during the quarter. The provision for the quarter ended June 30, 2024 was lower due to the amount of net recoveries that were recognized along with minimal loan growth. Management's judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower's ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. The Company is committed to maintaining an allowance at a level that adequately reflects expected credit losses over the life of the loan portfolio.

**Balance Sheet**

Total consolidated assets of the Company at June 30, 2025 were $2.04 billion, which represented an increase of $130.6 million or 6.86% from total assets of $1.90 billion at March 31, 2025. At June 30, 2024, total consolidated assets were $1.79 billion. Total assets increased during the second quarter of 2025 primarily due to the increase in cash and cash equivalents of $131.1 million during the second quarter of 2025 and increased $272.3 million when compared to June 30, 2024. Cash and cash equivalents were at a higher level as of June 30, 2025 due to strong deposit growth during the quarter. See below for further discussion on deposit growth.

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Total net loans decreased $14.3 million from $1.44 billion at March 31, 2025 to $1.42 billion at June 30, 2025 driven largely by the combination of marine amortization of $7.0 million and commercial and industrial decrease of $6.4 million. This $6.4 million decrease in commercial and industrial loans is directly related to the sales of two customers' businesses and the subsequent payoffs of their respective outstanding loan balances. While the construction pool decreased by $22.6 million, the majority of this decrease was a large loan being converted from a construction loan to permanent financing in the owner-occupied commercial real estate pool.

Total deposits increased to $1.77 billion as of June 30, 2025 when compared to March 31, 2025 deposits of $1.61 billion. At June 30, 2024 total deposits were $1.49 billion. During the second quarter of 2025, total deposits increased $152.7 million. The majority of this increase was due to large deposits in non-interest bearing accounts totaling $151.7 million during the quarter and is primarily related to the previously mentioned sales proceeds of two customer's businesses. While working to retain these deposits long-term, the Company is currently unsure what portion of the funds will remain at the Bank and for how long. Year over year deposits increased $277.9 million and the majority of the growth, outside of the proceeds from the sale of the customer's businesses, was in savings and interest bearing deposits. Core deposit growth for the quarter and twelve months ended June 30, 2025 was $6.7 million and $88.4 million, respectively. Core deposits consist of checking accounts, NOW accounts, money market accounts, regular savings accounts and time deposits less than $250 thousand. Core deposits excludes the $151.7 million non-interest bearing accounts because the Company is unsure how much of the funds will remain at the Bank and for how long.

**Liquidity**

The objective of the Company's liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Company's uninsured deposits were approximately $195.5 million or 11.1% of total deposits.

The Company's liquid assets, which include cash and due from banks, interest-bearing deposits at other banks, loans with a maturity less than one year and nonpledged securities available for sale, were $535.9 million and borrowing availability was $499.1 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $839.5 million. Liquid assets have increased by $123.8 million during the second quarter mainly due to a $131.1 million increase in cash and cash equivalent balance. In addition to deposits, the Company utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home loan Bank of Atlanta (FHLB) as well as federal funds purchased from Community Bankers Bank may be used to fund the Company's day-to-day operations. Long-term borrowings include FHLB advances as well as subordinated debt. Total outstanding borrowings decreased to $69.7 million at June 30, 2025 from $174.8 million at June 30, 2024. Borrowings decreased $24.8 million from $94.5 million at March 31, 2025. These decreases were primarily due to strong deposit growth and higher levels of loan sales enabling the payoff of borrowings.

Additional sources of liquidity available to the Company include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.

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**Capital and Dividends**

On July 24, 2025, the Board of Directors announced a quarterly common stock cash dividend of $0.31 per common share, payable on August 15, 2025, to shareholders of record on August 4, 2025. The Board of Directors of the Company continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

Total consolidated equity increased $68.5 million to $179.6 million at June 30, 2025 compared to June 30, 2024 and increased $3.2 million compared to March 31, 2025. During the first quarter of 2025, the Company completed a public offering. A total of 1,796,875 shares were issued with net proceeds of $53.5 million.

