Embassy Bancorp, Inc. Reports Financial Performance Results
BETHLEHEM, Pa. — On August 12, 2024, Embassy Bancorp, Inc. (OTCQX: EMYB) submitted its Quarterly Report on Form 10-Q for the period ending June 30, 2024. This report provides detailed financial information for the Company and its wholly-owned subsidiary, Embassy Bank For the Lehigh Valley.
Key Financial Highlights
The financial report showcases several significant achievements and performance indicators:
- Total assets surpassed $1.7 billion.
- As of June 30, 2024, cash and cash equivalents were $135.9 million, representing 7.9% of total assets.
- Total deposits increased to $1.6 billion, up by $91.4 million from $1.5 billion at the end of December 2023. During this time, non-interest bearing deposits rose by $23.1 million. Notably, the Company operates without brokered deposits.
- As of June 30, 2024, the Company reported no short or long-term borrowings, having repaid $35 million in short-term borrowings in the first half of the year, with no new borrowings during this period.
- The Bank's cost of funds was recorded at 1.86% for the quarter, which is advantageous compared to the Pennsylvania peer group average of 2.23% for banks of similar asset size.
- Bank assets per employee reached $15.2 million as of June 30, 2024, significantly higher than the peer group average of $7.6 million.
- Nonperforming assets made up only 0.05% of total assets as of June 30, 2024.
- Net income for the three months ending June 30, 2024, was $2.5 million, or $0.33 per diluted share, and for the first half of 2024, it totaled $5.0 million, equating to $0.66 per diluted share.
- A dividend of $0.42 per share was declared on June 20, 2024, and was paid on July 12, 2024, to shareholders who were on record as of June 28, 2024.
About Embassy Bancorp, Inc.
Embassy Bancorp, Inc. serves as the parent company of Embassy Bank For the Lehigh Valley, a prominent full-service community bank with over $1.7 billion in assets. With ten branch locations throughout the Lehigh Valley region, the Bank is recognized as the largest community bank in the 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 ranked 4th in market share deposits in Lehigh and Northampton Counties.
Contact Information
For more information, please reach out to:
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.
