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Emclaire Financial Corp (EMCF)

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27.99+0.23 (+0.85%)
At close: 4:00PM EDT
27.58 -0.41 (-1.46%)
After hours: 04:05PM EDT
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Previous Close27.75
Open27.50
Bid27.51 x 1200
Ask27.90 x 1000
Day's Range27.58 - 28.00
52 Week Range19.45 - 36.40
Volume893
Avg. Volume4,917
Market Cap76.166M
Beta (5Y Monthly)0.46
PE Ratio (TTM)10.14
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield1.20 (4.30%)
Ex-Dividend DateMay 28, 2021
1y Target EstN/A
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  • Emclaire Financial Corp Announces Quarterly Dividend
    GlobeNewswire

    Emclaire Financial Corp Announces Quarterly Dividend

    EMLENTON, Pa., May 19, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Emclaire Financial Corp (NASDAQ: EMCF), the parent holding company of the Farmers National Bank of Emlenton, declared a quarterly cash dividend on May 19, 2021 of $0.30 per common share payable on June 18, 2021, to shareholders of record on June 1, 2021. This quarterly dividend reflects an annualized dividend yield of 4.3% based on the stock’s closing price of $28.00 per share on May 18, 2021. William C. Marsh, Chairman, President and Chief Executive Officer of the Corporation and the Bank, noted that the dividend reflects the Corporation’s continued growth and strong financial performance in recent quarters. Emclaire Financial Corp is the parent company of the Farmers National Bank of Emlenton, an independent, nationally chartered, FDIC-insured community commercial bank headquartered in Emlenton, Pennsylvania, operating 19 full service offices in Venango, Allegheny, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer Counties, Pennsylvania. The Corporation’s common stock is quoted on and traded through NASDAQ under the symbol “EMCF”. For more information visit the Corporation’s web site at www.emclairefinancial.com. CONTACT: William C. MarshChairman of the Board, President andChief Executive Officer Phone: (844) 767-2311Email: info@farmersnb.com

  • Emclaire Financial Corp Reports Record First Quarter Earnings
    GlobeNewswire

