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
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8-K 2020-06-19
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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 – Securities Available for Sale
Note 4 – Restricted Investment in Bank Stock
Note 5 – Loans Receivable and Credit Quality
Note 6 – Guarantees
Note 7 – Right of Use Asset and Lease Liability
Note 8 – Deposits
Note 9 – Offsetting Assets and Liabilities
Note 10 – Short - Term and Long - Term Borrowings
Note 11 – Stock Incentive Plan and Employee Stock Purchase Plan
Note 12 – Other Comprehensive Income (Loss)
Note 13 – Basic and Diluted Earnings per Share
Note 14 – Fair Value Measurements
Note 15 – 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 - Exhibit
EX-31.1 emyb-20190930xex31_1.htm
EX-31.2 emyb-20190930xex31_2.htm
EX-32 emyb-20190930xex32.htm

Embassy Bancorp Earnings 2019-09-30

Balance SheetIncome StatementCash Flow

10-Q 1 emyb-20190930x10q.htm 10-Q EMYB-2019_0930 10Q

t





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q



 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019 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   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   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



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 November 1, 2019

($1.00 Par Value)

      7,477,813

 

  (Title Class)

(Outstanding Shares)



 

 

 


 

Embassy Bancorp, Inc.                                                                                                                          

 

 

Table of Contents

 



 

Part I – Financial Information

 

 

Item 1 – Financial Statements

 

Consolidated Balance Sheets (Unaudited)

Consolidated Statements of Income (Unaudited)

Consolidated Statements of Comprehensive Income (Unaudited)

Consolidated Statements of Stockholders’ Equity (Unaudited)

Consolidated Statements of Cash Flows (Unaudited)

Notes to Consolidated Financial Statements (Unaudited)

 

 

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

29 

 

 

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

40 

 

 

Item 4 – Controls and Procedures

40 

 

 

Part II - Other Information

41 

 

 

Item 1 - Legal Proceedings

41 

 

 

Item 1A - Risk Factors

41 

 

 

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

41 

 

 

Item 3 - Defaults Upon Senior Securities

41 

 

 

Item 4 – Mine Safety Disclosures

41 

 

 

Item 5 - Other Information

41 

 

 

Item 6 - Exhibits

42 



   



   



   



2

 


 

Embassy Bancorp, Inc.                                                                                                                          

 

Part I – Financial Information



Item 1 – Financial Statements



Consolidated Balance Sheets (Current Period Unaudited)







 

 

 

 

 



 

 

 

 

 



September 30,

 

December 31,

ASSETS

2019

 

2018



 

 

 

 

 



(In Thousands, Except Share Data)

Cash and due from banks

$

21,321 

 

$

14,103 

Interest bearing demand deposits with banks

 

25,650 

 

 

13,473 

Federal funds sold

 

1,000 

 

 

 -

Cash and Cash Equivalents

 

47,971 

 

 

27,576 

Securities available for sale

 

95,892 

 

 

90,748 

Restricted investment in bank stock

 

755 

 

 

2,794 

Loans receivable, net of allowance for loan losses of $7,762 in 2019; $7,412 in 2018

 

978,993 

 

 

949,944 

Premises and equipment, net of accumulated depreciation

 

2,068 

 

 

2,174 

Right of use asset

 

9,896 

 

 

 -

Bank owned life insurance

 

20,032 

 

 

19,568 

Accrued interest receivable

 

2,035 

 

 

2,178 

Other real estate owned

 

 -

 

 

135 

Other assets

 

3,806 

 

 

4,270 

Total Assets

$

1,161,448 

 

$

1,099,387 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Non-interest bearing

$

176,130 

 

$

148,609 

Interest bearing

 

858,903 

 

 

782,906 

Total Deposits

 

1,035,033 

 

 

931,515 

Securities sold under agreements to repurchase

 

10,147 

 

 

18,883 

Short-term borrowings

 

 -

 

 

53,995 

Accrued interest payable

 

2,812 

 

 

1,689 

Lease liability

 

10,049 

 

 

 -

Other liabilities

 

6,767 

 

 

6,080 

Total Liabilities

 

1,064,808 

 

 

1,012,162 

Stockholders' Equity:

 

 

 

 

 

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

 

 

 

 

 

2019 issued 7,542,860 shares; outstanding 7,477,813 shares;

 

 

 

 

 

2018 issued 7,529,567 shares; outstanding 7,464,520 shares;

 

7,543 

 

 

7,530 

Surplus

 

25,874 

 

 

25,532 

Retained earnings

 

62,910 

 

 

56,410 

Accumulated other comprehensive income (loss)

 

1,313 

 

 

(1,247)

Treasury stock, at cost:  65,047 shares

 

(1,000)

 

 

(1,000)

Total Stockholders' Equity

 

96,640 

 

 

87,225 

Total Liabilities and Stockholders' Equity

$

1,161,448 

 

$

1,099,387 





See notes to consolidated financial statements.