The Company's securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Company expects to recover its investments in debt securities through scheduled payments of principal and interest. The accumulated other comprehensive loss related to the Company's securities available for sale increased to $7.3 million at June 30, 2025 compared to $6.6 million at March 31, 2025 and decreased from $18.8 million at June 30, 2024. As a part of a balance sheet repositioning as discussed above, the Bank sold available for sale debt securities with an amortized cost balance of $99.2 million (fair value of $86.8 million) and a weighted average yield of 1.72% and reinvested $66.0 million into purchases of available for sale debt securities with a weighted average yield of 4.70%. The sale of debt securities resulted in a net pre-tax realized loss of $12.4 million (after-tax of $9.8 million) that was recognized in the first quarter of 2025.

As of June 30, 2025, the most recent notification from the FDIC categorized the Bank of Clarke as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, Bank of Clarke was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, Bank of Clarke must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Bank of Clarke exceeded these ratios at June 30, 2025.

**Explanation of Non-GAAP Financial Measures** 

This release contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental Non-GAAP information provides a better comparison of period-to-period operating performance and the impact of non-recurring expenses on the Bank's results. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company's results and financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for or more important than financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.

**Second Quarter 2025 Earnings Release Conference Call and Webcast**

Eagle Financial Services' Chief Executive Officer, Brandon Lorey, and Chief Financial Officer, Kate Chappell, will hold a listen-only conference call and webcast to discuss second quarter results on Friday, July 25, 2025, at 10 a.m. eastern time. Those wishing to listen to the conference call should call the applicable number below and reference the Conference ID below.

USA / International – (Toll) - +1.646.968.2525

USA – (Toll-Free) +1.888.596.4144

Canada – (Toronto) +1.647.495.7514

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Conference ID – 3461943 and press #

A replay of the call and webcast will be accessible at investors.bankofclarke.bank. Webcast URL: **<u>https://events.q4inc.com/attendee/115138030</u>**

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**Cautionary Note Regarding Forward-Looking Statements**

Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the legislative and regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve; the quality or composition of the Company's loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; acquisitions and dispositions; the Company's ability to keep pace with new technologies; a failure in or breach of the Company's operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyberattacks; the Company's capital and liquidity; changes in tax and accounting rules, principles, policies and guidelines; and other factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the Securities and Exchange Commission.

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**EAGLE FINANCIAL SERVICES, INC.**

**KEY STATISTICS (unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| **(Dollars in thousands, except per share data)** | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** |
| Net income (loss) | $5270 | $(6974) | $6186 | $3424 | $3185 |
| Earnings (loss) per share, basic | $0.98 | $(1.53) | $1.74 | $0.97 | $0.89 |
| Earnings (loss) per share, diluted | $0.98 | $(1.53) | $1.74 | $0.97 | $0.89 |
| Return on average total assets (annualized) | 1.09% | (1.48)% | 1.32% | 0.75% | 0.72% |
| Return on average total equity (annualized) | 11.93% | (20.75)% | 21.10% | 11.99% | 11.89% |
| Dividend payout ratio | 31.63% | N/M | 17.82% | 30.93% | 33.71% |
| Fee revenue as a percent of total revenue (1) | 15.65% | N/M | 12.79% | 17.11% | 17.57% |
| Net interest margin(2) | 3.42% | 2.98% | 3.03% | 3.03% | 2.92% |
| Yield on average earning assets (annualized) | 5.41% | 5.25% | 5.39% | 5.45% | 5.22% |
| Rate on average interest-bearing liabilities (annualized) | 2.90% | 3.12% | 3.18% | 3.27% | 3.14% |
| Net interest spread | 2.51% | 2.13% | 2.21% | 2.18% | 2.08% |
| Non-interest income (loss) to average assets | 1.02% | (1.82)% | 1.81% | 1.15% | 0.97% |
| Non-interest expense to average assets | 2.78% | 2.68% | 2.88% | 2.81% | 2.82% |
| Efficiency ratio(3) | 64.91% | 72.20% | 74.58% | 71.34% | 77.00% |

---

N/M - Not meaningful

(1) Fee revenue as a percentage of total revenue is calculated by dividing the sum of wealth management fees, service charges on deposit accounts and other service charges and fees by the sum of net interest income and non-interest income.