    Emclaire Financial Corp Reports Record First Quarter Earnings

    EMLENTON, Pa., April 21, 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 $2.2 million, or $0.79 per diluted common share, for the three months ended March 31, 2021, an increase of $984,000, or 82.7%, from $1.2 million, or $0.44 per diluted common share, reported for the comparable period in 2020. The increase in net income for the three months ended March 31, 2021 compared to the same period in 2020 resulted from increases in net interest income and noninterest income and a decrease in the provision for loan losses, partially offset by increases in noninterest expense and the provision for income taxes. William C. Marsh, Chairman, President and Chief Executive Officer of the Corporation and the Bank, noted, “Now an entire year into the pandemic, the Bank has proven its strength and resiliency as demonstrated through sound earnings, continued strong credit quality and tremendous balance sheet growth. We are pleased to continue lending under the Small Business Administration's Paycheck Protection Program through which we have provided an additional $22.8 million of loans to 274 local small businesses during the first quarter of 2021. We remain focused on meeting our customers' needs, ensuring the well-being of our employees and supporting our communities by operating in a safe and socially responsible manner and we are cautiously optimistic that the burdens of the pandemic will ease in the year ahead." OPERATING RESULTS OVERVIEW Net income available to common stockholders increased $984,000, or 82.7%, to $2.2 million, or $0.79 per diluted common share, for the three months ended March 31, 2021, compared to net income of $1.2 million, or $0.44 per diluted common share for same period in 2020. The increase resulted from increases in net interest income and noninterest income of $962,000 and $27,000, respectively, and a $517,000 decrease in the provision for loan losses, partially offset by increases in noninterest expense and the provision for income taxes of $324,000 and $198,000, respectively. Net interest income increased $962,000, or 14.4%, to $7.7 million for the three months ended March 31, 2021 from $6.7 million for the same period in 2020. The increase in net interest income resulted from an increase in interest income of $195,000, or 2.2%, and a decrease in interest expense of $767,000, or 34.7%. The increase in interest income was driven by an $80.2 million increase in the average balance of loans outstanding as a result of record loan production during 2020 and the addition of Paycheck Protection Program (PPP) loans in the second and third quarters of 2020 and the first quarter of 2021. During the three months ended March 31, 2021, the Corporation recognized $713,000 of interest income related to the PPP loans. Partially offsetting this increase in interest income from the additional loan volume, the Corporation experienced a 26 basis point decrease in the yield on loans to 4.21% for the three months ended March 31, 2021 from 4.47% for the same period in 2020. Without the PPP loans, the Corporation would have experienced a 49 basis point decrease in the yield on loans to 3.98% for the three months ended March 31, 2021. The Corporation's cost of funds decreased 44 basis points to 0.64% for the three months ended March 31, 2021 from 1.08% for the same period in 2020, resulting in an $832,000 decrease in interest expense. The decrease in the cost of funds was partially offset by a $172,000 increase in interest expense caused by a $61.0 million increase in average interest-bearing deposits to $693.8 million for the three months ended March 31, 2021 from $632.9 million for the same period in 2020. The provision for loan losses decreased $517,000, or 65.3%, to $275,000 for the three months ended March 31, 2021 from $792,000 for the same period in 2020. The provision for loan losses for the first quarter of 2020 was driven by a $39.4 million increase in loan portfolio balances and the addition of a specific pandemic qualitative factor to the allowance for loan losses calculation. Criticized and classified loans decreased $1.6 million during the quarter ended March 31, 2021 to $42.8 million, or 4.0%, of total assets from $44.4 million, or 4.3%, of total assets at December 31, 2020. Noninterest income increased $27,000, or 2.6%, to $1.1 million for the three months ended March 31, 2021 from $1.0 million for the same period in 2020 due to increases in gains on the sale of loans and other income of $102,000 and $101,000, respectively, partially offset by decreases in fees and service charges and gains on the sale of securities of $125,000 and $52,000, respectively. The increase in other income was primarily related to an increase in interchange fee income as a result of easing pandemic restrictions leading to an increase in consumer spending. The decrease in fees and service charges was primarily due to a decline in overdraft charges. Noninterest expense increased $324,000, or 5.9%, to $5.8 million for the three months ended March 31, 2021 from $5.5 million for the same period in 2020. The increase was primarily attributable to increases in compensation and benefits expense, premises and equipment expense, FDIC insurance expense, professional fees and other noninterest expense of $111,000, $68,000, $54,000, $49,000 and $45,000, respectively. The provision for income taxes increased $198,000, or 81.5%, to $441,000 for the three months ended March 31, 2021 from $243,000 for the same period in 2020 as a result of the increase in net income before provision for income taxes. CONSOLIDATED BALANCE SHEET & ASSET QUALITY OVERVIEW Total assets increased $35.4 million, or 3.4%, to $1.1 billion at March 31, 2021 from $1.0 billion at December 31, 2020. The increase in assets was driven primarily by an increase in securities and cash and equivalents of $28.8 million and $20.5 million, respectively, partially offset by a $14.8 million decrease in net loans receivable. Liabilities increased $36.0 million, or 3.8%, to $976.8 million at March 31, 2021 from $940.8 million at December 31, 2020 due to an increase in customer deposits of $32.6 million. Nonperforming assets decreased $789,000 to $3.7 million, or 0.34% of total assets at March 31, 2021, compared to $4.4 million, or 0.43% of total assets at December 31, 2020. Classified and criticized assets decreased $1.6 million to $42.8 million or 4.0% of total assets at March 31, 2021, compared to $44.4 million or 4.3% of total assets at December 31, 2020. Classified and criticized assets remain elevated largely due to the impact of COVID-19 on the hospitality loan portfolio. At March 31, 2021 the Corporation's hotel portfolio totaled $34.6 million, of which $30.1 million was rated classified or criticized. The COVID-19 pandemic has impacted the global and local economies and some customers' ability to continue making timely loan payments. The Bank addressed the challenges of those facing hardship due to the pandemic by granting payment deferrals on 402 loans, which totaled $108.1 million. At March 31, 2021, 29 loans totaling $33.9 million remained on deferral, including loans associated with borrowers within the hospitality industry totaling $30.1 million. The Bank 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. Stockholders’ equity decreased $610,000 to $90.9 million at March 31, 2021 from $91.5 million at December 31, 2020 primarily due to a $2.1 million decrease in accumulated other comprehensive income, partially offset by a $1.4 million increase in retained earnings as a result of $2.2 million of net income available to common stockholders, partially offset by $816,000 of common dividends paid. The Corporation remains well capitalized and is well positioned for continued growth with total stockholders’ equity at 8.5% of total assets. Book value per common share was $31.85 at March 31, 2021, compared to $32.07 at December 31, 2020. 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 “believe”, “expect”, “anticipate”, “estimate”, “should”, “may”, “can”, “will”, “outlook”, “project”, “appears” or similar expressions. 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. 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. INVESTOR RELATIONS CONTACT:William C. MarshChairman, President andChief Executive OfficerPhone: (844) 800-2193 EMCLAIRE FINANCIAL CORPConsolidated Financial Highlights(Unaudited - Dollar amounts in thousands, except share data) CONSOLIDATED OPERATING RESULTS DATA: Three month period ended March 31, 2021 2020 Interest income $9,098 $8,903 Interest expense 1,446 2,213 Net interest income 7,652 6,690 Provision for loan losses 275 792 Noninterest income 1,052 1,025 Noninterest expense 5,814 5,490 Income before provision for income taxes 2,615 1,433 Provision for income taxes 441 243 Net income available to common stockholders $ 2,174 $1,190 Basic earnings per common share $0.80 $0.44 Diluted earnings per common share $0.79 $0.44 Dividends per common share $0.30 $0.30 Return on average assets (1) 0.86% 0.52%Return on average equity (1) 9.63% 5.48%Return on average common equity (1) 10.09% 5.75%Yield on average interest-earning assets 3.85% 4.18%Cost of average interest-bearing liabilities 0.81% 1.31%Cost of funds 0.64% 1.08%Net interest margin 3.24% 3.15%Efficiency ratio 66.13% 70.93% _______________ (1) Returns are annualized for the periods reported. CONSOLIDATED BALANCE SHEET DATA: As of As of 3/31/2021 12/31/2020 Total assets $1,067,711 $1,032,323 Cash and equivalents 57,916 37,439 Securities 141,884 113,056 Loans, net 785,550 800,413 Intangible assets 20,504 20,543 Deposits 926,227 893,627 Borrowed funds 32,050 32,050 Common stockholders' equity 86,664 87,274 Stockholders' equity 90,870 91,480 Book value per common share $31.85 $32.07 Net loans to deposits 84.81% 89.57%Allowance for loan losses to total loans 1.22% 1.18%Nonperforming assets to total assets 0.34% 0.43%Stockholders' equity to total assets 8.51% 8.86%Shares of common stock outstanding 2,721,212 2,721,212

