Embassy Bancorp, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, with net income for Q3 2024 decreasing to $2,714 thousand from $3,002 thousand in Q3 2023. Basic earnings per share for the quarter also saw a decline, reaching $0.36 compared to $0.39 in the prior year period. For the nine months ended September 30, 2024, net income was $7,742 thousand, down from $9,836 thousand in the same period of 2023, with basic EPS at $1.02 versus $1.29.
The company's balance sheet demonstrated growth, with total assets increasing to $1,715,194 thousand at September 30, 2024, from $1,656,496 thousand at December 31, 2023. Total deposits also grew to $1,535,175 thousand from $1,476,233 thousand over the same period. Net interest income for Q3 2024 was $9,170 thousand, a decrease from $9,400 thousand in Q3 2023, primarily due to a significant rise in total interest expense to $7,752 thousand from $5,113 thousand.
A notable positive development was the improvement in the accumulated other comprehensive loss, which decreased to $(39,917) thousand at September 30, 2024, from $(43,700) thousand at December 31, 2023. This improvement was driven by a net unrealized gain of $9,082 thousand on securities available for sale in Q3 2024, a reversal from a $(12,508) thousand loss in Q3 2023. This indicates a recovery in the valuation of the company's securities portfolio.
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