{"id":517187,"date":"2021-07-23T16:33:16","date_gmt":"2021-07-23T20:33:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\/"},"modified":"2021-07-23T16:33:16","modified_gmt":"2021-07-23T20:33:16","slug":"emclaire-financial-corp-reports-earnings-for-second-quarter-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\/","title":{"rendered":"Emclaire Financial Corp Reports Earnings for Second Quarter 2021"},"content":{"rendered":"
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EMLENTON, Pa., July 23, 2021 (GLOBE NEWSWIRE) — Emclaire Financial Corp (NASDAQ:EMCF), the parent holding company of The Farmers National Bank of Emlenton, reported consolidated net income available to common stockholders of $1.8\u00a0million, or $0.67\u00a0per diluted common share, for the three months ended June 30, 2021, an increase of $636,000, or 52.9%, from $1.2\u00a0million, or $0.44\u00a0per diluted common share, reported for the comparable period in 2020.\u00a0 Net income available to common shareholders for the six-month period ended June 30, 2021 was $4.0 million, or $1.46 per diluted common share, an increase of $1.6 million, or 67.7%, from $2.4 million, or $0.88 per diluted common share, for the same period in 2020.\u00a0 The increase in net income for both periods compared to the same periods in 2020\u00a0resulted from an increase\u00a0in net interest income and a\u00a0decrease in the provision for loan losses, partially offset by a decrease in noninterest income and increases in noninterest expense and the provision for income taxes.<\/p>\n

William C. Marsh, Chairman, President and Chief Executive Officer of the Corporation and the Bank, noted, \u201cAs we emerge from the\u00a0pandemic, the Bank continues to prove its strength and resiliency\u00a0through solid earnings, strong credit quality and significant balance sheet growth.\u00a0 During the quarter, deposit volumes\u00a0reached a record high and we saw consumer spending and loan demand increase toward pre-pandemic levels.\u00a0 We continued lending\u00a0under\u00a0the Small Business Administration’s Paycheck Protection Program (PPP) through which we provided an additional $26.7 million of\u00a0loans to 421\u00a0local small businesses during the first half of\u00a02021.\u00a0 We remain focused on meeting our customers’ needs and have fully reopened all branch banking offices and welcomed all employees back to the office.\u00a0 We are optimistic that the burdens of the pandemic are now behind us.”<\/p>\n

\n QUARTERLY OPERATING RESULTS OVERVIEW<\/strong>\n <\/p>\n

Net income available to common stockholders increased $636,000, or 52.9%,\u00a0to $1.8\u00a0million, or $0.67\u00a0per diluted common share, for the three months ended June 30, 2021, compared to net income of $1.2 million, or $0.44\u00a0per diluted common share\u00a0for\u00a0same period in 2020.\u00a0 The increase resulted from a $296,000\u00a0increase\u00a0in net interest income and a\u00a0$850,000 decrease in the provision for loan losses, partially offset by a $300,000 decrease in noninterest income and increases in noninterest expense and the provision for income taxes of\u00a0$77,000 and $129,000, respectively.<\/p>\n

Net interest income increased $296,000, or 4.3%, to $7.2\u00a0million for the three months ended June 30, 2021\u00a0from $6.9\u00a0million for the same period in 2020. The increase in net interest income resulted from a decrease in interest expense of $765,000, or 35.4%, partially offset by a decrease in interest income of $469,000, or 5.2%.\u00a0 The Corporation’s cost of funds decreased 41\u00a0basis points to 0.57% for the three months ended June 30, 2021, compared to 0.98% for the same period in 2020, resulting in an $834,000 decrease in interest expense.\u00a0 The decrease in the cost of funds was partially offset by a $69,000 increase in interest expense caused by a $60.2\u00a0million increase in average interest-bearing deposits to $722.3 million for the three months ended June 30, 2021, compared to $662.1 million for the same period in 2020.\u00a0The decrease in interest income occurred primarily as the Corporation experienced a 41\u00a0basis point decrease in the yield on loans to 3.87% for the three months ended June 30, 2021 from 4.28% for the same period in 2020, causing a $911,000 decrease in interest income.\u00a0\u00a0Without the PPP loans, the Corporation would have experienced a 3\u00a0basis point decrease in\u00a0the yield on loans to 3.84% for the three months ended June 30, 2021. This decrease in yield was partially offset by a\u00a0$12.4 million increase in the average balance of loans outstanding as a result of record loan production during 2020 and the addition of PPP\u00a0loans in\u00a02020 and\u00a02021.\u00a0 This additional loan volume added $453,000 in interest income.\u00a0 During the three months ended June 30, 2021,\u00a0 the Corporation recognized $361,000 of interest income related to the PPP loans.<\/p>\n

