Eagle Financial in Va. posts 1Q loss after selling securities

Eagle Financial Services in Berryville, Va., which recently raised capital, reported a quarterly loss after repositioning its securities portfolio.

The $1.9 billion-asset company said in a press release that it lost $7 million in the first quarter after selling securities at a $9.8 million after-tax loss.

The debt securities had an amortized cost balance of $99.2 million and a fair value of $86.8 million. The company invested $66 million of the net proceeds into higher-yielding available-for-sale debt securities.

The company raised $5o million in early February by selling common stock in a public offering.