Company Quick10K Filing
Embassy Bancorp
Price-0.00 EPS1
Shares8 P/E-0
MCap-0 P/FCF-0
Net Debt-48 EBIT17
TEV-48 TEV/EBIT-3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-03-11
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-30
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-30
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-14
10-K 2013-12-31 Filed 2014-03-28
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-28
10-Q 2012-09-30 Filed 2012-11-16
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-30
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-06-19
8-K 2020-06-18
8-K 2020-06-18
8-K 2020-04-27
8-K 2019-06-21
8-K 2019-06-20
8-K 2018-12-31
8-K 2018-12-21
8-K 2018-06-19
8-K 2018-06-15
8-K 2018-06-14
8-K 2018-05-29

EMYB 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Note 1 - Basis of Presentation
Note 2 - Summary of Significant Accounting Policies
Note 3 - Covid - 19
Note 4 - Securities Available for Sale
Note 5 - Restricted Investment in Bank Stock
Note 6 - Loans and Credit Quality
Note 7 - Deposits
Note 8 - Short - Term and Long - Term Borrowings
Note 9 - Stock Incentive Plan and Employee Stock Purchase Plan
Note 10 - Other Comprehensive Income
Note 11 - Basic and Diluted Earnings per Share
Note 12 - Fair Value Measurements
Note 13 - Future Accounting Standards
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 emyb-20200630xex31_1.htm
EX-31.2 emyb-20200630xex31_2.htm
EX-32 emyb-20200630xex32.htm

Embassy Bancorp Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

emyb-20200630x10q
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t

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________________ TO __________________

Commission file number 000-53528

Embassy Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

 

Pennsylvania

26-3339011

(State of incorporation)

(I.R.S. Employer Identification No.)

 

 

One Hundred Gateway Drive, Suite 100

Bethlehem, PA

 

18017

(Address of principal executive offices)

(Zip Code)

 

 

(610) 882-8800

(Registrant’s Telephone Number)

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes  x No ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨

Accelerated Filer  

Non-Accelerated Filer ¨

Smaller Reporting Company

Emerging Growth Company ¨ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 or the Exchange Act.)  Yes ¨ No x

Indicate the number of shares outstanding of each of the registrant’s classes of common equity, as of the latest practicable date:

 

COMMON STOCK

 

 

Number of shares outstanding as of August 3, 2020

($1.00 Par Value)

7,473,014

 

(Title Class)

(Outstanding Shares)


Embassy Bancorp, Inc.

 

Table of Contents

 

Part I – Financial Information

3

 

 

Item 1 – Financial Statements

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Income (Unaudited)

4

Consolidated Statements of Comprehensive Income (Unaudited)

5

Consolidated Statements of Stockholders’ Equity (Unaudited)

6

Consolidated Statements of Cash Flows (Unaudited)

8

Notes to Consolidated Financial Statements (Unaudited)

9

 

 

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

 

 

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

42

 

 

Item 4 – Controls and Procedures

42

 

 

Part II - Other Information

43

 

 

Item 1 - Legal Proceedings

43

 

 

Item 1A - Risk Factors

43

 

 

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

43

 

 

Item 3 - Defaults Upon Senior Securities

43

 

 

Item 4 – Mine Safety Disclosures

43

 

 

Item 5 - Other Information

43

 

 

Item 6 - Exhibits

44

 

 

 


2


Embassy Bancorp, Inc.

Part I – Financial Information

Item 1 – Financial Statements

Consolidated Balance Sheets (Current Period Unaudited)

June 30,

December 31,

ASSETS

2020

2019

(In Thousands, Except Share Data)

Cash and due from banks

$

16,229

$

5,825

Interest bearing demand deposits with banks

80,452

33,161

Federal funds sold

1,000

1,000

Cash and Cash Equivalents

97,681

39,986

Securities available for sale

136,388

90,829

Restricted investment in bank stock

1,349

1,478

Loans receivable, net of allowance for loan losses of $9,017 in 2020; $8,022 in 2019

1,029,430

1,006,117

Paycheck Protection Program loans receivable

65,059

-

Premises and equipment, net of accumulated depreciation

2,678

2,123

Bank owned life insurance

20,556

20,259

Accrued interest receivable

2,954

2,048

Other assets

12,591

13,279

Total Assets

$

1,368,686

$

1,176,119

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Deposits:

Non-interest bearing

$

246,535

$

171,815

Interest bearing

909,339

860,153

Total Deposits

1,155,874

1,031,968

Securities sold under agreements to repurchase

11,236

7,208

Short-term borrowings

-

18,067

Long-term borrowings

14,651

-

Paycheck Protection Program Liquidity Facility borrowings

62,039

-

Accrued interest payable

1,693

3,281

Other liabilities

18,302

15,980

Total Liabilities

1,263,795

1,076,504

Stockholders' Equity:

Common stock, $1 par value; authorized 20,000,000 shares;

2020 issued 7,578,061 shares; outstanding 7,473,014 shares;

2019 issued 7,543,524 shares; outstanding 7,478,477 shares;

7,578

7,544

Surplus

26,119

25,937

Retained earnings

69,924

65,794

Accumulated other comprehensive income

2,990

1,340

Treasury stock, at cost: 105,047 and 65,047 shares at June 30, 2020 and

December 31, 2019, respectively

(1,720)

(1,000)

Total Stockholders' Equity

104,891

99,615

Total Liabilities and Stockholders' Equity

$

1,368,686

$

1,176,119

See notes to consolidated financial statements.


3


Embassy Bancorp, Inc.

Consolidated Statements of Income (Unaudited) 

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

(In Thousands, Except Per Share Data)

INTEREST INCOME

Loans, including fees

$

10,074

$

9,884

$

20,264

$

19,468

Paycheck Protection Program loans, including fees

238

-

238

-

Securities, taxable

358

395

735

761

Securities, non-taxable

195

252

407

542

Short-term investments, including federal funds sold

27

170

103

314

Total Interest Income

10,892

10,701

21,747

21,085

INTEREST EXPENSE

Deposits

1,594

2,336

3,589

4,213

Securities sold under agreements to repurchase

3

20

13

45

Short-term borrowings

-

5

51

273

Long-term borrowings

27

-

35

-

Paycheck Protection Program Liquidity Facility borrowings

24

-

24

-

Total Interest Expense

1,648

2,361

3,712

4,531

Net Interest Income

9,244

8,340

18,035

16,554

PROVISION FOR LOAN LOSSES

650

95

970

225

Net Interest Income after
   Provision for Loan Losses

8,594

8,245

17,065

16,329

OTHER NON-INTEREST INCOME

Credit card processing fees

43

94

120

174

Debit card interchange fees

145

158

278

285

Other service fees

67

125

184

241

Bank owned life insurance

324

134

297

344

Gain on sale of securities, net

128

-

128

-

Gain on sale of other real estate owned

-

-

-

45

Gain on sale of loans

59

-

59

-

Total Other Non-Interest Income

766

511

1,066

1,089

OTHER NON-INTEREST EXPENSES

Salaries and employee benefits

2,669

2,621

5,508

5,264

Occupancy and equipment

795

861

1,653

1,681

Data processing

623

579

1,259

1,141

Credit card processing

13

33

43

66

Advertising and promotion

274

464

570

875

Professional fees

210

193

446

388

FDIC insurance

97

107

148

202

Loan & real estate

51

44

119

87

Charitable contributions

183

193

472

469

Other

383

439

812

915

Total Other Non-Interest Expenses

5,298

5,534

11,030

11,088

Income Before Income Taxes

4,062

3,222