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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-42512

EAGLE FINANCIAL SERVICES, INC.

(Exact name of registrant as specified in its charter)


Virginia		54-1601306
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2 East Main Street	P.O. Box 391
Berryville, VA		22611
(Address of principal executive offices)		(Zip Code)

(540) 955-2510

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $2.50	EFSI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


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.		☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s Common Stock ($2.50 par value) outstanding as of August 8, 2025 was 5,376,346.

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements:
	Consolidated Balance Sheets at June 30, 2025 and December 31, 2024	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024	2
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024	3
	Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024	4
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	5
	Notes to Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	63
Item 4.	Controls and Procedures	63

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	64
Item 1A.	Risk Factors	64
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3.	Defaults Upon Senior Securities	64
Item 4.	Mine Safety Disclosures	64
Item 5.	Other Information	64
Item 6.	Exhibits	65

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

EAGLE FINANCIAL SERVICES, INC.

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)


	June 30, 2025			December 31, 2024
	(Unaudited)			*
Assets
Cash and due from banks	$	17,401		$	13,129
Interest-bearing deposits with other institutions		260,568			162,595
Federal funds sold		118,033			17,435
Total cash and cash equivalents	$	396,002		$	193,159
Securities available for sale, at fair value, amortized cost of $130,148 and $144,929, respectively		120,907			121,330
Restricted investments, at cost		3,786			7,557
Loans held for sale		3,302			2,660
Loans		1,438,632			1,467,049
Allowance for credit losses		(15,979	)		(15,027	)
Net Loans	$	1,422,653		$	1,452,022
Bank premises and equipment, net		14,693			14,339
Bank owned life insurance		31,172			30,621
Other assets		42,565			44,527
Total assets	$	2,035,080		$	1,866,215
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest bearing demand deposits	$	574,596		$	406,180
Savings and interest bearing demand deposits		728,370			679,330
Time deposits		463,558			489,646
Total deposits	$	1,766,524		$	1,575,156
Federal funds purchased		172			—
Federal Home Loan Bank advances, short-term		—			25,000
Federal Home Loan Bank advances, long-term		40,000			95,000
Subordinated debt, net of unamortized issuance costs		29,545			29,512
Other liabilities		19,191			22,560
Total liabilities	$	1,855,432		$	1,747,228
Commitments and contingencies
Shareholders’ Equity
Preferred stock, $10 par value; 500,000 shares authorized and unissued	$	—		$	—
Common stock, $2.50 par value; authorized 10,000,000 shares; issued and outstanding 2025, 5,376,346 including 72,107 shares of unvested restricted stock; issued and outstanding 2024, 3,549,581 including 64,043 shares of unvested restricted stock		13,260			8,714
Surplus		64,154			14,901
Retained earnings		109,530			114,012
Accumulated other comprehensive loss		(7,296	)		(18,640	)
Total shareholders’ equity	$	179,648		$	118,987
Total liabilities and shareholders’ equity	$	2,035,080		$	1,866,215

See Notes to Consolidated Financial Statements

* Derived from the consolidated audited financial statements.

TABLE OF CONTENTS

EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Operations (Unaudited)

(dollars in thousands, except per share amounts)


