EMBASSY BANCORP INC - EMYB STOCK NEWS

Embassy Bank for the Lehigh Valley has been named the 2024 Morning Call Readers' Choice for "BEST BANK" in the Lehigh Valley. The bank has also increased its deposit market share in Lehigh & Northampton Counties to 8.86% as of June 30, 2024, up from 8.53% a year earlier. This represents the 4th overall deposit market share position in the FDIC's Summary of Deposits (SOD).

Embassy Bank remains the #1 Lehigh Valley-based bank in the combined counties for market share. The bank operates 10 locations throughout Lehigh and Northampton counties, complemented by digital banking products. The Lehigh Valley's thriving economy, ranked first among mid-sized U.S. markets for development projects, provides significant opportunities for Embassy's growth.

Embassy Bancorp, Inc. (OTCQX: EMYB) reported strong financial results for Q2 2024. Total assets exceeded $1.7 billion, with cash and cash equivalents at $135.9 million (7.9% of total assets). Deposits grew to $1.6 billion, up $91.4 million from December 2023. The company had no short or long-term borrowings as of June 30, 2024, and repaid $35 million in short-term borrowings during H1 2024.

The bank's cost of funds was 1.86%, lower than the Pennsylvania peer group's 2.23%. Assets per employee reached $15.2 million, significantly higher than the peer group's $7.6 million. Nonperforming assets remained low at 0.05% of total assets. Net income for Q2 2024 was $2.5 million ($0.33 per diluted share), and $5.0 million ($0.66 per diluted share) for H1 2024. A dividend of $0.42 per share was declared on June 20, 2024, and paid on July 12, 2024.

On June 20, 2024, Embassy Bancorp announced an annual cash dividend of $0.42 per share, payable on July 12, 2024, to shareholders of record on June 28, 2024. This marks the 15th consecutive year the company has paid a dividend and represents an increase from last year. Chairman and CEO David M. Lobach, Jr. expressed excitement over the bank’s achievements and recognition. Notably, Embassy Bancorp was ranked 45th in American Banker Magazine's top 100 publicly traded community banks and thrifts with under $2 billion in assets, based on three-year average return-on-equity.

Embassy Bancorp (OTCQX: EMYB) reported its Q1 2024 financial results. Loans receivable grew by $17.5 million to $1.271 billion as of March 31, 2024. Cash and cash equivalents stood at $59.5 million, representing 3.6% of total assets. Deposits rose by $33.1 million to $1.509 billion, with non-interest bearing deposits increasing by $8.7 million. The company had no short or long-term borrowings, repaying $35 million in short-term borrowings during the quarter. The bank's cost of funds was 1.71%, significantly lower than the 2.15% of its Pennsylvania peers. The company achieved assets per employee of $15.2 million, more than double its peer group's $7.5 million. Nonperforming assets were minimal at 0.01% of total assets. Net income for Q1 2024 was $2.5 million, or $0.33 per diluted share.