The provision for loan losses decreased $850,000, or 77.3%, to $250,000 for the three months ended June 30, 2021\u00a0from $1.1 million for the same period in 2020.\u00a0The higher provision for loan losses recorded during the second quarter of 2020 was due to growth in the residential and consumer loan portfolios, an increase in the specific pandemic qualitative allowance factor, risk rating changes for loans which were granted payment deferrals and an increase in criticized and classified loans.\u00a0 Criticized and classified loans increased $200,000\u00a0during the quarter ended June 30, 2021\u00a0to $43.0\u00a0million, or 3.9%, of total assets\u00a0from $42.8 million, or 4.0%, of total assets at March 31, 2021.<\/p>\n

Noninterest income decreased $300,000, or 21.8%, to $1.1\u00a0million for the three months ended June 30, 2021\u00a0from $1.4\u00a0million for the same period in 2020\u00a0due to a $553,000 decrease\u00a0in gains on the sale of securities, partially offset by increases in other income, gains on the sale of loans and fees and service charges\u00a0of $104,000, $100,000\u00a0and $47,000, respectively.\u00a0 During the quarter ended June 30, 2020, the Corporation sold a total of $31.2 million of low-yielding mortgage-backed and collateralized mortgage obligation securities and realized a net gain of $557,000.\u00a0 The sale proceeds were utilized to repay $15.0 million of Federal Home Loan Bank (FHLB) term advances and purchase higher yielding municipal securities.\u00a0 During the quarter ended June 30, 2021, the Corporation sold $5.3\u00a0million of residential mortgage loans to the FHLB and realized a net gain of $100,000.\u00a0 The increase in other income was primarily related to an increase in interchange fee income and the increase in fees and service charges was primarily due to a increase in overdraft charges, both resulting from\u00a0easing pandemic restrictions leading to an increase in consumer spending.\u00a0<\/p>\n

Noninterest expense increased $77,000, or 1.4%, to $5.7 million for the three months ended June 30, 2021\u00a0from $5.6 million for the same period in 2020.\u00a0The increase was primarily attributable to increases in compensation and benefits expense, professional fees and\u00a0FDIC insurance expense, of $94,000, $82,000, and $50,000, respectively, partially offset by a decrease in other noninterest expense of $145,000.\u00a0 The decrease in other noninterest expense primarily related to prepayment penalties of $238,000 incurred during the quarter ended June 30, 2020 as a result of the aforementioned early repayment of FHLB debt.\u00a0<\/p>\n

The provision for income taxes increased $129,000, or 48.5%, to\u00a0$395,000 for the three months ended June 30, 2021\u00a0from $266,000 for the same period in 2020\u00a0as a result of the increase in net income before provision for income taxes.\u00a0<\/p>\n

\n YEAR-TO-DATE OPERATING RESULTS OVERVIEW<\/strong>\n <\/p>\n

Net income available to common stockholders increased $1.6 million, or 67.7%,\u00a0to $4.0\u00a0million, or $1.46\u00a0per diluted common share, for the six months ended June 30, 2021, compared to net income of $2.4 million, or $0.88\u00a0per diluted common share\u00a0for\u00a0same period in 2020.\u00a0 The increase resulted from a $1.3 million increase\u00a0in net interest income and a\u00a0$1.4 million decrease in the provision for loan losses, partially offset by a $273,000 decrease in noninterest income and increases in noninterest expense and the provision for income taxes of\u00a0$399,000 and $329,000, respectively.<\/p>\n

