Embassy Bancorp, Inc. Announces Results of Operations as of and for the Three and Nine Months ended September 30, 2024
Embassy Bancorp (OTCQX: EMYB) reported its Q3 2024 financial results, showing solid performance metrics. The company's cash and equivalents stood at $91.9 million, representing 5.4% of total assets. Deposits increased by $58.9 million to $1.54 billion compared to December 2023. The bank's net interest margin improved to 2.21%, with a competitive cost of funds at 1.98%. Net income reached $2.7 million ($0.36 per diluted share) for Q3 2024, up from $2.5 million in Q2. The bank maintains strong asset quality with nonperforming assets at just 0.07% of total assets.
Embassy Bancorp (OTCQX: EMYB) ha riportato i risultati finanziari per il terzo trimestre del 2024, mostrando metriche di performance solide. La liquidità e i equivalenti dell'azienda ammontano a 91,9 milioni di dollari, rappresentando il 5,4% del totale delle attività. I depositi sono aumentati di 58,9 milioni di dollari, raggiungendo 1,54 miliardi di dollari rispetto a dicembre 2023. Il margine di interesse netto della banca è migliorato, raggiungendo il 2,21%, con un costo del capitale competitivo dell'1,98%. Il reddito netto è arrivato a 2,7 milioni di dollari (0,36 dollari per azione diluita) per il terzo trimestre del 2024, in aumento rispetto ai 2,5 milioni di dollari del secondo trimestre. La banca mantiene una solida qualità degli attivi, con attività non performanti che rappresentano solo lo 0,07% del totale degli attivi.
Embassy Bancorp (OTCQX: EMYB) informó sus resultados financieros del tercer trimestre de 2024, mostrando métricas de rendimiento sólidas. El efectivo y equivalentes de la compañía se situaron en $91.9 millones, lo que representa el 5.4% del total de activos. Los depósitos aumentaron en $58.9 millones, alcanzando $1.54 mil millones en comparación con diciembre de 2023. El margen de interés neto del banco mejoró al 2.21%, con un costo de fondos competitivo del 1.98%. El ingreso neto alcanzó los $2.7 millones ($0.36 por acción diluida) para el tercer trimestre de 2024, un aumento respecto a los $2.5 millones del segundo trimestre. El banco mantiene una fuerte calidad de activos, con activos no productivos que representan solo el 0.07% del total de activos.
엠버시 뱅코프(OTCQX: EMYB)가 2024년 3분기 재무실적을 발표하며 강력한 성과 지표를 보여주었습니다. 회사의 현금 및 현금성 자산은 9,190만 달러로 총 자산의 5.4%를 차지합니다. 예금은 5890만 달러 증가하여 2023년 12월 기준 15억 4천만 달러에 달했습니다. 은행의 순이자_margin은 2.21%로 개선되었으며, 자금 조달 비용은 1.98%로 경쟁력을 유지하고 있습니다. 2024년 3분기 순이익은 270만 달러(희석 주당 0.36달러)로 2분기 250만 달러에서 증가했습니다. 은행은 총 자산의 0.07%에 불과한 불량 자산을 보유하고 있으며 강력한 자산 품질을 유지하고 있습니다.
Embassy Bancorp (OTCQX: EMYB) a annoncé ses résultats financiers pour le troisième trimestre 2024, affichant des indicateurs de performance solides. La trésorerie et équivalents de la société se chiffraient à 91,9 millions de dollars, représentant 5,4 % du total des actifs. Les dépôts ont augmenté de 58,9 millions de dollars pour atteindre 1,54 milliard de dollars par rapport à décembre 2023. La marge d'intérêt nette de la banque s'est améliorée à 2,21 %, avec un coût des fonds compétitif de 1,98 %. Le revenu net a atteint 2,7 millions de dollars (0,36 dollar par action diluée) pour le troisième trimestre 2024, en hausse par rapport à 2,5 millions de dollars au deuxième trimestre. La banque maintient une solide qualité d'actifs, avec des actifs non performants représentant seulement 0,07 % du total des actifs.
Embassy Bancorp (OTCQX: EMYB) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei solide Leistungskennzahlen aufgezeigt. Die liquiden Mittel und Äquivalente des Unternehmens beliefen sich auf 91,9 Millionen US-Dollar, was 5,4 % der Gesamtaktiva entspricht. Die Einlagen stiegen um 58,9 Millionen US-Dollar auf 1,54 Milliarden US-Dollar im Vergleich zu Dezember 2023. Die Nettzinsmarge der Bank verbesserte sich auf 2,21 %, mit einem wettbewerbsfähigen Kostenansatz von 1,98 %. Der Nettogewinn belief sich auf 2,7 Millionen US-Dollar (0,36 US-Dollar je verwässerter Aktie) für das dritte Quartal 2024, im Vergleich zu 2,5 Millionen US-Dollar im zweiten Quartal. Die Bank hält eine starke Vermögensqualität aufrecht, mit notleidenden Vermögenswerten von nur 0,07 % der Gesamtaktiva.
- Deposits increased by $58.9 million to $1.54 billion from December 2023
- Net interest margin improved to 2.21% from 2.16% in previous quarter
- Lower cost of funds (1.98%) compared to peer group (2.29%)
- Higher efficiency with $14.9M assets per employee vs peer group's $7.7M
- Quarterly net income increased to $2.7M from $2.5M in previous quarter
- Strong asset quality with only 0.07% nonperforming assets
- None.
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, or5.4% 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 from2.16% 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 of2.29% . - 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
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
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