Embassy Bancorp, Inc. Announces Results of Operations as of and for the Three and Nine Months ended September 30, 2024
BETHLEHEM, Pa., Nov. 15, 2024 (GLOBE NEWSWIRE) — On November 13, 2024, Embassy Bancorp, Inc. (OTCQX: EMYB) (the “Company”) filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024, a copy of which can be found at https://investors.embassybank.com/sec-filings/documents/default.aspx.
Highlights of the filing, which includes consolidated financial information of the Company and Embassy Bank For the Lehigh Valley (the “Bank”), the Company’s wholly-owned subsidiary, include:
- Cash and cash equivalents on hand of $91.9 million at September 30, 2024, or 5.4% of total assets.
- Deposits of $1.54 billion at September 30, 2024, an increase of $58.9 million from $1.48 billion at December 31, 2023. The Company does not have any brokered deposits.
- Short term borrowings of $21.9 million at September 30, 2024 were repaid in full on October 1, 2024.
- Bank net interest margin (FTE) increased to 2.21% for the quarter ended September 30, 2024, up from 2.16% for the quarter ended June 30, 2024.
- Bank cost of funds of 1.98% for the quarter ended September 30, 2024, compared to a Pennsylvania peer group (stock banks headquartered in Pennsylvania with assets between $100 million and $5 billion) cost of funds of 2.29%.
- Bank assets per employee of $14.9 million at September 30, 2024, compared to the Pennsylvania peer group assets per employee of $7.7 million.
- Nonperforming assets to total assets of only 0.07% as of September 30, 2024.
- Net income of $2.7 million, or $0.36 per diluted share, for the three months ended September 30, 2024, up from net income of $2.5 million, or $0.33 per diluted share for the three months ended June 30, 2024. Net income of $7.7 million, or $1.02 per diluted share, for the nine months ended September 30, 2024.
About Embassy Bancorp, Inc.
With over $1.7 billion in assets, Embassy Bancorp, Inc. is the parent company of Embassy Bank For the Lehigh Valley, a full-service community bank operating ten branch offices in the Lehigh Valley area of Pennsylvania. The Bank is the largest Lehigh Valley headquartered community bank and was named the 2024 Morning Call Readers’ Choice “Best Bank,” and the 2024 Lehigh Valley Style Who’s Who in Business Lehigh Valley for Bank and Mortgage Company. As of June 30, 2024, the Federal Deposit Insurance Corporation’s Summary of Deposits indicates that the Bank holds the 4th spot in deposit market share in Lehigh and Northampton Counties combined. For more information, visit www.embassybank.com.
Safe Harbor for Forward-Looking Statements
This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Embassy Bancorp, Inc.’s filings with the Securities and Exchange Commission (SEC). The statements are valid only as of the date hereof and Embassy Bancorp, Inc. disclaims any obligation to update this information.
Contact:
David M. Lobach, Jr.
Chairman, President and CEO
(610) 882-8800