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025		2024			2025			2024
Interest and Dividend Income
Interest and fees on loans	$	20,409	$	19,525		$	40,380		$	39,488
Interest and dividends on securities available for sale:
Taxable interest income		1,142		739			1,837			1,497
Interest income exempt from federal income taxes		—		3			3			8
Dividends		117		155			267			311
Interest on deposits in banks		3,060		1,248			5,704			2,230
Interest on federal funds sold		87		68			126			107
Total interest and dividend income	$	24,815	$	21,738		$	48,317		$	43,641
Interest Expense
Interest on deposits	$	8,263	$	7,515		$	16,767		$	14,939
Interest on Federal Home Loan Bank advances		499		1,712			1,807			3,422
Interest on subordinated debt		355		355			709			709
Total interest expense	$	9,117	$	9,582		$	19,283		$	19,070
Net interest income	$	15,698	$	12,156		$	29,034		$	24,571
Provision for Credit Losses		668		181			1,901			656
Net interest income after provision for credit losses	$	15,030	$	11,975		$	27,133		$	23,915
Noninterest Income
Wealth management fees	$	1,650	$	1,273		$	3,331		$	2,729
Service charges on deposit accounts		517		456			1,009			910
Other service charges and fees		1,060		1,164			2,032			2,133
(Loss) on the sale of bank premises and equipment		—		(11	)		(16	)		(11	)
(Loss) on the sale of securities		—		—			(12,425	)		—
Gain on sale of loans		1,104		492			1,533			653
Small business investment company income		133		259			153			385
Bank owned life insurance income		278		269			551			537
Other operating income		175		403			195			449
Total noninterest income (loss)	$	4,917	$	4,305		$	(3,637	)	$	7,785
Noninterest Expenses
Salaries and employee benefits	$	7,845	$	7,353		$	15,024		$	14,538
Occupancy expenses		598		470			1,260			1,039
Equipment expenses		401		401			824			774
Advertising and marketing expenses		152		245			335			482
Stationery and supplies		35		32			77			56
ATM network fees		332		373			694			753
Loss on sale of repossessed assets		—		—			133			—
FDIC assessment		254		351			576			760
Computer software expense		325		221			607			454
Bank franchise tax		381		338			748			669
Professional fees		641		511			1,204			1,017
Data processing fees		633		558			1,183			1,123
Other operating expenses		1,802		1,657			3,323			3,222
Total noninterest expenses	$	13,399	$	12,510		$	25,988		$	24,887
Income (loss) before income taxes	$	6,548	$	3,770		$	(2,492	)	$	6,813
Income Tax Expense (Benefit)		1,278		585			(788	)		1,080
Net Income (Loss)	$	5,270	$	3,185		$	(1,704	)	$	5,733
Earnings (Loss) Per Share
Net income (loss) per common share, basic	$	0.98	$	0.89		$	(0.34	)	$	1.61
Net income (loss) per common share, diluted	$	0.98	$	0.89		$	(0.34	)	$	1.61

See Notes to Consolidated Financial Statements

TABLE OF CONTENTS

EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

(dollars in thousands)


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025			2024
Net income (loss)	$	5,270		$	3,185	$	(1,704	)	$	5,733
Other comprehensive (loss) income:
Unrealized (loss) gain on available for sale securities, net of reclassification adjustments, net of deferred income tax of $(179) and $280 for the three months ended June 30, 2025 and 2024, respectively, and $3,014 and $(200) for the six months ended June 30, 2025 and 2024, respectively		(669	)		1,054		11,344			(753	)
Changes in benefit obligations and plan assets for post retirement benefit plans, net of reclassification adjustments, net of deferred income tax of $0 for the three months ended June 30, 2025 and 2024, respectively, and $0 and $1 for the six months ended June 30, 2025 and 2024, respectively		—			—		—			(4	)
Total other comprehensive (loss) income		(669	)		1,054		11,344			(757	)
Total comprehensive income	$	4,601		$	4,239	$	9,640		$	4,976

See Notes to Consolidated Financial Statements

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EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(dollars in thousands, except per share amounts)


	Common Stock			Surplus			Retained Earnings			Accumulated Other Comprehensive (Loss)			Total
December 31, 2023	$	8,660		$	14,280		$	103,445		$	(18,006	)	$	108,379
Cumulative effect adjustment for adopton of ASU 2023-02		—			—			(477	)		—			(477	)
Net income		—			—			2,548			—			2,548
Other comprehensive (loss)		—			—			—			(1,811	)		(1,811	)
Vesting of restricted stock awards, stock incentive plan (23,557 shares)		59			(59	)		—			—			—
Stock-based compensation expense		—			302			—			—			302
Repurchase and retirement of common stock (5,605 shares)		(14	)		(155	)		—			—			(169	)
Dividends declared ($0.30 per share)		—			—			(1,067	)		—			(1,067	)
March 31, 2024	$	8,705		$	14,368		$	104,449		$	(19,817	)	$	107,705
Net income		—			—			3,185			—			3,185
Other comprehensive income		—			—			—			1,054			1,054
Vesting of restricted stock awards, stock incentive plan (1,081 shares)		3			(3	)		—			—			—
Stock-based compensation expense		—			249			—			—			249
Repurchase and retirement of common stock (385 shares)		(1	)		(10	)		—			—			(11	)
Dividends declared ($0.30 per share)		—			—			(1,067	)		—			(1,067	)
June 30, 2024	$	8,707		$	14,604		$	106,567		$	(18,763	)	$	111,115

