Emclaire Financial Corp. Reports 2009 Earnings
and Announces Annual Meeting Date
February 01, 2010 04:18 PM Eastern Time
EMLENTON, Pa.--(EON: Enhanced Online News)--Emclaire Financial Corp. (NASDAQ: EMCF), the parent
holding company of The Farmers National Bank of Emlenton, reported consolidated net income of $1.5 million or
$0.80 per common share for 2009, compared to net income of $2.4 million or $1.87 per common share for 2008.
For the quarter ended December 31, 2009, the Corporation reported consolidated net income of $472,000 or
$0.26 per common share, compared to net income of $614,000 or $0.43 per common share for the same period in
2008.
The decrease in net income of $891,000 for the year ended December 31, 2009, compared to 2008, was primarily
due to increases in the provision for loan losses and noninterest expense and a decrease in extraordinary income,
partially offset by increases in net interest income and noninterest income and a decrease in the provision for income
taxes.
HIGHLIGHTS
l The Corporation’s net interest income grew by $1.8 million or 16.7% in 2009. This increase was driven by
loan growth of $35.0 million during 2008 including the fourth quarter 2008 acquisition of Elk County Savings
and Loan Association (ECSLA) which added $7.3 million to the Corporation’s loan portfolio, the extension
of three, one-year tax anticipation notes to local municipalities totaling $11.5 million during the first quarter of
2009, and the third quarter 2009 purchase of a branch banking office in Titusville, Pennsylvania from
PNC/National City in which the Corporation acquired, on a fair value basis, $32.5 million in loans, consisting
primarily of home equity loans and lines of credit and, to a lesser extent, commercial business loans and lines
of credit.
l The provision for loan losses increased $867,000 as a result of continued loan growth and pressure on
borrowers related to the prevailing poor national economic conditions. The Corporation continues to maintain
sound overa