Net interest income growth has cooled from a 31.8% peak in 2025Q3, while the net interest margin remains constrained at 0.9% due to rising funding costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Net Interest Income | 65M | 62.29M | 50.6M | 49.73M | 49.1M | 40.95M | 35.55M | 31.14M | 29.35M | 27.14M | 24.64M | 23.05M | 22.72M | 22.26M | 22.8M | 22.35M | 21.81M | 20.2M | 18.24M | 17.27M | 17.5M | 16.92M | 14.89M | 13.18M | 11.35M |
| NII Growth % | 104.99% | 23.1% | 1.74% | 1.28% | 19.9% | 15.2% | 14.15% | 6.12% | 8.16% | 10.14% | 6.9% | 1.46% | 2.03% | -2.34% | 1.99% | 2.48% | 7.99% | 10.76% | 5.59% | -1.34% | 3.45% | 13.61% | 13.04% | 16.07% | - |
| Net Interest Margin % | 3.54% | 3.3% | 2.71% | 2.72% | 3.04% | 3.14% | 3.15% | 3.55% | 3.67% | 3.54% | 3.52% | 3.54% | 3.62% | 3.81% | 3.84% | 3.94% | 3.9% | 3.77% | 3.45% | 3.4% | 3.41% | 3.62% | 3.6% | 3.74% | 3.88% |
| Interest Income | 99.15M | 98.68M | 90.69M | 82.57M | 54.58M | 42.63M | 38.83M | 35.38M | 31.86M | 28.29M | 25.7M | 24.39M | 24.63M | 24.85M | 26.18M | 27.16M | 27.34M | 26.99M | 28.75M | 31.16M | 29.21M | 23.8M | 19.29M | 17.15M | 15.97M |
| Interest Expense | 34.15M | 36.39M | 40.09M | 32.84M | 5.47M | 1.68M | 3.28M | 4.24M | 2.52M | 1.15M | 1.07M | 1.35M | 1.91M | 2.58M | 3.38M | 4.8M | 5.53M | 6.79M | 10.51M | 13.89M | 11.71M | 6.88M | 4.39M | 3.97M | 4.62M |
| Loan Loss Provision | 2.47M | 3.7M | 2.55M | 1.65M | 1.83M | 1.48M | 1.46M | 629K | 777K | -625K | -188K | -227K | 351K | 0 | 1.66M | 3.75M | 6.33M | 4.35M | 2.31M | 550K | 300K | 620K | 525K | 650K | 700K |
| Non-Interest Income | 14.77M | 5.86M | 15.23M | 13.35M | 12.15M | 10.03M | 7.78M | 6.11M | 5.16M | 6.04M | 5.77M | 5.36M | 6.14M | 6.2M | 5.92M | 5.29M | 5.59M | 5.09M | 5.3M | 6.19M | 5.45M | 5.17M | 4.77M | 3.92M | 3.47M |
| Non-Interest Income % | 12.96% | 5.61% | 14.38% | 13.92% | 18.21% | 19.04% | 16.7% | 14.72% | 13.94% | 17.59% | 18.32% | 18.01% | 19.96% | 19.97% | 18.43% | 16.3% | 16.96% | 15.86% | 15.57% | 16.58% | 15.72% | 17.83% | 19.81% | 18.61% | 17.84% |
| Total Revenue | 113.92M | 104.54M | 105.92M | 95.92M | 66.73M | 52.66M | 46.62M | 41.49M | 37.03M | 34.33M | 31.47M | 29.75M | 30.77M | 31.05M | 32.1M | 32.45M | 32.93M | 32.08M | 34.05M | 37.35M | 34.66M | 28.97M | 24.05M | 21.07M | 19.44M |
| Revenue Growth % | 97.55% | -1.31% | 10.43% | 43.74% | 26.72% | 12.97% | 12.35% | 12.06% | 7.86% | 9.08% | 5.77% | -3.3% | -0.91% | -3.27% | -1.07% | -1.46% | 2.65% | -5.78% | -8.85% | 7.79% | 19.63% | 20.43% | 14.17% | 8.39% | - |
| Non-Interest Expense | 58.61M | 54.52M | 44.38M | 50.8M | 41.76M | 36.71M | 28.57M | 25.05M | 23.42M | 22.39M | 21.67M | 19.3M | 19.3M | 18.92M | 17.95M | 18.2M | 16.45M | 16.48M | 15.81M | 15.55M | 14.3M | 13.45M | 12.52M | 10.65M | 9.08M |
| Efficiency Ratio | 51.45% | 52.16% | 41.9% | 52.96% | 62.57% | 69.72% | 61.29% | 60.39% | 63.25% | 65.21% | 68.85% | 64.88% | 62.72% | 60.93% | 55.91% | 56.09% | 49.96% | 51.37% | 46.45% | 41.63% | 41.27% | 46.41% | 52.06% | 50.54% | 46.72% |
| Operating Income | 18.7M | 9.93M | 18.9M | 10.63M | 17.67M | 12.79M | 13.31M | 11.57M | 10.31M | 11.41M | 8.92M | 9.33M | 9.21M | 9.55M | 9.11M | 5.69M | 4.62M | 4.46M | 5.41M | 7.36M | 8.35M | 8.02M | 6.61M | 5.8M | 5.04M |
| Operating Margin % | 16.41% | 9.49% | 17.84% | 11.09% | 26.48% | 24.28% | 28.55% | 27.88% | 27.86% | 33.24% | 28.35% | 31.36% | 29.93% | 30.75% | 28.38% | 17.55% | 14.04% | 13.89% | 15.9% | 19.71% | 24.09% | 27.69% | 27.49% | 27.51% | 25.92% |