December 31, 2024	$	8,714		$	14,901		$	114,012		$	(18,640	)	$	118,987
Net loss		—			—			(6,974	)		—			(6,974	)
Other comprehensive income		—			—			—			12,013			12,013
Vesting of restricted stock awards, stock incentive plan (25,717 shares)		64			(64	)		—			—			—
Stock-based compensation expense		—			323			—			—			323
Issuance of common stock, public offering, net (1,796,875 shares)		4,492			49,009									53,501
Repurchase and retirement of common stock (7,348 shares)		(18	)		(247	)		—			—			(265	)
Dividends declared ($0.31 per share)		—			—			(1,110	)		—			(1,110	)
March 31, 2025	$	13,252		$	63,922		$	105,928		$	(6,627	)	$	176,475
Net income		—			—			5,270			—			5,270
Other comprehensive loss		—			—			—			(669	)		(669	)
Vesting of restricted stock awards, stock incentive plan (4,889 shares)		12			(12	)		—			—			—
Stock-based compensation expense		—			290			—			—			290
Repurchase and retirement of common stock (1,432 shares)		(4	)		(46	)		—			—			(50	)
Dividends declared ($0.31 per share)		—			—			(1,668	)		—			(1,668	)
June 30, 2025	$	13,260		$	64,154		$	109,530		$	(7,296	)	$	179,648

See Notes to Consolidated Financial Statements

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EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Cash Flows (Unaudited)

(dollars in thousands)


	Six Months Ended
	June 30,
	2025			2024
Cash Flows from Operating Activities
Net (loss) income	$	(1,704	)	$	5,733
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		389			498
Amortization of other assets		543			182
Origination of loans held for sale		(42,521	)		(29,466	)
Proceeds from sale of loans held for sale		43,418			28,722
Net (gain) on sales of loans		(1,528	)		(653	)
Provision for credit losses on loans		2,002			789
(Gain) on the sale of portfolio loans		(5	)		—
Loss on the sale and disposal of premises and equipment		16			11
Loss on the sale of repossessed assets		133			—
Loss on the sale of securities		12,425			—
Amortization of subordinated debt issuance costs		33			34
Stock-based compensation expense		613			551
(Accretion) amortization of premiums and discounts on debt securities and loans, net		(273	)		138
Bank-owned life insurance income		(551	)		(537	)
(Gain) on bank-owned life insurance settlement		—			(254	)
Changes in assets and liabilities:
(Increase) in other assets		(539	)		(967	)
(Decrease) increase in other liabilities		(4,085	)		152
Net cash provided by operating activities	$	8,366		$	4,933
Cash Flows from Investing Activities
Proceeds from maturities, calls, and principal payments of securities available for sale	$	6,899		$	6,863
Proceeds from the sale of securities available for sale		86,822			—
Purchases of securities available for sale		(91,155	)		—
Proceeds from the sale of restricted investments		3,815			1,425
Purchases of restricted investments		(44	)		(637	)
Proceeds of bank-owned life insurance settlement		—			263
Purchases of bank premises and equipment		(799	)		(515	)
Proceeds from the sale of bank premises and equipment		40			—
Proceeds from the sale of repossessed assets		381			12
Proceeds from the sale of portfolio loans		18,772			—
Net decrease in loans		8,290			13,372
Funding of capital commitments related to other investments		(492	)		(664	)
Net cash provided by investing activities	$	32,529		$	20,119
Cash Flows from Financing Activities
Net increase (decrease) in noninterest bearing demand deposits, savings, and interest bearing demand deposits	$	217,456		$	(30,683	)
Net (decrease) increase in time deposits		(26,088	)		12,945
Net increase in federal funds purchased		172			302
Repayments of short-term Federal Home Loan Bank advances		(25,000	)		(20,000	)
Repayments of long-term Federal Home Loan Bank advances		(55,000	)		—
Net proceeds from issuance of common stock in public offering		53,501			—
Repurchase and retirement of common stock		(315	)		(180	)
Cash dividends paid		(2,778	)		(2,134	)
Net cash provided by (used in) financing activities	$	161,948		$	(39,750	)
Increase (decrease) in cash and cash equivalents	$	202,843		$	(14,698	)
Cash and Cash Equivalents
Beginning		193,159			138,353
Ending	$	396,002		$	123,655
Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest	$	20,125		$	19,037
Income taxes	$	1,200		$	—
Supplemental Schedule of Noncash Investing and Financing Activities:
Unrealized gain (loss) on securities available for sale	$	14,358		$	(953	)
Minimum postretirement liability adjustment	$	—		$	(5	)
Repossessed assets acquired in settlement of loans	$	186		$	111
Lease liabilities arising from right-of-use assets	$	773		$	—

See Notes to Consolidated Financial Statements

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EAGLE FINANCIAL SERVICES, INC.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2025

NOTE 1. General

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP.

In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position at June 30, 2025 and December 31, 2024, the results of operations and the changes in shareholders' equity for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).

Eagle Financial Services, Inc. (the "Company") owns 100% of Bank of Clarke (the “Bank”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions between the Company and the Bank have been eliminated.

