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Embassy Bancorp, Inc. Message Board

  • bottomsupinvestor bottomsupinvestor Oct 26, 2013 10:13 AM Flag

    INBK Q3

    It looks like the rate increase affected their mortgage refi part of the business. New sales and commercial helped to fill the gap.

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    • Greetingsi, Mr. Bottom,

      Only to a degree.

      Gains from loan sales (new and refinance both) were, starts from 2Q12,
      $2.034 million,
      $3.206 million,
      $3.656 million,
      $1.750 million,
      $2.249 million, and
      $1.299 million in 3Q13.

      Per one source, this trend may bottom by year end. I am not so optimistic.

      By the way, how's the prospect of New River Valley? You are near Wytheville, Right?


      • 1 Reply to sambordulac
      • Greetings!

        "By the way, how's the prospect of New River Valley? You are near Wytheville, Right?"

        Yes near Wytheville but closer to Galax. I am assuming you are talking about the area in general and not some institution. Things seem to be the same in the last two years that we have been here. Being an investor, I don't get out into the community as much as when I was employed outside the home. Furniture was a big industry before most of the factories were shut down some years ago due to foreign competition. Last year, one re-opened but I wouldn't say the area is going anywhere fast. A recent report listed the area as having one of the highest unemployment rates. Another recent report listed it as having the one of the largest increases in tourism revenue in the state. Overall, I would say it is a wash and is not terrible nor experiencing any significant growth.

        I agree with your comment on INBK on "only to a degree". I was surprised though that is was as much as it was. My comments should have stated "help fill only a portion of the gap"

        Thanks for your post!!!

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