(2) Non-GAAP financial measure - The annualized net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The rate utilized is 21%. Please refer to the "Reconciliation of Tax-Equivalent Net Interest Income" table for the quarterly tax equivalent net interest income and the reconciliation of net interest income to tax equivalent net interest income. The Company's net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns a fair amount of nontaxable interest income due to the mix of securities in its investment security portfolio, net interest income for the ratio is calculated on a tax equivalent basis as described above.

(3) Non-GAAP financial measure - The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. It is calculated by dividing non-interest expense less gain/loss on other real estate owned and gain/loss on repossessed assets by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio, the gain on the sale of the Old Town Center location and life insurance proceeds. The tax rate utilized is 21%. The Company calculates this ratio in order to evaluate its overhead structure or how effectively it is operating. An increase in the ratio from period to period indicates the Company is losing a larger percentage of its income to expenses. The Company believes that the efficiency ratio is a reasonable measure of profitability. Please refer to the "Reconciliation of GAAP to Non-GAAP Performance Highlights" table for additional information.

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**EAGLE FINANCIAL SERVICES, INC.**

**SELECTED FINANCIAL DATA BY QUARTER (unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Dollars in thousands, except per share data)** | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** |
| **BALANCE SHEET RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans to deposits | 81.44% | 89.99% | 93.14% | 95.95% | 97.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average interest-earning assets to average-interest bearing liabilities | 146.08% | 137.78% | 134.93% | 135.10% | 136.75% |
| **PER SHARE DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $0.31 | $0.31 | $0.31 | $0.30 | $0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value | 33.41 | 32.81 | 33.52 | 33.20 | 31.24 |
| **SHARE PRICE DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Closing price | $30.62 | $32.79 | $36.40 | $32.40 | $32.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings multiple(1) | 7.81 | N/M | 5.23 | 8.35 | 9.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value multiple(2) | 0.92 | 1.00 | 1.09 | 0.98 | 1.06 |
| **COMMON STOCK DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Outstanding shares at end of period | 5376346 | 5378653 | 3549581 | 3549581 | 3556844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 5378214 | 4572297 | 3549581 | 3552026 | 3556935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding, diluted | 5378214 | 4572297 | 3549581 | 3552026 | 3556935 |
| **CREDIT QUALITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs (recoveries) to average loans | 0.01% | 0.06% | 0.03% | 0.08% | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans to total loans | 1.20% | 1.13% | 0.17% | 0.16% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets to total assets | 0.86% | 0.86% | 0.16% | 0.13% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual loans to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 1.16% | 1.11% | 0.14% | 0.16% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 0.82% | 0.85% | 0.11% | 0.12% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 1.11% | 1.05% | 1.02% | 1.03% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-performing assets | 91.24% | 93.45% | 506.30% | 605.82% | 458.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accrual loans | 95.48% | 94.79% | 725.24% | 652.86% | 555.46% |
| **NON-PERFORMING ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans delinquent over 90 days and still accruing | $593 | $230 | $382 | $83 | $167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accrual loans | 16735 | 16122 | 2072 | 2344 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned and repossessed assets | 186 |  | 514 | 99 | 403 |
| **NET LOAN CHARGE-OFFS (RECOVERIES):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans charged off | $335 | $1076 | $585 | $1382 | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Recoveries) | (176) | (185) | (99) | (145) | (424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs (recoveries) | 159 | 891 | 486 | 1237 | (252) |
| **PROVISION FOR CREDIT LOSSES ON LOANS** | $856 | $1146 | $210 | $1525 | $315 |
| **ALLOWANCE FOR CREDIT LOSSES ON LOANS** | $15979 | $15282 | $15027 | $15303 | $15014 |

---

N/M - Not meaningful

(1) The diluted earnings multiple (or price earnings ratio) is calculated by dividing the period's closing market price per share by total equity per weighted average shares outstanding, diluted for the period. The diluted earnings multiple is a measure of how much an investor may be willing to pay for $1.00 of the Company's earnings.

(2) The book value multiple (or price to book ratio) is calculated by dividing the period's closing market price per share by the period's book value per share. The book value multiple is a measure used to compare the Company's market value per share to its book value per share.

