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EAGLE FINANCIAL SERVICES , INC . ANNOUNCES 2021 SECOND QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND Kathleen J. Chappell , Executive Vice President and CFO Exhibit 99.1 Contact : 540-955-2510 kchappell@bankofclarke.com BERRYVILLE , VIRGINIA ( July 28 , 2021 ) - Eagle Financial Services , Inc. ( OTCQX : EFSI ) , the holding company for Bank of Clarke County , whose divisions include Eagle Investment Group , announced its second quarter 2021 results and quarterly dividend . On July 28 , 2021 , the Board of Directors announced a quarterly common stock cash dividend of $ 0.28 per common share , payable on August 20 , 2021 , to shareholders on record on August 9 , 2021. Select highlights for the second quarter include : Net income of $ 3.0 million • Deposit growth of $ 31.4 million Basic and diluted earnings per share of $ 0.87 Loan activity : · • Production $ 122.0 million PPP forgiveness - $ 38.0 million Sales $ 24.6 million Net growth $ 3.5 million Brandon Lorey , President and CEO , stated “ Despite continued PPP runoff of $ 38 million and continued loan sales , I am thrilled to announce that the Bank broached the $ 1.2 billion mark in the second quarter through record annualized loan production of $ 488 million . We are poised for continued organic growth in our markets with strong core deposit and lending performance . The Bank also increased its quarterly dividend by $ .01 in the quarter and maintained the Bank's long - standing tradition of sharing its successes with its shareholders . I would like to thank our employees for their continued focus on serving the financial needs of our customers as we maneuver through 2021. " Income Statement Review Net income for the quarter ended June 30 , 2021 was $ 3.0 million reflecting an increase of 4.9 % from the quarter ended March 31 , 2021 and an increase of 6.5 % from the quarter ended June 30 , 2020. The increase from both periods was mainly driven by net interest income increases related to net loan growth and reduced interest expense on deposit accounts . Net income was $ 2.9 million for the three - month period ended March 31 , 2021 and $ 2.8 million for the quarter ended June 30 , 2020 . Net interest income for the quarters ended June 30 , 2021 and March 31 , 2021 was $ 10.0 million and $ 9.5 million , respectively . Net interest income was $ 8.8 million for the quarter ended June 30 , 2020. The increase in net interest income from the quarters ended March 31 , 2021 and June 30 , 2020 resulted primarily from growth in the Company's loan portfolio and reduced interest expense on deposit accounts . Total loan interest income was $ 9.7 million and $ 9.4 million for the quarters ended June 30 , 2021 and March 31 , 2021 , respectively . Total loan interest income was $ 8.8 million for the quarter ended June 30 , 2020. Total loan interest income increased $ 752 thousand or 7.8 % from the quarter ended June 30 , 2020 to the quarter ended June 30 , 2021. Average loans for the quarter ended June 30 , 2021 were $ 875.8 million compared to $ 750.0 million for the quarter ended June 30 , 2020. The tax