3

 


 

Embassy Bancorp, Inc.                                                                                                                          

 

Consolidated Statements of Income (Unaudited) 







 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

2019

 

2018

 

2019

 

 

2018

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands, Except Per Share Data)

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, including fees

 

$

9,995 

 

$

9,224 

 

$

29,463 

 

$

26,277 

 

Securities, taxable

 

 

446 

 

 

328 

 

 

1,207 

 

 

961 

 

Securities, non-taxable

 

 

216 

 

 

312 

 

 

758 

 

 

942 

 

Short-term investments, including federal funds sold

 

 

209 

 

 

99 

 

 

523 

 

 

232 

 

Total Interest Income

 

 

10,866 

 

 

9,963 

 

 

31,951 

 

 

28,412 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,421 

 

 

1,469 

 

 

6,634 

 

 

3,857 

 

Securities sold under agreements to repurchase

 

 

17 

 

 

11 

 

 

62 

 

 

23 

 

Short-term borrowings

 

 

 -

 

 

204 

 

 

273 

 

 

340 

 

Total Interest Expense

 

 

2,438 

 

 

1,684 

 

 

6,969 

 

 

4,220 

 

Net Interest Income

 

 

8,428 

 

 

8,279 

 

 

24,982 

 

 

24,192 

 

PROVISION FOR LOAN LOSSES

 

 

120 

 

 

60 

 

 

345 

 

 

540 

 

Net Interest Income after
   Provision for Loan Losses

 

 

8,308 

 

 

8,219 

 

 

24,637 

 

 

23,652 

 

OTHER NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card processing fees

 

 

85 

 

 

78 

 

 

259 

 

 

260 

 

Debit card interchange fees

 

 

166 

 

 

133 

 

 

451 

 

 

391 

 

Other service fees

 

 

132 

 

 

121 

 

 

373 

 

 

340 

 

Bank owned life insurance, net

 

 

120 

 

 

157 

 

 

464 

 

 

338 

 

Gain (loss) on sale of other real estate owned

 

 

 -

 

 

 -

 

 

45 

 

 

(16)

 

Impairment on other real estate owned

 

 

 -

 

 

(56)

 

 

 -

 

 

(83)

 

Total Other Non-Interest Income

 

 

503 

 

 

433 

 

 

1,592 

 

 

1,230 

 

OTHER NON-INTEREST EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,586 

 

 

2,472 

 

 

7,850 

 

 

7,319 

 

Occupancy and equipment

 

 

865 

 

 

794 

 

 

2,546 

 

 

2,216 

 

Data processing

 

 

598 

 

 

588 

 

 

1,739 

 

 

1,632 

 

Credit card processing

 

 

(3)

 

 

24 

 

 

63 

 

 

90 

 

Advertising and promotion

 

 

396 

 

 

458 

 

 

1,271 

 

 

1,282 

 

Professional fees

 

 

206 

 

 

193 

 

 

594 

 

 

590 

 

FDIC insurance

 

 

(3)

 

 

115 

 

 

199 

 

 

326 

 

Loan & real estate

 

 

61 

 

 

96 

 

 

148 

 

 

286 

 

Charitable contributions

 

 

204 

 

 

194 

 

 

716 

 

 

660 

 

Other

 

 

397 

 

 

441 

 

 

1,269 

 

 

1,217 

 

Total Other Non-Interest Expenses

 

 

5,307 

 

 

5,375 

 

 

16,395 

 

 

15,618 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Income before Income Taxes

 

 

3,504 

 

 

3,277 

 

 

9,834 

 

 

9,264 

 

INCOME TAX EXPENSE

 

 

675 

 

 

597 

 

 