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**EAGLE FINANCIAL SERVICES, INC.**

**CONSOLIDATED BALANCE SHEETS**

*(dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Unaudited<br>06/30/2025** | **Unaudited<br>03/31/2025** | **\*<br>12/31/2024** | **Unaudited<br>09/30/2024** | **Unaudited<br>06/30/2024** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $17401 | $16527 | $13129 | $15418 | $15202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits with other institutions | 260568 | 187018 | 162595 | 162187 | 45977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 118033 | 61401 | 17435 | 3586 | 62476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale, at fair value | 124693 | 114844 | 128887 | 140018 | 138269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 3302 | 3173 | 2660 | 3657 | 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | 1422653 | 1436982 | 1452022 | 1468025 | 1433920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank premises and equipment, net | 14693 | 14625 | 14339 | 18101 | 18114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance | 31172 | 30894 | 30621 | 30361 | 30103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 42565 | 39013 | 44527 | 40348 | 43286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2035080 | $1904477 | $1866215 | $1881701 | $1790405 |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest bearing demand deposits | $574596 | $421342 | $406180 | $413615 | $415017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings and interest bearing demand deposits | 728370 | 697679 | 679330 | 655601 | 647358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 463558 | 494770 | 489646 | 476720 | 426209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $1766524 | $1613791 | $1575156 | $1545936 | $1488584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | 172 |  |  | 244 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances, short-term |  | 25000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances, long-term | 40000 | 40000 | 120000 | 170000 | 145000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt, net | 29545 | 29529 | 29512 | 29495 | 29478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 19191 | 19682 | 22560 | 18182 | 15926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $1855432 | $1728002 | $1747228 | $1763857 | $1679290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingent liabilities |  |  |  |  |  |
| **Shareholders' Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $10 par value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $2.50 par value | 13260 | 13252 | 8714 | 8714 | 8707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surplus | 64154 | 63922 | 14901 | 14633 | 14604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 109530 | 105928 | 114012 | 108927 | 106567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) | (7296) | (6627) | (18640) | (14430) | (18763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | $179648 | $176475 | $118987 | $117844 | $111115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $2035080 | $1904477 | $1866215 | $1881701 | $1790405 |

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\* Derived from audited consolidated financial statements.

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**EAGLE FINANCIAL SERVICES, INC.**

**LOAN DATA (unaudited)**

*(dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| Mortgage real estate loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Secured by Farmland | $76060 | $98660 | $95200 | $97170 | $81609 |
| &nbsp;&nbsp;&nbsp;&nbsp;HELOCs | 52032 | 50543 | 50646 | 50452 | 46697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential First Lien - Investment | 106493 | 108519 | 105910 | 106323 | 112790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential First Lien - Owner Occupied | 177000 | 174822 | 194065 | 198570 | 187807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Junior Liens | 10865 | 10983 | 11184 | 11956 | 12387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial - Owner Occupied | 288821 | 268990 | 272236 | 273249 | 257675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial - Non-Owner Occupied & Multifamily | 372833 | 374471 | 367680 | 357351 | 352892 |
| Commercial and industrial loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BHG loans | 2928 | 3248 | 3566 | 3810 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA PPP loans | 16 | 22 | 28 | 34 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial and industrial loans | 103571 | 109658 | 106749 | 107320 | 102345 |
| Marine loans | 196434 | 203455 | 210095 | 225902 | 236890 |
| Triad Loans | 22111 | 22528 | 22894 | 23616 | 24579 |
| Consumer loans | 7628 | 7898 | 8123 | 8447 | 9497 |
| Overdrafts | 240 | 208 | 309 | 215 | 257 |
| Other loans | 15372 | 11822 | 11911 | 11932 | 11951 |
| Total loans | $1432404 | $1445827 | $1460596 | $1476347 | $1441699 |
| Net deferred loan costs and premiums | 6228 | 6437 | 6453 | 6981 | 7235 |
| Allowance for credit losses | (15979) | (15282) | (15027) | (15303) | (15014) |
| Net loans | $1422653 | $1436982 | $1452022 | $1468025 | $1433920 |

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**EAGLE FINANCIAL SERVICES, INC.**

**CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited)**

*(dollars in thousands, except per share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Interest and Dividend Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $20409 | $19971 | $21148 | $21143 | $19525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on federal funds sold | 87 | 39 | 5 | 11 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends on securities available for sale: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable interest income | 1142 | 695 | 713 | 712 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income exempt from federal income taxes |  | 3 | 4 | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 117 | 150 | 162 | 157 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits in banks | 3060 | 2644 | 1962 | 1659 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | $24815 | $23502 | $23994 | $23686 | $21738 |
| **Interest Expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits | $8263 | $8504 | $8496 | $8419 | $7515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Federal Home Loan Bank advances | 499 | 1308 | 1645 | 1756 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on subordinated debt | 355 | 354 | 354 | 354 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | $9117 | $10166 | $10495 | $10529 | $9582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $15698 | $13336 | $13499 | $13157 | $12156 |
| **Provision For Credit Losses** | 668 | 1233 | 351 | 1544 | 181 |
| Net interest income after provision for credit losses | $15030 | $12103 | $13148 | $11613 | $11975 |
| **Noninterest Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth management fees | $1650 | $1681 | $1380 | $1515 | $1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 517 | 492 | 508 | 518 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service charges and fees | 1060 | 972 | 929 | 1117 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on the sale and disposal of bank premises and equipment |  | (16) | 3874 |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) on the sale of AFS securities |  | (12425) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans held for sale | 1104 | 429 | 861 | 627 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business investment company income | 133 | 20 | 475 | 496 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance income | 278 | 273 | 260 | 930 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income | 175 | 20 | 234 | 48 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income (loss) | $4917 | $(8554) | $8521 | $5251 | $4305 |
| **Noninterest Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | $7845 | $7179 | $7973 | $7548 | $7353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expenses | 598 | 662 | 508 | 530 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment expenses | 401 | 423 | 456 | 427 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and marketing expenses | 152 | 183 | 309 | 247 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stationery and supplies | 35 | 42 | 54 | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATM network fees | 332 | 362 | 371 | 406 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss of sale of repossessed assets |  | 133 |  | 204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC assessment | 254 | 322 | 330 | 343 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer software expense | 325 | 282 | 388 | 226 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank franchise tax | 381 | 367 | 342 | 342 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 641 | 563 | 640 | 408 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing fees | 633 | 550 | 616 | 679 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 1802 | 1521 | 1568 | 1495 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expenses | $13399 | $12589 | $13555 | $12890 | $12510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $6548 | $(9040) | $8114 | $3974 | $3770 |
| **Income Tax Expense (Benefit)** | 1278 | (2066) | 1928 | 550 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $5270 | $(6974) | $6186 | $3424 | $3185 |
| **Earnings (Loss) Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per common share, basic | $0.98 | $(1.53) | $1.74 | $0.97 | $0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per common share, diluted | $0.98 | $(1.53) | $1.74 | $0.97 | $0.89 |

---

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**EAGLE FINANCIAL SERVICES, INC.**

