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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 September 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 November 7, 2025 was 5,376,346.

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements:
	Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	1
	Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024	2
	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024	3
	Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024	4
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	5
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	69
Item 4.	Controls and Procedures	69

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	70
Item 6.	Exhibits	71

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

EAGLE FINANCIAL SERVICES, INC.

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)


	September 30, 2025			December 31, 2024
	(Unaudited)			*
Assets
Cash and due from banks	$	15,558		$	13,129
Interest-bearing deposits with other institutions		189,119			162,595
Federal funds sold		63,452			17,435
Total cash and cash equivalents	$	268,129		$	193,159
Securities available for sale, at fair value, amortized cost of $128,454 and $144,929, respectively		121,379			121,330
Restricted investments, at cost		3,786			7,557
Loans held for sale		3,479			2,660
Loans		1,459,928			1,467,049
Allowance for credit losses		(14,810	)		(15,027	)
Net Loans	$	1,445,118		$	1,452,022
Bank premises and equipment, net		14,878			14,339
Bank owned life insurance		31,440			30,621
Other assets		44,264			44,527
Total assets	$	1,932,473		$	1,866,215
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest bearing demand deposits	$	521,149		$	406,180
Savings and interest bearing demand deposits		687,530			679,330
Time deposits		446,369			489,646
Total deposits	$	1,655,048		$	1,575,156
Federal funds purchased		101			—
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		29,562			29,512
Other liabilities		22,181			22,560
Total liabilities	$	1,746,892		$	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		64,458			14,901
Retained earnings		113,448			114,012
Accumulated other comprehensive loss		(5,585	)		(18,640	)
Total shareholders’ equity	$	185,581		$	118,987
Total liabilities and shareholders’ equity	$	1,932,473		$	1,866,215

See Notes to Consolidated Financial Statements

* Derived from the consolidated audited financial statements.

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EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025			2024		2025			2024
Interest and Dividend Income
Interest and fees on loans	$	20,722		$	21,143	$	61,102		$	60,631
Interest and dividends on securities available for sale:
Taxable interest income		1,293			712		3,130			2,209
Interest income exempt from federal income taxes		—			4		3			12
Dividends		60			157		327			468
Interest on deposits in banks		3,803			1,659		9,507			3,889
Interest on federal funds sold		55			11		181			118
Total interest and dividend income	$	25,933		$	23,686	$	74,250		$	67,327
Interest Expense
Interest on deposits	$	7,886		$	8,419	$	24,653		$	23,358
Interest on Federal Home Loan Bank advances		494			1,756		2,301			5,178
Interest on subordinated debt		354			354		1,063			1,063
Total interest expense	$	8,734		$	10,529	$	28,017		$	29,599
Net interest income	$	17,199		$	13,157	$	46,233		$	37,728
Provision for Credit Losses		1,112			1,544		3,013			2,200
Net interest income after provision for credit losses	$	16,087		$	11,613	$	43,220		$	35,528
Noninterest Income
Wealth management fees	$	1,827		$	1,515	$	5,158		$	4,244
Service charges on deposit accounts		558			518		1,567			1,428
Other service charges and fees		1,151			1,117		3,183			3,250
(Loss) on the sale of bank premises and equipment		(2	)		—		(18	)		(11	)
(Loss) on the sale of securities		—			—		(12,425	)		—
Gain on sale of loans		1,012			627		2,545			1,280
Small business investment company income		58			496		211			882
Bank owned life insurance income		268			930		819			1,721
Other operating income		293			48		488			242
Total noninterest income	$	5,165		$	5,251	$	1,528		$	13,036
Noninterest Expenses
Salaries and employee benefits	$	8,717		$	7,548	$	23,741		$	22,086
Occupancy expenses		691			530		1,951			1,569
Equipment expenses		437			427		1,261			1,201
Advertising and marketing expenses		317			247		652			729
Stationery and supplies		37			35		114			91
ATM network fees		327			406		1,021			1,159
Loss on sale of repossessed assets		—			204		133			204
FDIC assessment		172			343		748			1,103
Computer software expense		389			226		996			680
Bank franchise tax		388			342		1,136			1,011
Professional fees		493			408		1,697			1,425
Data processing fees		469			679		1,652			1,802
Other operating expenses		1,907			1,495		5,230			4,717
Total noninterest expenses	$	14,344		$	12,890	$	40,332		$	37,777
Income before income taxes	$	6,908		$	3,974	$	4,416		$	10,787
Income Tax Expense		1,324			550		536			1,630
Net Income	$	5,584		$	3,424	$	3,880		$	9,157
Earnings Per Share
Net income per common share, basic	$	1.04		$	0.97	$	0.76		$	2.58
Net income per common share, diluted	$	1.04		$	0.97	$	0.76		$	2.58