Net interest income increased $1.3 million, or 9.2%, to $14.9\u00a0million for the six months ended June 30, 2021\u00a0from $13.6\u00a0million for the same period in 2020. The increase in net interest income resulted from a decrease in interest expense of $1.5 million, or 35.0%, partially offset by a decrease in interest income of $274,000, or 1.5%.\u00a0 The Corporation’s cost of funds decreased 43\u00a0basis points to 0.60% for the six months ended June 30, 2021, compared to 1.03% for the same period in 2020, resulting in a\u00a0$1.7 million decrease in interest expense.\u00a0 The decrease in the cost of funds was partially offset by a $134,000 increase in interest expense caused by a $60.7\u00a0million increase in average interest-bearing deposits to $708.2 million for the six months ended June 30, 2021, compared to\u00a0$647.5 million for the same period in 2020.\u00a0The decrease in interest income occurred as the Corporation experienced a 33\u00a0basis point decrease in the yield on loans to 4.04% for the six months ended June 30, 2021, compared to 4.37% for the same period in 2020, causing a $1.6 million decrease in interest income.\u00a0 Without the PPP loans, the Corporation would have experienced a 13 basis point decrease in\u00a0the yield on loans to 3.91% for the six months ended June 30, 2021.\u00a0 This decrease in yield was partially offset by a $46.3\u00a0million increase in the average balance of loans outstanding as a result of record loan production during 2020 and the addition of PPP\u00a0loans in 2020 and 2021.\u00a0 During the six months ended June 30, 2021,\u00a0 the Corporation recognized $1.1 million of interest income related to the PPP loans.\u00a0<\/p>\n

The provision for loan losses decreased $1.4 million, or 72.3%, to $525,000 for the six months ended June 30, 2021\u00a0from $1.9 million for the same period in 2020.\u00a0The higher provision for loan losses recorded during the first six months of\u00a02020 was due to growth in the residential and consumer loan portfolios, the addition of a specific pandemic qualitative allowance factor, risk rating changes for loans which were granted payment deferrals and an increase in criticized and classified loans.\u00a0 Criticized and classified loans decreased $1.4 million during the six months ended June 30, 2021\u00a0to $43.0\u00a0million, or 3.9%, of total assets\u00a0from $44.4 million, or 4.3%, of total assets at December 31, 2020.<\/p>\n

Noninterest income decreased $273,000, or 11.4%, to $2.1 million for the six months ended June 30, 2021, compared to $2.4 million for the same period in 2020\u00a0due to decreases in gains on the sale of securities and fees and service charges of $606,000 and $78,000, respectively, partially offset by increases in other income and\u00a0gains on the sale of loans of\u00a0$206,000\u00a0and $202,000, respectively.\u00a0 During the six months ended June 30, 2020, the Corporation sold a total of $39.4 million of low-yielding mortgage-backed and collateralized mortgage obligation securities and realized a net gain of $635,000.\u00a0 As aforementioned, the sale proceeds were utilized to repay FHLB\u00a0term advances and purchase higher yielding municipal securities.\u00a0 During the six months ended June 30, 2021, the Corporation sold $8.4 million of residential mortgage loans to the FHLB and realized a net gain of $202,000.\u00a0 The increase in other income was primarily related to an increase in interchange fee income resulting from\u00a0easing pandemic restrictions leading to an increase in consumer spending.\u00a0<\/p>\n

Noninterest expense increased $399,000, or 3.6%, to $11.5\u00a0million for the six months ended June 30, 2021, compared to $11.1\u00a0million for the same period in 2020.\u00a0The increase was primarily attributable to increases in compensation and benefits expense, professional fees,\u00a0FDIC insurance expense and premises and equipment expense\u00a0of $203,000, $132,000, $105,000 and $64,000, respectively, partially offset by a decrease in other noninterest expense of $100,000.\u00a0 The decrease in other noninterest expense primarily related to prepayment penalties of $238,000 incurred during the six months ended June 30, 2020 as a result of the aforementioned early repayment of FHLB debt.\u00a0<\/p>\n

The provision for income taxes increased $329,000, or 64.8%, to\u00a0$837,000 for the six months ended June 30, 2021\u00a0from $508,000 for the same period in 2020\u00a0as a result of the increase in net income before provision for income taxes.\u00a0<\/p>\n

\n CONSOLIDATED BALANCE SHEET & ASSET QUALITY OVERVIEW<\/strong>\n <\/p>\n

Total assets increased $74.7 million, or 7.2%,\u00a0to $1.1 billion at June 30, 2021\u00a0from $1.0 billion at December 31, 2020.\u00a0 The increase\u00a0in assets\u00a0was driven primarily by an increase in securities and cash and equivalents of $70.6 million and $13.1 million, respectively, partially offset by a $6.0 million decrease in net loans receivable.\u00a0 Liabilities increased $73.0 million, or 7.8%, to $1.0 billion at June 30, 2021\u00a0from\u00a0$940.8 million at December 31, 2020\u00a0due to an increase\u00a0in customer deposits of $65.7\u00a0million.<\/p>\n

