Company: EMYB
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001449794-25-000002
Chunk: 36

Company: Embassy Bancorp, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7A
Chunk 36
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 December 31, 2024 and December 31, 2023. Employee Stock Purchase Plan: On January 1, 2017, the Company implemented the Embassy Bancorp, Inc. Employee Stock Purchase Plan, which was approved by the Company’s shareholders at the annual meeting held on June 16, 2016. Under the plan, each employee of the Company and its subsidiaries who is employed on an offering date and customarily is scheduled to work at least twenty (20) hours per week and more than five (5) months in a calendar year is eligible to participate. The purchase price for shares purchased under the plan shall initially equal 95% of the fair market value of such shares on the date of purchase.  The purchase price may be adjusted from time to time by the Board of Directors; provided, however, that the discount to fair market value shall not exceed 15%.  The Company has authorized 350,000 shares of its common stock for the plan, of which 31,258 shares have been issued as of December 31, 2024. The Company recognized discount expense in relation to the employee stock purchase plan of $4 thousand and $3 thousand during the years ending December 31, 2024 and 2023 respectively. ‎ 

84    Embassy Bancorp, Inc.  

Note 11 – Other Comprehensive (Loss) IncomeUS GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. Management believes that the unrealized losses on securities available for sale are primarily a result of the increasing market interest rates since the time of purchase and the overall current market conditions. The components of other comprehensive (loss) income, both before tax and net of tax, are as follows:                                         Year Ended December 31,    2024  2023                     (In Thousands)                     Before Tax  Net of  Before Tax  Net of   Tax Effect Tax Tax Effect TaxChange in accumulated other comprehensive loss:                  Unrealized holding (losses) gains on securities ‎   available for sale $(8,779) $1,844 $(6,935) $ 9,376 $ (1,969) $ 7,407Reclassification adjustments for gains on securities‎   transactions included in