Company: EMYB
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001449794-25-000002
Chunk: 46

Company: Embassy Bancorp, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7A
Chunk 46
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 and 4.50 years, respectively, with the branch leases having a weighted average life of 4.23 and 4.53 years, respectively, and equipment leases having a weighted average life of 2.06 and 1.56 years, respectively. At December 31, 2024, the Company had right of use assets of $6.0 million (included in other assets) and lease liabilities of $6.0 million (included in other liabilities) and at December 31, 2023, the Company had right of use assets of $6.5 million (included in other assets) and lease liabilities of $6.6 million (included in other liabilities), respectively. The cost for operating leases was $1.8 million for the years ended December 31, 2024 and December 31, 2023, respectively. Operating cash flow paid for lease liabilities was $1.9 million for the years ended December 31, 2024 and December 31, 2023, respectively.  In addition to fixed rentals, the leases require the Company to pay certain additional expenses of occupying these spaces, including real estate taxes, insurance, utilities, and repairs.  These additional expenses, along with depreciation on leasehold improvements, are included in occupancy and equipment expense in the Consolidated Statements of Income. A portion of these leases are with related parties as noted in the following table. ‎ 

92    Embassy Bancorp, Inc.  

 A reconciliation of operating lease liabilities by minimum lease payments by year and in aggregate and discount amounts in aggregate, as of December 31, 2024, are as follows:                  Branch Leases Equipment    Third Parties Related Parties Leases Total (In Thousands)2025$ 1,176 $ 698 $ 26 $ 1,9002026  1,203   671   4   1,8782027  845   55   4   9042028  810   -   4   8142029  644   -   1   645Thereafter  332   -   -   332Total Payments  5,010   1,424   39   6,473Less: Discount Amount  401   52   2   455Total Lease Liability$ 4,609 $ 1,372 $ 37 $ 6,018 Rent expense to related parties was $661 thousand for the years ended December