1,839 

 

 

1,697 

 

Net Income

 

$

2,829 

 

$

2,680 

 

$

7,995 

 

$

7,567 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC EARNINGS PER SHARE

 

$

0.38 

 

$

0.36 

 

$

1.07 

 

$

1.01 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

DILUTED EARNINGS PER SHARE

 

$

0.38 

 

$

0.35 

 

$

1.06 

 

$

1.00 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

DIVIDENDS PER SHARE

 

$

0.20 

 

$

0.17 

 

$

0.20 

 

$

0.17 

 



See notes to consolidated financial statements

4

 


 

Embassy Bancorp, Inc.                                                                                                                          

 

Consolidated Statements of Comprehensive Income (Unaudited)



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



Three Months Ended September 30,



2019

 

2018



 

 

 

 

 

 

 

 

 



 

(In Thousands)

Net Income

$

 

 

2,829 

 

$

 

 

2,680 

Change in Accumulated Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

Unrealized holding gain (loss) on securities available for sale

 

194 

 

 

 

 

(783)

 

 

Less: reclassification adjustment for realized gains

 

 -

 

 

 

 

 -

 

 



 

194 

 

 

 

 

(783)

 

 

Income tax effect

 

(41)

 

 

 

 

164 

 

 

Net unrealized gain (loss)

 

153 

 

 

 

 

(619)

 

 

Other comprehensive income (loss), net of tax

 

 

 

153 

 

 

 

 

(619)

Comprehensive Income

$

 

 

2,982 

 

$

 

 

2,061 









 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



Nine Months Ended September 30,



2019

 

2018



 

 

 

 

 

 

 

 

 



 

(In Thousands)



 

 

 

 

 

 

 

 

 

Net Income

$

 

 

7,995 

 

$

 

 

7,567 

Change in Accumulated Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

Unrealized holding gain (loss) on securities available for sale

 

3,240 

 

 

 

 

(2,782)

 

 

Less: reclassification adjustment for realized gains

 

 -

 

 

 

 

 -

 

 



 

3,240 

 

 

 

 

(2,782)

 

 

Income tax effect

 

(680)

 

 

 

 

584 

 

 

Net unrealized gain (loss)

 

2,560 

 

 

 

 

(2,198)

 

 

Other comprehensive income (loss), net of tax

 

 

 

2,560 

 

 

 

 

(2,198)

Comprehensive Income

$

 

 

10,555 

 

$

 

 

5,369 



See notes to consolidated financial statements.



 

5

 


 

Embassy Bancorp, Inc.                                                                                                                          

 

Consolidated Statements of Stockholders’ Equity (Unaudited)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Nine Months Ended September 30, 2019



Common Stock

 

Surplus

 

Retained Earnings

 

Accumulated Other Comprehensive (Loss) Income

 

Treasury Stock

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



(In Thousands, Except Share Data)

BALANCE - DECEMBER 31, 2018

$

7,530 

 

$

25,532 

 

$

56,410 

 

$

(1,247)

 

$

(1,000)

 

$

87,225 

Net income

 

 -

 

 

 -

 

 

2,552 

 

 

 -

 

 

 -

 

 

2,552 

Other comprehensive income, net of tax

 

 -

 

 

 -

 

 

 -

 

 

1,598 

 

 

 -

 

 

1,598 

Compensation expense recognized on 
   stock options

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Common stock grants to directors,
   10,799 shares

 

10 

 

 

151 

 

 

 -

 

 

 -

 

 

 -

 

 

161 

Compensation expense recognized on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 stock grants, net of unearned compensation   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 expense of $608

 

 -

 

 

51 

 

 

 -

 

 

 -

 

 

 -

 

 

51 

Shares issued under employee stock purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  plan, 894 shares

 

 

 

13 

 

 

 -

 

 

 -

 

 

 -

 

 

14 

BALANCE - MARCH 31, 2019

$

7,541 

 

$

25,748 

 

$

58,962 

 

$

351 

 

$

(1,000)

 

$

91,602 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

2,614 

 

 

 -

 

 

 -

 

 

2,614 

Other comprehensive income, net of tax

 

 -

 

 

 -

 

 

 -

 

 

809 

 

 

 -

 

 

809 

Dividend declared, $.20 per share

 

 -

 

 

 -

 

 

(1,495)

 

 

