Embassy Bancorp, Inc. Announces Results of Operations for the Year Ended December 31, 2024
Rhea-AI Summary
Embassy Bancorp (OTCQX: EMYB) has released its Annual Report for 2024, showing solid financial performance. The company reported net income of $10.4 million ($1.37 per diluted share) and maintained strong liquidity with $96.5 million in cash and cash equivalents, representing 5.7% of total assets.
Deposits grew to $1.55 billion, marking a $76.7 million increase from 2023, with no brokered deposits. The bank's net interest margin improved to 2.28% in Q4 2024, up from 2.21% in Q3. The bank's cost of funds at 1.91% outperformed the Pennsylvania peer group's 2.32%.
Notable operational efficiency is demonstrated by assets per employee of $15.2 million, significantly higher than the peer group's $8.1 million. The bank maintains strong asset quality with nonperforming assets at just 0.14% of total assets, better than the peer group's 0.29%.
Positive
- Deposits grew by $76.7 million to $1.55 billion
- Net interest margin improved to 2.28% in Q4 2024
- Lower cost of funds (1.91%) compared to peer group (2.32%)
- Superior operational efficiency with $15.2M assets per employee vs peer $8.1M
- Strong asset quality with only 0.14% nonperforming assets
- Healthy liquidity with $96.5M cash on hand (5.7% of assets)
- All short-term borrowings ($15.6M) repaid in January 2025
Negative
- None.
News Market Reaction – EMYB
In the trading session that priced this news, EMYB declined 0.06%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
BETHLEHEM, Pa., March 19, 2025 (GLOBE NEWSWIRE) -- On March 17, 2025, Embassy Bancorp, Inc. (OTCQX: EMYB) (the “Company”) filed its Annual Report on Form 10-K for the year ended December 31, 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
$96.5 million at December 31, 2024, or5.7% of total assets. - Deposits of
$1.55 billion at December 31, 2024, an increase of$76.7 million from$1.48 billion at December 31, 2023. The Company does not have any brokered deposits. - Short term borrowings of
$15.6 million at December 31, 2024 were repaid in full on January 2, 2025. - Bank net interest margin (FTE) increased to
2.28% for the quarter ended December 31, 2024, up from2.21% for the quarter ended September 30, 2024. - Bank cost of funds of
1.91% for the quarter ended December 31, 2024, compared to a Pennsylvania peer group (stock banks headquartered in Pennsylvania with assets between$100 million and$5 billion ) cost of funds of2.32% . - Bank assets per employee of
$15.2 million at December 31, 2024, compared to the Pennsylvania peer group assets per employee of$8.1 million . - Bank nonperforming assets to total assets of only
0.14% as of December 31, 2024, compared to the Pennsylvania peer group total of0.29% . - Net income of
$10.4 million , or$1.37 per diluted share, for the year ended December 31, 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