**Average Balances, Income and Expenses, Yields and Rates (unaudited)**

*(dollars in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  |  | **Interest** |  |  | **Interest** |  |  | **Interest** |  |
|  | **Average** | **Income/** | **Average** | **Average** | **Income/** | **Average** | **Average** | **Income/** | **Average** |
| **Assets:** | **Balance** | **Expense** | **Rate** | **Balance** | **Expense** | **Rate** | **Balance** | **Expense** | **Rate** |
| Securities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | $115712 | $1260 | 4.37% | $117367 | $845 | 2.92% | $137588 | $893 | 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt (1) |  |  | —% | 353 | 4 | 4.25% | 492 | 5 | 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities | $115712 | $1260 | 4.37% | $117720 | $849 | 2.93% | $138080 | $898 | 2.62% |
| Loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | $1419117 | $20309 | 5.74% | $1442343 | $19871 | 5.59% | $1424304 | $19421 | 5.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual | 16337 |  | —% | 3959 |  | —% | 4600 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt (1) | 9999 | 126 | 5.04% | 10130 | 127 | 5.07% | 10603 | 132 | 5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Loans | $1445453 | $20435 | 5.67% | $1456432 | $19998 | 5.57% | $1439507 | $19553 | 5.46% |
| Federal funds sold and interest-bearing deposits in other banks | 281749 | 3146 | 4.48% | 244780 | 2683 | 4.45% | 98672 | 1316 | 5.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | $1842914 | $24841 | 5.41% | $1818932 | $23530 | 5.25% | $1676259 | $21767 | 5.22% |
| Allowance for credit losses | (15439) |  |  | (15228) |  |  | (14604) |  |  |
| Total non-earning assets | 105484 |  |  | 102727 |  |  | 105467 |  |  |
| Total assets | $1932959 |  |  | $1906431 |  |  | $1767122 |  |  |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | $303498 | $1632 | 2.16% | $275462 | $1463 | 2.15% | $258965 | $1538 | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 273415 | 1521 | 2.23% | 274142 | 1512 | 2.24% | 261557 | 1463 | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 130166 | 36 | 0.11% | 132905 | 37 | 0.11% | 136370 | 39 | 0.12% |
| Time deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$250,000 and more | 174030 | 1911 | 4.41% | 186048 | 2115 | 4.61% | 138531 | 1652 | 4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less than $250,000 | 310108 | 3163 | 4.09% | 311499 | 3377 | 4.40% | 255776 | 2823 | 4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | $1191217 | $8263 | 2.78% | $1180056 | $8504 | 2.92% | $1051199 | $7515 | 2.88% |
| Federal funds purchased | 2 |  | n/m | 8 |  | n/m | 15 |  | n/m |
| Federal Home Loan Bank advances | 40824 | 499 | 4.90% | 110556 | 1308 | 4.80% | 145110 | 1712 | 4.74% |
| Subordinated debt | 29535 | 355 | 4.82% | 29517 | 354 | 4.87% | 29467 | 355 | 4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $1261578 | $9117 | 2.90% | $1320137 | $10166 | 3.12% | $1225791 | $9582 | 3.14% |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand deposits | 473911 |  |  | 426947 |  |  | 417128 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Liabilities | 20286 |  |  | 23071 |  |  | 16489 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $1755775 |  |  | $1770155 |  |  | $1659408 |  |  |
| Shareholders' equity | 177184 |  |  | 136276 |  |  | 107714 |  |  |
| Total liabilities and shareholders' equity | $1932959 |  |  | $1906431 |  |  | $1767122 |  |  |
| Net interest income (1) |  | $15724 |  |  | $13364 |  |  | $12185 |  |
| Net interest spread |  |  | 2.51% |  |  | 2.13% |  |  | 2.08% |
| Interest expense as a percent of average earning assets |  |  | 1.98% |  |  | 2.27% |  |  | 2.30% |
| Net interest margin (1) |  |  | 3.42% |  |  | 2.98% |  |  | 2.92% |

---

N/M - Not meaningful

(1) Non-GAAP financial measure - Income and yields are reported on tax-equivalent basis using a federal tax rate of 21%. Please refer to the "Reconciliation of Tax-Equivalent Net Interest Income" table for additional information.

------

**EAGLE FINANCIAL SERVICES, INC.**

**Reconciliation of Tax-Equivalent Net Interest Income (unaudited)**

*(dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **GAAP Financial Measurements:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income - Loans | $20409 | $19971 | $21148 | $21143 | $19525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income - Securities and Other Interest-Earnings Assets | 4406 | 3531 | 2846 | 2543 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense - Deposits | 8263 | 8504 | 8496 | 8419 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense - Other Borrowings | 854 | 1662 | 1999 | 2110 | 2067 |
| **Total Net Interest Income** | $15698 | $13336 | $13499 | $13157 | $12156 |
| **Non-GAAP Financial Measurements:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Tax Benefit on Tax-Exempt Interest Income - Loans | $26 | $27 | $27 | $27 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Tax Benefit on Tax-Exempt Interest Income - Securities |  | 1 | 1 | 1 | 1 |
| **Total Tax Benefit on Tax-Exempt Interest Income** | $26 | $28 | $28 | $28 | $29 |
| **Tax-Equivalent Net Interest Income** | $15724 | $13364 | $13527 | $13185 | $12185 |