 -

 

 

 -

 

 

(1,495)

Compensation expense recognized on 
   stock options

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Compensation expense recognized on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 stock grants, net of unearned compensation   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 expense of $558

 

 -

 

 

50 

 

 

 -

 

 

 -

 

 

 -

 

 

50 

Shares issued under employee stock purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  plan, 712 shares

 

 

 

10 

 

 

 -

 

 

 -

 

 

 -

 

 

11 

BALANCE - JUNE 30, 2019

$

7,542 

 

$

25,809 

 

$

60,081 

 

$

1,160 

 

$

(1,000)

 

$

93,592 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

2,829 

 

 

 -

 

 

 -

 

 

2,829 

Other comprehensive income, net of tax

 

 -

 

 

 -

 

 

 -

 

 

153 

 

 

 -

 

 

153 

Compensation expense recognized on 
   stock options

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Compensation expense recognized on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 stock grants, net of unearned compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  expense of $507                                                    

 

 -

 

 

51 

 

 

 -

 

 

 -

 

 

 -

 

 

51 

Shares issued under employee stock purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  plan, 888 shares

 

 

 

13 

 

 

 -

 

 

 -

 

 

 -

 

 

14 

BALANCE - SEPTEMBER 30, 2019

$

7,543 

 

$

25,874 

 

$

62,910 

 

$

1,313 

 

$

(1,000)

 

$

96,640 























6

 


 

Embassy Bancorp, Inc.                                                                                                                          

 

Consolidated Statements of Stockholders’ Equity (Unaudited)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended September 30, 2018



Common Stock

 

Surplus

 

Retained Earnings

 

Accumulated Other Comprehensive (Loss) Income

 

Treasury Stock

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



(In Thousands, Except Share Data)

BALANCE - DECEMBER 31, 2017

$

7,492 

 

$

24,998 

 

$

47,602 

 

$

19 

 

$

(342)

 

$

79,769 

Net income

 

 -

 

 

 -

 

 

2,377 

 

 

 -

 

 

 -

 

 

2,377 

Other comprehensive loss, net of tax

 

 -

 

 

 -

 

 

 -

 

 

(1,289)

 

 

 -

 

 

(1,289)

Compensation expense recognized on 
   stock options

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Common stock grants to directors,
   6,731 shares

 

 

 

105 

 

 

 -

 

 

 -

 

 

 -

 

 

111 

Compensation expense recognized on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 stock grants, net of unearned compensation   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 expense of $546

 

 -

 

 

64 

 

 

 -

 

 

 -

 

 

 -

 

 

64 

Shares issued under employee stock purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  plan, 927 shares

 

 

 

13 

 

 

 -

 

 

 -

 

 

 -

 

 

14 

BALANCE - MARCH 31, 2018

$

7,499 

 

$

25,181 

 

$

49,979 

 

$

(1,270)

 

$

(342)

 

$

81,047 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

2,510 

 

 

 -

 

 

 -

 

 

2,510 

Other comprehensive loss, net of tax

 

 -

 

 

 -

 

 

 -

 

 

(290)

 

 

 -

 

 

(290)

Dividend declared, $.17 per share

 

 -

 

 

 -

 

 

(1,271)

 

 

 -

 

 

 -

 

 

(1,271)

Compensation expense recognized on 
   stock options

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Compensation expense recognized on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 stock grants, net of unearned compensation   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 expense of $503

 

 -

 

 

43 

 

 

 -

 

 

 -

 

 

 -

 

 

43 

Shares issued under employee stock purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  plan, 736 shares

 

 

 

13 

 

 

 -

 

 

 -

 

 

 -

 

 

14 

BALANCE - JUNE 30, 2018

$

7,500 

 

$

25,238 

 

$

51,218 

 

$

(1,560)

 

$

(342)

 

$

82,054 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

2,680 

 

 

 -

 

 

 -

 

 

2,680 

Other comprehensive loss, net of tax

 

 -

 

 

 -

 

 

 -

 

 

(619)

 

 

 -

 

 

(619)

Compensation expense recognized on 
   stock options

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Compensation expense recognized on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 stock grants, net of unearned compensation   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 expense of $459

 

 -

 

 

44 

 

 

 -

 

 

 -

 

 

 -

 

 

44 

Shares issued under employee stock purchase