See Notes to Consolidated Financial Statements

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EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

(dollars in thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	5,584	$	3,424	$	3,880	$	9,157
Other comprehensive income:
Unrealized gain on available for sale securities, net of reclassification adjustments, net of deferred income tax of $455 and $1,152 for the three months ended September 30, 2025 and 2024, respectively, and $3,469 and $952 for the nine months ended September 30, 2025 and 2024, respectively		1,711		4,333		13,055		3,580
Changes in benefit obligations and plan assets for post retirement benefit plans, net of reclassification adjustments, net of deferred income tax of $0 and $0 for the three months ended September 30, 2025 and 2024, respectively, and $0 and $1 for the nine months ended September 30, 2025 and 2024, respectively		—		—		—		(4	)
Total other comprehensive income		1,711		4,333		13,055		3,576
Total comprehensive income	$	7,295	$	7,757	$	16,935	$	12,733

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
Net income		—			—			3,424			—			3,424
Other comprehensive income		—			—			—			4,333			4,333
Stock-based compensation expense		—			93			—			—			93
Vesting of restricted stock awards, stock incentive plan (4,788 shares)		12			(12	)		—			—			—
Repurchase and retirement of common stock (1,878 shares)		(5	)		(52	)		—			—			(57	)
Dividends declared ($0.30 per share)		—			—			(1,064	)		—			(1,064	)
September 30, 2024	$	8,714		$	14,633		$	108,927		$	(14,430	)	$	117,844

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
Net income		—			—			5,584			—			5,584
Other comprehensive income		—			—			—			1,711			1,711
Stock-based compensation expense		—			304			—			—			304
Dividends declared ($0.31 per share)		—			—			(1,666	)		—			(1,666	)
September 30, 2025	$	13,260		$	64,458		$	113,448		$	(5,585	)	$	185,581

See Notes to Consolidated Financial Statements

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EAGLE FINANCIAL SERVICES, INC.

Consolidated Statements of Cash Flows (Unaudited)

(dollars in thousands)


	Nine Months Ended
	September 30,
	2025			2024
Cash Flows from Operating Activities
Net income	$	3,880		$	9,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		582			742
Amortization of other assets		622			418
Origination of loans held for sale		(70,324	)		(49,256	)
Proceeds from sale of loans held for sale		72,071			48,540
Net (gain) on sales of loans		(2,540	)		(1,280	)
Provision for credit losses on loans		3,133			2,315
(Gain) on the sale of portfolio loans		(5	)		—
Loss on the sale and disposal of premises and equipment		18			11
Loss on the sale of repossessed assets		133			204
Loss on the sale of securities		12,425			—
Amortization of subordinated debt issuance costs		50			51
Stock-based compensation expense		917			644
(Accretion) amortization of premiums and discounts on debt securities and loans, net		(486	)		208
Bank-owned life insurance income		(819	)		(814	)
(Gain) on bank-owned life insurance settlement		—			(907	)
Changes in assets and liabilities:
(Increase) decrease in other assets		(2,014	)		278
(Decrease) increase in other liabilities		(1,067	)		2,136
Net cash provided by operating activities	$	16,576		$	12,447
Cash Flows from Investing Activities
Proceeds from maturities, calls, and principal payments of securities available for sale	$	19,764		$	11,716
Proceeds from the sale of securities available for sale		86,822			—
Purchases of securities available for sale		(102,154	)		—
Proceeds from the sale of restricted investments		3,815			1,425
Purchases of restricted investments		(44	)		(1,824	)
Proceeds of bank-owned life insurance settlement		—			935
Purchases of bank premises and equipment		(1,179	)		(746	)
Proceeds from the sale of bank premises and equipment		40			—
Proceeds from the sale of repossessed assets		381			112
Proceeds from the sale of portfolio loans		18,772			—
Origination of loans, net of principal collected		(16,066	)		(21,986	)
Funding of capital commitments related to other investments		(492	)		(664	)
Net cash provided by (used in) investing activities	$	9,659		$	(11,032	)
Cash Flows from Financing Activities
Net increase (decrease) in noninterest bearing demand deposits, savings, and interest bearing demand deposits	$	123,169		$	(23,842	)
Net (decrease) increase in time deposits		(43,277	)		63,456
Net increase in federal funds purchased		101			244
Repayments of short-term Federal Home Loan Bank advances		(25,000	)		(20,000	)
Repayments of long-term Federal Home Loan Bank advances		(55,000	)		—
Advances of long-term Federal Home Loan Bank advances		—			25,000
Net proceeds from issuance of common stock in public offering		53,501			—
Repurchase and retirement of common stock		(315	)		(237	)
Cash dividends paid		(4,444	)		(3,198	)
Net cash provided by financing activities	$	48,735		$	41,423
Increase in cash and cash equivalents	$	74,970		$	42,838
Cash and Cash Equivalents
Beginning		193,159			138,353
Ending	$	268,129		$	181,191
Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest	$	29,225		$	29,695
Income taxes	$	1,586		$	80
Supplemental Schedule of Noncash Investing and Financing Activities:
Unrealized gain on securities available for sale	$	16,524		$	4,532
Minimum postretirement liability adjustment	$	—		$	(5	)
Repossessed assets acquired in settlement of loans	$	1,009		$	111
Lease liabilities arising from right-of-use assets	$	773		$	—

