Embassy Bancorp, Inc. Reports Financial Results for Mid-2024
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Embassy Bancorp, Inc. Announces Financial Performance Results
BETHLEHEM, Pa. — On August 12, 2024, Embassy Bancorp, Inc. (OTCQX: EMYB) filed its Quarterly Report on Form 10-Q for the period ended June 30, 2024. The report includes comprehensive financial data for the Company and its wholly-owned subsidiary, Embassy Bank For the Lehigh Valley.
Key Financial Highlights
Highlights from the financial report feature notable achievements and performance metrics:
- Total assets exceeded $1.7 billion.
- Cash and cash equivalents stood at $135.9 million as of June 30, 2024, accounting for 7.9% of total assets.
- Total deposits reached $1.6 billion, an increase of $91.4 million from $1.5 billion at the end of December 2023. Non-interest bearing deposits grew by $23.1 million during this period. The Company operates without brokered deposits.
- The Company reported no short or long-term borrowings as of June 30, 2024, having repaid $35 million in short-term borrowings during the first half of the year. Additionally, there were no new borrowings in this timeframe.
- The Bank's cost of funds was recorded at 1.86% for the quarter, which is favorable compared to a Pennsylvania peer group average of 2.23% for banks within the same asset range.
- Bank assets per employee reached $15.2 million as of June 30, 2024, compared to a peer group average of $7.6 million.
- Nonperforming assets accounted for just 0.05% of total assets as of June 30, 2024.
- Net income totaled $2.5 million, equivalent to $0.33 per diluted share for the three months ended June 30, 2024, and $5.0 million, or $0.66 per diluted share for the first half of 2024.
- A dividend of $0.42 per share was declared on June 20, 2024, and paid on July 12, 2024, to shareholders accounted as of June 28, 2024.
About Embassy Bancorp, Inc.
Embassy Bancorp, Inc. is the parent company of Embassy Bank For the Lehigh Valley, a leading full-service community bank with over $1.7 billion in assets. Operating ten branch offices in the Lehigh Valley region, the Bank is recognized as the largest community bank in its area and was honored as the “Best Bank” by the Morning Call Readers’ Choice in 2023. According to the Federal Deposit Insurance Corporation’s Summary of Deposits, as of June 30, 2023, the Bank secured the 4th position in market share deposits within Lehigh and Northampton Counties.
Contact Information
For additional information, please contact:
David M. Lobach, Jr.
Chairman, President and CEO
(610) 882-8800
Frequently Asked Questions
1. What are the total assets reported by Embassy Bancorp, Inc.?
Embassy Bancorp, Inc. reported total assets exceeding $1.7 billion as of June 30, 2024.
2. How much cash and cash equivalents does the company have?
The company has cash and cash equivalents amounting to $135.9 million, which constitutes 7.9% of its total assets.
3. What was the dividend per share declared by the company?
Embassy Bancorp, Inc. declared a dividend of $0.42 per share on June 20, 2024, which was paid on July 12, 2024.
4. How does the company's cost of funds compare to its peers?
The Bank's cost of funds was reported at 1.86%, which is lower than the Pennsylvania peer group average of 2.23%.
5. What position does Embassy Bank hold in deposit market share?
The Bank holds the 4th position in deposit market share in Lehigh and Northampton Counties combined, according to the Federal Deposit Insurance Corporation’s data.
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