Certain amounts in the consolidated financial statements have been reclassified to conform to current year presentations. None of the reclassifications were of a material nature and they had no effect on prior year net income or shareholders' equity.

Application of the principles of GAAP and practices within the banking industry require management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statement; accordingly, as this information changes, the financial statements may reflect different estimates, assumptions, and judgments. Certain policies inherently rely more extensively on the use of estimates, assumptions, and judgments and as such may have a greater possibility of producing results that could be materially different than originally reported. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance of credit losses on loans.

The Company's significant accounting policies followed in preparation of the unaudited consolidated financial statements are disclosed in Note 1 of the Company's 2024 Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2024.

NOTE 2. Stock-Based Compensation Plan

On May 16, 2023, the Company’s shareholders approved the 2023 Stock Incentive Plan which allows key employees and directors to increase their personal financial interest in the Company. The 2023 plan permits the issuance of incentive stock options and non-qualified stock options and the award of common stock, restricted stock, and stock units. The plan authorizes the issuance of up to 250,000 shares of common stock. The 2023 Stock Incentive Plan replaced the 2014 Stock Incentive Plan.

The Company periodically grants restricted stock to its directors, executive officers and certain non-executive officers. Restricted stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restricted period, all shares are considered outstanding and dividends are paid to the grantee. Outside directors are periodically granted restricted shares which vest over a period of one year. Executive officers have been

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granted restricted shares which vest over a three year service period and restricted shares which cliff vest based on meeting performance measures over a three year period. Certain non-executive officers also have been granted restricted shares which vest over a three year service period. The Company recognizes compensation expense over the restricted period based on the fair value of the Company's stock on the grant date. The Company's policy is to recognize forfeitures as they occur. As of June 30, 2025, there was $1.4 million of unrecognized compensation cost related to nonvested restricted stock, with a weighted average remaining term of 2.05 years.

The following table presents restricted stock activity for the six months ended June 30, 2025 and 2024:


	Six Months Ended
	June 30,
	2025					2024
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Nonvested, beginning of period		64,043		$	32.02		56,914		$	35.06
Granted		39,545			36.40		41,940			30.00
Vested		(30,606	)		33.02		(24,638	)		34.10
Forfeited		(875	)		35.95		—			—
Nonvested, end of period		72,107		$	33.95		74,216		$	32.46

NOTE 3. Earnings Per Common Share

Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Nonvested restricted shares are included in the weighted average number of common shares used to compute basic earnings per share because of dividend participation and voting rights. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The number of potential common shares is determined using the treasury method.

The following table shows the weighted average number of shares used in computing earnings per share for the three and six months ended June 30, 2025 and 2024. During 2025 and 2024, there were no potentially dilutive securities outstanding.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Average number of common shares outstanding used to calculate basic and diluted earnings per share		5,378,214		3,556,935		4,977,482		3,557,069

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NOTE 4. Securities

Amortized costs and fair values of securities available for sale at June 30, 2025 and December 31, 2024 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
	June 30, 2025
	(in thousands)
Obligations of U.S. government corporations and agencies	$	7,980	$	10	$	(56	)	$	7,934
U.S. treasury securities		9,966		—		(10	)		9,956
Mortgage-backed securities		86,037		—		(8,456	)		77,581
Collateralized mortgage obligations		22,915		—		(223	)		22,692
Subordinated debt		3,250		—		(506	)		2,744
	$	130,148	$	10	$	(9,251	)	$	120,907


	December 31, 2024
	(in thousands)
Obligations of U.S. government corporations and agencies	$	8,198	$	—	$	(530	)	$	7,668
Mortgage-backed securities		127,061		—		(22,094	)		104,967
Obligations of states and political subdivisions		4,920		—		(275	)		4,645
Subordinated debt		4,750		—		(700	)		4,050
	$	144,929	$	—	$	(23,599	)	$	121,330

The Company has elected to exclude accrued interest receivable, totaling $476 thousand at June 30, 2025, from the amortized cost basis of securities. The deferred tax asset on the securities portfolio at June 30, 2025 and December 31, 2024 was $1.9 million and $5.0 million, respectively, and is included in Other Assets in the Consolidated Balance Sheets.

In March 2025, balance sheet repositioning transactions were executed. The Bank sold available for sale securities with an amortized cost balance of $99.2 million and reinvested $66.0 million into purchases of available for sale securities. The sale of securities resulted in a net realized pre-tax loss of $12.4 million recognized during six months ended June 30, 2025. There were no sales of available for sale securities during the three months ended June 30, 2025 or the three and six months ended June 30, 2024.