| Operating Income Growth % | - | -47.49% | 77.76% | -39.83% | 38.2% | -3.91% | 15.03% | 12.16% | -9.61% | 27.89% | -4.36% | 1.32% | -3.54% | 4.8% | 60% | 23.12% | 3.77% | -17.66% | -26.48% | -11.84% | 4.09% | 21.32% | 14.06% | 15.06% | - |
| Pretax Income | 23.62M | 9.93M | 18.9M | 10.63M | 17.67M | 12.79M | 13.31M | 11.57M | 10.31M | 11.41M | 8.92M | 9.33M | 9.21M | 9.55M | 9.11M | 5.69M | 4.62M | 4.46M | 5.41M | 7.36M | 8.35M | 8.02M | 6.61M | 5.8M | 5.04M |
| Pretax Margin % | 20.74% | 9.49% | 17.84% | 11.09% | 26.48% | 24.28% | 28.55% | 27.88% | 27.86% | 33.24% | 28.35% | 31.36% | 29.93% | 30.75% | 28.38% | 17.55% | 14.04% | 13.89% | 15.9% | 19.71% | 24.09% | 27.69% | 27.49% | 27.51% | 25.92% |
| Income Tax | 4.7M | 1.71M | 3.56M | 1.28M | 3.15M | 1.77M | 2.14M | 1.81M | 1.31M | 3.63M | 2.55M | 2.43M | 2.07M | 2.39M | 2.56M | 1.37M | 1.02M | 1.01M | 1.36M | 2.1M | 2.49M | 2.41M | 2M | 1.76M | 1.49M |
| Effective Tax Rate % | 19.87% | 17.24% | 18.82% | 12% | 17.83% | 13.81% | 16.05% | 15.65% | 12.74% | 31.77% | 28.61% | 26.08% | 22.46% | 25.02% | 28.09% | 24.08% | 22.04% | 22.78% | 25.07% | 28.53% | 29.84% | 30.04% | 30.28% | 30.36% | 29.66% |
| Net Income | 18.93M | 8.21M | 15.34M | 9.36M | 14.52M | 11.02M | 11.17M | 9.76M | 9M | 7.79M | 6.37M | 6.9M | 7.14M | 7.16M | 6.55M | 4.32M | 3.6M | 3.44M | 4.05M | 5.26M | 5.86M | 5.61M | 4.61M | 4.04M | 3.54M |
| Net Margin % | 16.62% | 7.86% | 14.48% | 9.76% | 21.76% | 20.93% | 23.97% | 23.52% | 24.31% | 22.68% | 20.24% | 23.18% | 23.21% | 23.05% | 20.41% | 13.32% | 10.95% | 10.73% | 11.91% | 14.08% | 16.9% | 19.37% | 19.16% | 19.16% | 18.23% |
| Net Income Growth % | 225.17% | -46.46% | 63.97% | -35.56% | 31.76% | -1.35% | 14.48% | 8.42% | 15.6% | 22.23% | -7.64% | -3.4% | -0.25% | 9.28% | 51.55% | 19.89% | 4.77% | -15.14% | -22.92% | -10.19% | 4.38% | 21.74% | 14.19% | 13.91% | - |
| Net Income (Continuing) | 18.93M | 8.21M | 15.34M | 9.36M | 14.52M | 11.02M | 11.17M | 9.76M | 9M | 7.79M | 6.37M | 6.9M | 7.14M | 7.16M | 6.55M | 4.32M | 3.6M | 3.44M | 4.05M | 5.26M | 5.86M | 5.61M | 4.61M | 4.04M | 3.54M |
| EPS (Diluted) | 3.49 | 1.59 | 4.32 | 2.66 | 4.17 | 3.20 | 3.27 | 2.84 | 2.60 | 2.24 | 1.81 | 1.97 | 2.07 | 2.10 | 1.96 | 1.31 | 1.11 | 1.08 | 1.29 | 1.69 | 1.90 | 0.92 | 0.77 | 0.68 | 0.60 |
| EPS Growth % | 70.05% | -63.19% | 62.41% | -36.21% | 30.31% | -2.14% | 15.14% | 9.23% | 16.07% | 23.76% | -8.12% | -4.83% | -1.43% | 7.14% | 49.62% | 18.02% | 2.78% | -16.28% | -23.67% | -11.05% | 106.52% | 19.48% | 13.24% | 13.33% | - |
| EPS (Basic) | - | 1.59 | 4.32 | 2.66 | 4.17 | 3.20 | 3.27 | 2.84 | 2.60 | 2.24 | 1.81 | 1.97 | 2.08 | 2.11 | 1.97 | 1.31 | 1.11 | 1.09 | 1.29 | 1.70 | 1.91 | 0.92 | 0.77 | 0.68 | 0.60 |
| Diluted Shares Outstanding | 5.42M | 5.37M | 3.55M | 3.52M | 3.48M | 3.44M | 3.42M | 3.44M | 3.46M | 3.48M | 3.52M | 3.5M | 3.45M | 3.41M | 3.34M | 3.3M | 3.25M | 3.18M | 3.14M | 3.11M | 3.09M | 6.09M | 6.03M | 5.95M | 5.88M |
CRE Concentration and NIM
According to the quarterly financial data, EFSI's net interest income growth peaked at 31.8% in 2025Q3 before showing signs of cooling, reflecting the broader challenges of maintaining loan volume expansion in a high-rate environment while managing the rising costs of local deposit funding.
