Eagle Financial Services : Q1 2023 Investor Deck

First Quarter 2023

Forward Looking Statements

Forward Looking Statements

Certain information contained in this Presentation (together with oral statements made in connection herewith, this "Presentation") may include "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future operations of Eagle Financial Services, Inc. (the "Company," "we," "us," or "our") and are generally identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "believe," "seek," "anticipate," "target," or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of operating and financial measures or metrics and projections

of growth, market opportunity and market share. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance	that actual
results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are not intended to serve as, and must not be relied on	by any
prospective or current investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, are beyond the control of the Company and will differ from assumptions. These forward	looking

statements are subject to a number of risks and uncertainties. Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the effects of the COVID- 19 pandemic, including on the Company's credit quality and business operations, as well as its impact on general economic and financial market conditions; the legislative and regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve; the quality or composition of the Company's loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; acquisitions and dispositions; the Company's ability to keep pace with new technologies; a failure in or breach of the Company's operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyber-attacks; the Company's capital and liquidity requirements; changes in tax and accounting rules, principles, policies and guidelines; and other factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission.

If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company is not aware of or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this Presentation. The Company anticipates that subsequent events and developments will cause its assessments to change; however, the Company has no obligation to update these forward looking statements, unless required by law. Accordingly, you should not place undue reliance upon any such forward-looking statements in this Presentation when deciding whether to make any investment in the Company.

The Company has no obligation to update this Presentation. Although all information included in this Presentation was obtained from sources believed to be reliable and in good faith, no representation or warranty, express or implied, is made as to its accuracy or completeness. This Presentation contains preliminary information only, is subject to change at any time and is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your investment in the Company.

Use of Projections; Financial Information; Non-GAAP Financial Measures

This Presentation contains projected operating and financial information with respect to the Company. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected operating and financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the projected operating and financial information. See the disclosures under the heading "Forward-Looking Statements" above. The inclusion of such

information in this Presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved, if at all. The independent auditors of the Company have not audited, reviewed, compiled or performed any procedures with respect to the projected operating or financial information for the purpose of their inclusion in this Presentation, and accordingly, they express no opinion and provide other form of assurance with respect thereto for the purpose of this Presentation.

This Presentation contains certain non-GAAP financial measures including, without limitation, Pre tax pre provision income, core net income, core pre tax pre provision income, core efficiency ratio, tangible assets, tangible common equity, tangible book value per share, tangible common equity to tangible assets, average tangible common equity, core efficiency ratio, return on tangible common equity, core return on average assets, core return on average tangible common equity, and pre tax pre provision return on average assets. Our management uses these non-GAAP financial measures in its analysis of our performance. We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, you should not view these measures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. A reconciliation of such non-GAAP financial measures to the most closely related GAAP financial measures is included in the Appendix to this Presentation.

Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning the opportunity described herein. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs.

Industry and Market Data

This Presentation includes estimates regarding market and industry data. Unless otherwise indicated, information concerning our industry and the markets in which we operate, including our general expectations, market position, market opportunity, and market size, are based on our management's knowledge and experience in the markets in which we operate, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While we believe the estimated market and industry data included in this Presentation are generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise.

Trademarks and Trade Names

The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, its rights to these trademarks, service marks and trade names under applicable law. Other service marks, trademarks and trade names referred to in this Presentation, if any, are the property of their respective owners.

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Table of Contents

1. Introduction
2. Detailed Financial Review
3. Appendix

1. Introduction

Company Overview

The EFSI Story

• Eagle Financial Services, Inc., operating as Bank of Clarke, was established over 140 years ago
• Commercial focused banking institution operating in several of the country's most attractive markets
• Deep management team with experience running larger financial institutions
• Diversified revenue sources with wealth management and marine finance

MARYLAND

Baltimore

Winchester

Annapolis

Berryville

WASHINGTON DC

81	Arlington

VIRGINIA

95

EFSI Branches (13)

EFSI LPO (2)

2023 Q1 Financial Highlights

Assets ($M)	$1,757	YoY Asset Growth	28%	NPAs / Assets	0.10%	LTM Net Income ($M)
Gross Loans ($M)	$1,401	YoY Loan Growth	37%	LLR / Loans	1.00%	LTM Core ROAA (1)
Deposits ($M)	$1,390	YoY Deposit Growth	13%	CET1 Ratio	8.0%	LTM Core ROATCE (1)
Common Equity ($M)	$104 YoY Core Deposit Growth:	10%	TRBC Ratio	10.9%	Q1 '23 NIM

Source: Company Documents; data as of or for the three months ended 3/31/23

Note: Nonperforming assets defined as nonaccrual loans and OREO; core deposits defined as total deposits less jumbo time deposits greater than $250,000

1. Core Income defined as net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest, gain on the sale of held to maturity and available for sale securities, amortization of intangibles, goodwill and nonrecurring items; see appendix for reconciliation of non-GAAP metrics

$13.9

0.96%

14.2%

3.22%

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