The following table summarizes amounts related to the sale of available for sale securities:


	For the Six Months Ended June 30,
	2025
	(in thousands)
Proceeds from sales	$	86,822

Gross realized gains	$	—
Gross realized losses		(12,425	)
Net realized losses on securities	$	(12,425	)

The amortized cost and estimated fair value of securities at June 30, 2025, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

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	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	9,966	$	9,956
Due after one year through five years		5,794		5,793
Due after five years through ten years		27,285		26,658
Due after ten years		87,103		78,500
	$	130,148	$	120,907

The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at June 30, 2025 and December 31, 2024 were as follows:


	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	June 30, 2025
	(in thousands)
Obligations of U.S. government corporations and agencies	$	3,775	$	56	$	—	$	—	$	3,775	$	56
U.S. treasury securities		9,956		10		—		—		9,956		10
Mortgage-backed securities		43,081		284		29,483		8,172		72,564		8,456
Collateralized mortgage obligations		22,692		223		—		—		22,692		223
Subordinated debt		—		—		2,744		506		2,744		506
Total	$	79,504	$	573	$	32,227	$	8,678	$	111,731	$	9,251


	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	December 31, 2024
	(in thousands)
Obligations of U.S. government corporations and agencies	$	—	$	—	$	7,668	$	530	$	7,668	$	530
Mortgage-backed securities		—		—		104,967		22,094		104,967		22,094
Obligations of states and political subdivisions		—		—		4,645		275		4,645		275
Subordinated debt		—		—		3,550		700		3,550		700
Total	$	—	$	—	$	120,830	$	23,599	$	120,830	$	23,599

The reference point for determining when securities are in an unrealized loss position is month end. As such, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period.

There were 52 debt securities with a fair value below the amortized cost basis, totaling $111.7 million of aggregate fair value as of June 30, 2025. The Company concluded that a credit loss does not exist in its securities portfolio at June 30, 2025 based on the fact that (1) changes in fair value were caused by non-credit-related factors, primarily fluctuations in interest rates, (2) securities with unrealized losses had generally high credit quality, (3) as of June 30, 2025, the Company intends to hold these investments in debt securities to maturity and it is more-likely-than-not that the Company will not be required to sell these investments before a recovery of its investment, and (4) issuers have continued to make timely payments of principal and interest. Additionally, the Company’s mortgage-backed securities and obligations of U.S. government corporations and agencies are entirely issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments.

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Securities having carrying values of $7.0 million, $3.0 million and $93.1 million at June 30, 2025 were pledged as security for trust accounts, a deposit relationship and for borrowing capacity at the Federal Reserve Bank discount window, respectively.

The composition of restricted investments at June 30, 2025 and December 31, 2024 was as follows:


	June 30, 2025		December 31, 2024
	(in thousands)
Federal Reserve Bank Stock	$	344	$	344
Federal Home Loan Bank Stock		3,302		7,073
Community Bankers’ Bank Stock		140		140
	$	3,786	$	7,557

NOTE 5. Loans and Allowance for Credit Losses on Loans

The composition of loans at June 30, 2025 and December 31, 2024 was as follows:


	June 30,			December 31,
	2025			2024
	(in thousands)
Mortgage real estate loans:
Construction & Secured by Farmland	$	76,060		$	95,200
HELOCs		52,032			50,646
Residential First Lien - Investor		106,493			105,910
Residential First Lien - Owner Occupied		177,000			194,065
Residential Junior Liens		10,865			11,184
Commercial - Owner Occupied		288,821			272,236
Commercial - Non-Owner Occupied & Multifamily		372,833			367,680
Commercial and industrial loans:
SBA PPP loans		16			28
Other commercial and industrial loans		106,499			110,315
Marine loans		196,434			210,095
Consumer loans		29,739			31,017
Overdrafts		240			309
Other loans		15,372			11,911
Total loans	$	1,432,404		$	1,460,596
Net deferred loan costs and premiums		6,228			6,453
Allowance for credit losses		(15,979	)		(15,027	)
	$	1,422,653		$	1,452,022

At June 30, 2025, the Company was servicing $29.7 million of loans for other financial institutions which are not included in the table above. Also excluded from the table above are net servicing assets of $455 thousand at June 30, 2025, which are recorded in other assets in the Consolidated Balance Sheets. When loans are sold with servicing retained, servicing assets are recorded which represent the Company's right to service loans that were sold. Servicing assets are initially recorded by the Company at fair value and are subsequently amortized in proportion to, and over the period of, estimated net servicing income.

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Changes in the allowance for credit losses on loans for the three and six months ended June 30, 2025 and 2024 and year-ended December 31, 2024 were as follows:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

EAGLE FINANCIAL SERVICES INC 10-Q