Fee income and payment of a Home Loan bank advance helped Eagle Financial Services in Berryville, Va., boost its bottom line last quarter.
The $626.8 million-asset company reported a fourth-quarter profit of $2.4 million, a 32.4% increase from the same quarter a year earlier.
Its noninterest income increased 46.6%, to $2.2 million. Noninterest expense fell 15.7%, to $4.8 million, partly because of Eagle's prepayment of a $10 million advance from the Federal Home Loan Bank of Atlanta.
Eagle's net interest margin decreased 17 basis points to 4%. But net interest income stayed level at $5.6 million thanks to loan growth; total loans were $469.8 million, a 5.7% increase from the fourth quarter of 2013.
Eagle is the holding company of Bank of Clarke County.