---

------

**EAGLE FINANCIAL SERVICES, INC.**

**Reconciliation of Efficiency Ratio (unaudited)**

*(dollars in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| Summary of Operating Results: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest expenses (GAAP) | $13399 | $12589 | $13555 | $12890 | $12510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Loss on sale of repossessed assets |  | 133 |  | 204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted noninterest expenses (non-GAAP) | $13399 | $12456 | $13555 | $12686 | $12510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 15698 | 13336 | 13499 | 13157 | 12156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest income (loss) (GAAP) | 4917 | (8554) | 8521 | 5251 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: (Loss) gain on the sale and disposal of premises and equipment |  | (16) | 3874 |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: (Loss) on the sale of securities |  | (12425) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Income from life insurance proceeds <sup>(1)</sup> |  |  |  | 653 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted noninterest income (non-GAAP) | $4917 | $3887 | $4647 | $4598 | $4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax equivalent adjustment <sup>(2)</sup> | 26 | 28 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net interest income and noninterest income, adjusted (non-GAAP) | $20641 | $17251 | $18174 | $17783 | $16247 |
| Efficiency ratio | 64.91% | 72.20% | 74.58% | 71.34% | 77.00% |

---

(1) Included in the consolidated statements of income (loss) under the heading bank owned life insurance income.

(2) Non-GAAP financial measure -Includes tax-equivalent adjustments on loans and securities using the federal statutory tax rate of 21%.

------

**EAGLE FINANCIAL SERVICES, INC.**

**Reconciliation of GAAP to Non-GAAP Performance Highlights (unaudited)**

*(dollars in thousands, except per share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **GAAP Financial Measurements:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP Net income (loss) | $5270 | $(6974) | $6186 | $3424 | $3185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to net income (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sales of securities |  | 12425 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of fixed assets |  |  | (3874) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of adjustments to net income |  | (2609) | 813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Net income | $5270 | $2842 | $3125 | $3424 | $3185 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP Noninterest income (loss) | $4917 | $(8554) | $8521 | $5251 | $4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to noninterest income (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sales of securities |  | 12425 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of fixed assets |  |  | (3874) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Noninterest income | $4917 | $3871 | $4647 | $5251 | $4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per share, basic and diluted | $0.98 | $(1.53) | $1.74 | $0.97 | $0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of adjustments to net income |  | 2.15 | (0.86) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Earnings per share, basic and diluted | $0.98 | $0.62 | $0.88 | $0.97 | $0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized return on average equity | 11.93% | -20.75% | 21.10% | 11.99% | 11.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of adjustments to net income | 0.00% | 29.21% | -10.44% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Annualized return on average equity | 11.93% | 8.46% | 10.66% | 11.99% | 11.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized return on average assets | 1.09% | -1.48% | 1.32% | 0.75% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of adjustments to net income | 0.00% | 2.07% | -0.65% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Annualized return on average assets | 1.09% | 0.59% | 0.67% | 0.75% | 0.72% |

---

------

## Exhibit 99.2

![Slide 1](efsi-ex99_2s1.jpg)

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![Slide 2](efsi-ex99_2s2.jpg)

Forward Looking Statements

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![Slide 3](efsi-ex99_2s3.jpg)

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![Slide 4](efsi-ex99_2s4.jpg)

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![Slide 5](efsi-ex99_2s5.jpg)

Investment Highlights

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![Slide 6](efsi-ex99_2s6.jpg)

Management Team & Board of Directors

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![Slide 7](efsi-ex99_2s7.jpg)

Our Markets

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![Slide 8](efsi-ex99_2s8.jpg)

Dominant Market Share in Our Core Markets

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![Slide 9](efsi-ex99_2s9.jpg)

Strategic Objectives

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![Slide 10](efsi-ex99_2s10.jpg)

Balance Sheet Growth

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![Slide 11](efsi-ex99_2s11.jpg)

Deposit Portfolio

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![Slide 12](efsi-ex99_2s12.jpg)

Loan Portfolio

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![Slide 13](efsi-ex99_2s13.jpg)

Loan Portfolio Detail

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![Slide 14](efsi-ex99_2s14.jpg)

Asset Quality

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![Slide 15](efsi-ex99_2s15.jpg)

Earnings, Book Value and Dividends

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![Slide 16](efsi-ex99_2s16.jpg)

Yield and Cost Analysis

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![Slide 17](efsi-ex99_2s17.jpg)

Profitability Metrics

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![Slide 18](efsi-ex99_2s18.jpg)

Capital Ratios

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![Slide 19](efsi-ex99_2s19.jpg)

Non-GAAP Reconciliation

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![Slide 20](efsi-ex99_2s20.jpg)

Non-GAAP Reconciliation