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See Notes to Consolidated Financial Statements

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EAGLE FINANCIAL SERVICES, INC.

Notes to Consolidated Financial Statements (Unaudited)

September 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 September 30, 2025 and December 31, 2024, the results of operations and the changes in shareholders' equity for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. The results of operations for the three and nine months ended September 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 September 30, 2025, there was $1.1 million of unrecognized compensation cost related to nonvested restricted stock, with a weighted average remaining term of 1.87 years.

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


	Nine Months Ended
	September 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		(29,426	)		34.40
Forfeited		(875	)		35.95		(5,385	)		35.38
Nonvested, end of period		72,107		$	33.95		64,043		$	32.02

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 nine months ended September 30, 2025 and 2024. During 2025 and 2024, there were no potentially dilutive securities outstanding.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Average number of common shares outstanding used to calculate basic and diluted earnings per share		5,376,346		3,552,026		5,111,897		3,555,376

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NOTE 4. Securities

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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
	September 30, 2025
	(in thousands)
Obligations of U.S. government corporations and agencies	$	7,571	$	24	$	(21	)	$	7,574
U.S. treasury securities		9,999		9		—			10,008
Mortgage-backed securities		83,800		414		(7,051	)		77,163
Collateralized mortgage obligations		22,834		55		(100	)		22,789
Subordinated debt		4,250		8		(413	)		3,845
	$	128,454	$	510	$	(7,585	)	$	121,379


	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 $545 thousand at September 30, 2025, from the amortized cost basis of securities. The deferred tax asset on the securities portfolio at September 30, 2025 and December 31, 2024 was $1.5 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 nine months ended September 30, 2025. There were no sales of available for sale securities during the three months ended September 30, 2025 or the three and nine months ended September 30, 2024.

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


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

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

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The amortized cost and estimated fair value of securities at September 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.


	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	9,999	$	10,008
Due after one year through five years		13,492		13,579
Due after five years through ten years		19,569		19,290
Due after ten years		85,394		78,502
	$	128,454	$	121,379

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 September 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
	September 30, 2025
	(in thousands)
Obligations of U.S. government corporations and agencies	$	3,787	$	21	$	—	$	—	$	3,787	$	21
U.S. treasury securities		—		—		—		—		—		—
Mortgage-backed securities		—		—		29,921		7,051		29,921		7,051
Collateralized mortgage obligations		15,384		100		—		—		15,384		100
Subordinated debt		—		—		2,837		413		2,837		413
Total	$	19,171	$	121	$	32,758	$	7,464	$	51,929	$	7,585


	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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

EAGLE FINANCIAL SERVICES INC 10-Q