Nonperforming assets\u00a0decreased $985,000 to $3.5\u00a0million, or 0.31% of total assets at June 30, 2021, compared to $4.4\u00a0million, or 0.43% of total assets at December 31, 2020.\u00a0\u00a0Classified and criticized assets decreased $1.4\u00a0million to $43.0 million or 3.9% of total assets\u00a0at June 30, 2021, compared to\u00a0$44.4 million or 4.3% of total assets at December 31, 2020.\u00a0 Classified and criticized assets remain elevated largely due to the impact of COVID-19 on the hospitality loan portfolio.\u00a0 At June 30, 2021 the Corporation’s hotel portfolio totaled $32.2 million, of which $30.1 million was rated classified or criticized.<\/p>\n

The COVID-19 pandemic has impacted the global and local economies and some customers’ ability to continue making timely loan payments.\u00a0 The Corporation addressed the challenges of those facing hardship due to the pandemic by granting payment deferrals on 402 loans, which totaled $108.1 million.\u00a0 At June 30, 2021, seven loan relationships comprised of\u00a015\u00a0loans totaling $25.3\u00a0million remained on deferral, all of which are associated with borrowers within the hospitality industry.\u00a0 The Corporation continues to carefully monitor these loans and the entire loan portfolio and is well-positioned to weather a potential weakening of asset quality that may occur related to current circumstances.<\/p>\n

Stockholders\u2019 equity increased $1.8 million\u00a0to $93.2\u00a0million at June 30, 2021\u00a0from $91.5 million at December 31, 2020\u00a0primarily due to a $2.4 million increase in retained earnings as a result of $4.0\u00a0million of net income available to common stockholders, less $1.6 million of common dividends paid, partially offset by an\u00a0$852,000\u00a0decrease in accumulated other comprehensive income.\u00a0 The Corporation remains well capitalized and is well\u00a0positioned for continued growth with total stockholders\u2019 equity at 8.4% of total assets.\u00a0 Book value per common share was $32.72\u00a0at June 30, 2021, compared to $32.07\u00a0at December 31, 2020.\u00a0<\/p>\n

\n This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may contain words such as \u201cbelieve\u201d, \u201cexpect\u201d, \u201canticipate\u201d, \u201cestimate\u201d, \u201cshould\u201d, \u201cmay\u201d, \u201ccan\u201d, \u201cwill\u201d, \u201coutlook\u201d, \u201cproject\u201d, \u201cappears\u201d or similar expressions.\u00a0 Such forward-looking statements are subject to risk and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Such factors include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, the possibility that increased demand or prices for the Corporation’s financial services and products may not occur, changing economic and competitive conditions, technological and regulatory developments, and other risks and uncertainties, including those detailed in the Corporation’s filings with the Securities and Exchange Commission.\u00a0 The Corporation does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.<\/em>\n <\/p>\n

