Company: EMYB
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001449794-25-000009
Chunk: 26

Company: Embassy Bancorp, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 26
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 increase of $351 thousand, or 13.8%. Basic and diluted earnings per share increased to $0.38 for the three months ended March 31, 2025, as compared to $0.33 for the three months ended March 31, 2024. The difference in net income for the three months ended March 31, 2025 and March 31, 2024 resulted primarily from an increase in interest income of $1.8 million, offset by an increase in interest expense of $732 thousand, or 11.5%, a decrease of $104 thousand in non-interest income, an increase of $401 thousand in non-interest expenses, and an increase of $119 thousand in the provision for credit losses. Net income for the three months ended March 31, 2025 was $2.9 million compared to net income for the three months ended December 31, 2024 of $2.7 million, an increase of $189 thousand, or 7.0%. RESULTS OF OPERATIONS Net Interest Income The Company determines interest rate spread and margin on both a US GAAP and tax equivalent basis. The use of tax equivalent basis in determining interest rate spread and margin is considered a non-US GAAP measure. The Company believes the use of this measure provides meaningful information to the reader of the consolidated financial statements when comparing taxable and nontaxable assets. However, it is supplemental to US GAAP which is used to prepare the Company’s consolidated financial statements and should not be read in isolation or relied upon as a substitute for US GAAP measures. In addition, the non-US GAAP measure may not be comparable to non-US GAAP measures reported by other companies. The tax rate used to calculate the tax equivalent adjustments was 21% for 2025 and 2024. Total interest income for the three months ended March 31, 2025 increased $1.8 million to $16.9 million, as compared to $15.1 million for the three months ended March 31, 2024. Average earning assets were $1.64 billion for the three months ended March 31, 2025 as compared to $1.55 billion for the three months ended March 31, 2024. The tax equivalent yield on average earning assets was 4.21% for the first quarter of 2025 compared to 3.95% for the first quarter of 2024. Total interest expense for the three months ended March 31,