Embassy Bancorp, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a mixed performance compared to the same periods in 2023. Total interest income for the third quarter increased to $16.9 million, up from $14.5 million, while for the nine months, it rose to $48.1 million from $42.4 million. However, net interest income for the third quarter slightly decreased to $9.2 million from $9.4 million, and for the nine months, it fell to $26.8 million from $30.3 million. The decline in net interest income was attributed to a significant rise in interest expense, which surged to $7.8 million in Q3 2024 from $5.1 million in Q3 2023, reflecting the impact of the current interest rate environment.
Net income for the third quarter of 2024 was $2.7 million, a decrease of 9.6% from $3.0 million in the prior year. For the nine-month period, net income dropped 21.3% to $7.7 million from $9.8 million. Basic and diluted earnings per share also declined, with Q3 2024 reporting $0.36 compared to $0.39 in Q3 2023, and $1.02 for the nine months ended September 30, 2024, down from $1.29.
Total assets increased to $1.72 billion as of September 30, 2024, up from $1.66 billion at the end of 2023, driven by a $58.9 million rise in total deposits, which reached $1.54 billion. The increase in deposits was primarily due to a $29.6 million rise in demand, NOW, and money market deposits, alongside a $76.6 million increase in time deposits, despite a decrease in savings deposits.
The company’s securities available for sale rose to $308.1 million from $276.1 million, with a net unrealized loss in the securities portfolio decreasing to $50.5 million from $55.3 million. The allowance for credit losses was reported at $12.2 million, down from $12.5 million, representing 0.97% of total loans receivable.
Embassy Bancorp maintained a strong capital position, with total stockholders' equity increasing to $114.5 million from $105.7 million, supported by net income for the period. The company continues to meet the minimum capital requirements set by regulatory authorities, exceeding the "well capitalized" thresholds.
Overall, while Embassy Bancorp experienced growth in interest income and total assets, profitability metrics showed declines, primarily due to increased interest expenses and lower net interest income.
About Embassy Bancorp, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.