INVESTOR RELATIONS CONTACT:
William C. Marsh
Chairman, President and
Chief Executive Officer
Phone: (844) 800-2193<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n EMCLAIRE FINANCIAL CORP<\/strong>
\n
\n Consolidated Financial Highlights<\/strong>
\n
(Unaudited – Dollar amounts in thousands, except share data)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CONSOLIDATED OPERATING RESULTS DATA:<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Three month period<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Six month period<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n$<\/td>\n8,613<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9,082<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n17,711<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n17,985<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,395<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,160<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,841<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,373<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,218<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,922<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,870<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,612<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for loan losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n250<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n525<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,892<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,078<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,378<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,130<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,403<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,717<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,530<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,131<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before provision for income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,329<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,945<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,992<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n395<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n266<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n837<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n508<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,934<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,294<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,108<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,484<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred stock dividends<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income available to common stockholders<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,839<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,203<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,013<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,393<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic earnings per common share<\/td>\n\u00a0<\/td>\n$<\/td>\n0.68<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.44<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.88<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted earnings per common share<\/td>\n\u00a0<\/td>\n$<\/td>\n0.67<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.44<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.46<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.88<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividends per common share<\/td>\n\u00a0<\/td>\n$<\/td>\n0.30<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.30<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.60<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.60<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Return on average assets (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.72<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.53<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.79<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.52<\/td>\n%<\/td>\n<\/tr>\n
Return on average equity (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.44<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.92<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.03<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.70<\/td>\n%<\/td>\n<\/tr>\n
Return on average common equity (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.41<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.78<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.25<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.77<\/td>\n%<\/td>\n<\/tr>\n
Yield on average interest-earning assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.41<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.96<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.62<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.07<\/td>\n%<\/td>\n<\/tr>\n
Cost of average interest-bearing liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.74<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.22<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.77<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.26<\/td>\n%<\/td>\n<\/tr>\n
Cost of funds<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.57<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.98<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.60<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.03<\/td>\n%<\/td>\n<\/tr>\n
Net interest margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.86<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.03<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.05<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.08<\/td>\n%<\/td>\n<\/tr>\n
Efficiency ratio<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68.02<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71.91<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n67.05<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71.42<\/td>\n%<\/td>\n<\/tr>\n
_______________________
(1)\u00a0\u00a0Returns are annualized for the periods reported.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CONSOLIDATED BALANCE SHEET DATA:<\/td>\n\u00a0<\/td>\n\n As of<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As of<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 6\/30\/2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 12\/31\/2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\u00a0<\/td>\n$<\/td>\n1,107,059<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,032,323<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and equivalents<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,518<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,439<\/td>\n\u00a0<\/td>\n<\/tr>\n
Securities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n183,684<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n113,056<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n794,291<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n800,413<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,465<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,543<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deposits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n959,319<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n893,627<\/td>\n\u00a0<\/td>\n<\/tr>\n
Borrowed funds<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,050<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,050<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stockholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89,027<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n87,274<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93,233<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91,480<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Book value per common share<\/td>\n\u00a0<\/td>\n$<\/td>\n32.72<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n32.07<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loans to deposits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n82.80<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89.57<\/td>\n%<\/td>\n<\/tr>\n
Allowance for loan losses to total loans<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.22<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.18<\/td>\n%<\/td>\n<\/tr>\n
Nonperforming assets to total assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.31<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.43<\/td>\n%<\/td>\n<\/tr>\n
Stockholders’ equity to total assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.42<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.86<\/td>\n%<\/td>\n<\/tr>\n
Shares of common stock outstanding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,721,212<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,721,212<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

EMLENTON, Pa., July 23, 2021 (GLOBE NEWSWIRE) — Emclaire Financial Corp (NASDAQ:EMCF), the parent holding company of The Farmers National Bank of Emlenton, reported consolidated net income available to common stockholders of $1.8\u00a0million, or $0.67\u00a0per diluted common share, for the three months ended June 30, 2021, an increase of $636,000, or 52.9%, from $1.2\u00a0million, or $0.44\u00a0per diluted common share, reported for the comparable period in 2020.\u00a0 Net income available to common shareholders for the six-month period ended June 30, 2021 was $4.0 million, or $1.46 per diluted common share, an increase of $1.6 million, or 67.7%, from $2.4 million, or $0.88 per diluted common share, for the same period in 2020.\u00a0 The increase in net income for both periods compared … <\/p>\n

Continue reading “Emclaire Financial Corp Reports Earnings for Second Quarter 2021”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-517187","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nEmclaire Financial Corp Reports Earnings for Second Quarter 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emclaire Financial Corp Reports Earnings for Second Quarter 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"EMLENTON, Pa., July 23, 2021 (GLOBE NEWSWIRE) — Emclaire Financial Corp (NASDAQ:EMCF), the parent holding company of The Farmers National Bank of Emlenton, reported consolidated net income available to common stockholders of $1.8\u00a0million, or $0.67\u00a0per diluted common share, for the three months ended June 30, 2021, an increase of $636,000, or 52.9%, from $1.2\u00a0million, or $0.44\u00a0per diluted common share, reported for the comparable period in 2020.\u00a0 Net income available to common shareholders for the six-month period ended June 30, 2021 was $4.0 million, or $1.46 per diluted common share, an increase of $1.6 million, or 67.7%, from $2.4 million, or $0.88 per diluted common share, for the same period in 2020.\u00a0 The increase in net income for both periods compared … Continue reading "Emclaire Financial Corp Reports Earnings for Second Quarter 2021"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-23T20:33:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI4NTgyMyM0MzEyMTQzIzIwMjc3NDU=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Emclaire Financial Corp Reports Earnings for Second Quarter 2021\",\"datePublished\":\"2021-07-23T20:33:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\\\/\"},\"wordCount\":2336,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI4NTgyMyM0MzEyMTQzIzIwMjc3NDU=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/emclaire-financial-corp-reports-earnings-for-second-quarter-2021\\\/\",\"name\":\"Emclaire Financial Corp Reports Earnings for Second Quarter 2021 - 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