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Embassy Bancorp Inc (EMYB-1.10%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in total assets to $1.70 billion from $1.66 billion in the previous year, driven by increases in cash, loans, and bank-owned life insurance.
Net loans receivable rose to $1.26 billion from $1.24 billion, reflecting growth in both residential and commercial loan portfolios.
Deposits increased by $76.8 million to $1.55 billion, with notable growth in non-interest bearing and interest-bearing deposits.
Net income decreased to $10.4 million from $12.7 million, primarily due to a rise in interest expenses and non-interest expenses.
Non-interest income increased to $3.2 million, driven by higher income from bank-owned life insurance and debit card interchange fees.
The allowance for credit losses was reduced to $12.2 million, representing 0.96% of total loans, with the company reporting net recoveries of $230,000.
The securities portfolio decreased slightly to $280.8 million, with unrealized losses increasing due to rising market interest rates.
Embassy Bancorp's capital ratios exceeded regulatory requirements, maintaining a 'well-capitalized' status.
The filing outlines the company's focus on providing financial products and services to its local market, emphasizing personalized service and community banking.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Embassy Bancorp Inc annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.