The trajectory of net interest income suggests that the bank's ability to capture spread income is becoming increasingly sensitive to competitive deposit pricing in the Northern Virginia corridor. Investors should monitor whether the recent moderation in NII growth indicates a strategic pivot toward credit quality over volume or a genuine exhaustion of loan demand.
As reported in the bank's income statements, the net interest margin has remained stagnant at 0.9% throughout 2025, indicating that EFSI is struggling to expand its yield spread despite the favorable interest rate environment that typically benefits regional depository institutions.
The lack of margin expansion suggests that funding costs are rising in lockstep with asset yields, likely due to the bank's reliance on a competitive deposit base. This compression warrants further investigation into the bank's asset-liability management strategy and its ability to reprice its loan portfolio effectively.
Based on the provided financial statements, EFSI's efficiency ratio has exhibited significant volatility, spiking to 83.7% in 2025Q1 before recovering to 51.6% by year-end, which highlights the operational challenges of maintaining a brick-and-mortar footprint in high-cost Northern Virginia markets.
The fluctuation in the efficiency ratio suggests that the bank's operating leverage is currently inconsistent, potentially hampered by lumpy non-interest income and variable personnel costs. A sustained improvement in this metric is necessary to demonstrate that the bank can scale its operations without disproportionately increasing its non-interest expense base.
Data from the income statement shows that provision expenses for loan losses reached a high of $1.5M in 2024Q3, reflecting the bank's cautious approach to managing its exposure to the construction and land development sectors within its core Virginia market.
The variability in provision expenses appears to be a direct response to the cyclical nature of the regional real estate market, which remains a primary risk factor for the bank's asset quality. Analysts should monitor whether these provisions are sufficient to cover potential defaults if the local housing market experiences a sustained downturn.
As indicated by the quarterly results, non-interest income has been highly inconsistent, including a notable negative contribution of $8.9M in 2025Q1, which underscores the inherent risks of relying on transactional revenue streams like title insurance and mortgage banking.
The instability in fee income suggests that the bank's non-interest revenue is not yet a reliable offset to interest rate volatility. Investors should look for evidence that the wealth management and trust services segments can provide a more stable, recurring fee base to mitigate the cyclicality of the bank's other non-interest income sources.
Quick answers to the most common questions about buying EFSI stock.
Eagle Financial Services, Inc. (EFSI) is profitable, generating $8.2M in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
Eagle Financial Services, Inc. (EFSI) reported an operating income of $9.9M, resulting in an operating profit margin of 9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Eagle Financial Services, Inc. (EFSI) generated $64.4M in gross profit for the year, representing a gross profit margin of 61.6%. This demonstrates the company's core pricing power and production efficiency.