  • Emclaire Financial Corp Reports Earnings for 2020; Announces Annual Meeting Date
    GlobeNewswire

    Emclaire Financial Corp Reports Earnings for 2020; Announces Annual Meeting Date

    EMLENTON, Pa., Jan. 29, 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 $6.6 million, or $2.41 per diluted common share, for the year ended December 31, 2020, a decrease of $1.2 million, or 15.6%, from $7.8 million, or $2.86 per diluted common share, reported for the year ended December 31, 2019. The decrease in net income was largely driven by an increase in the provision for loan losses resulting from record loan growth and current economic uncertainties related to the COVID-19 pandemic. William C. Marsh, Chairman, President and Chief Executive Officer of the Corporation and the Bank, noted, “Despite the most unusual and operationally challenging year, we are extremely pleased with the results for 2020. We achieved solid financial results, grew loans and deposits and successfully navigated the disruptions of the COVID-19 pandemic while keeping the well-being of our shareholders, customers, employees and communities at the forefront. We have and will continue to meet our customer needs and support our communities by operating our banking offices in a safe and socially responsible manner, strengthening our product offerings and delivery channels and providing loan payment relief assistance. We are confident that with our dedicated board of directors, management team and staff, diversified loan portfolio and strong capital position, we will successfully endure these uncertain times.” 2020 OPERATING RESULTS OVERVIEW Net income available to common stockholders decreased $1.2 million, or 15.6%, to $6.6 million, or $2.41 per diluted common share, for the year ended December 31, 2020, compared to net income available to common stockholders of $7.8 million, or $2.86 per diluted common share for 2019. The decrease resulted from a $2.5 million increase in the provision for loan losses and a decrease in noninterest income of $28,000, partially offset by an increase in net interest income of $1.0 million and decreases in noninterest expense and the provision for income taxes of $104,000 and $227,000, respectively. Net interest income increased $1.0 million, or 3.7%, to $29.1 million for the year ended December 31, 2020 from $28.1 million for 2019. The increase in net interest income resulted from an increase in interest income of $1.0 million, or 2.8%, while interest expense decreased a modest $21,000. The increase in interest income was driven by a $90.2 million increase in the average balance of loans outstanding as a result of record loan production and the addition of $54.9 million of Paycheck Protection Program (PPP) loans in the second and third quarters of 2020. The PPP loans are earning an annual interest rate of 1.00% and resulted in $2.1 million of SBA fees which will be accreted into interest income over the life of the loans. During the year ended December 31, 2020, the Corporation recognized $1.6 million of interest income related to the PPP loans. Partially offsetting the increase in income from the additional loan volume, the Corporation experienced a 34 basis point decrease in the yield on loans to 4.32% for the year ended December 31, 2020 from 4.66% for 2019. This was primarily driven by lower yields on new loans resulting from a highly competitive environment, market interest rate decreases during the second half of 2019 and through the first half of 2020 and the addition of the low yielding PPP loans. Without the addition of the PPP loans, the Corporation would have experienced a 35 basis point decrease in the yield on loans to 4.31% for the year ended December 31, 2020. The decrease in interest expense occurred as the average rate on borrowed funds decreased 48 basis points to 2.25% for the year ended December 31, 2020 from 2.73% for 2019 causing a $176,000 decrease in interest expense, partially offset by a $3.4 million increase in the average balance of borrowed funds which added $77,000 in interest expense. Additionally, the Corporation's average balance of interest-bearing deposits increased $48.6 million, or 7.8%, causing a $533,000 increase in interest expense, which was partially offset by a 7 basis point decrease in the rate on interest-bearing deposits to 1.06% for the year ended December 31, 2020 from 1.13% for the same period in 2019 causing a $455,000 decrease in interest expense. The provision for loan losses increased $2.5 million to $3.2 million for the year ended December 31, 2020 from $715,000 for 2019. The increase in the provision for loan losses was due to growth in the residential real estate, commercial real estate and consumer loan portfolios, an increase in the specific pandemic qualitative allowance factor and risk rating changes for loans which were granted payment deferrals. Criticized and classified loans increased $27.4 million during year ended December 31, 2020 to $44.4 million, or 4.3%, of total assets from $17.0 million, or 1.9%, of total assets at December 31, 2019 due to classification changes in the Corporation's hospitality loans resulting from the pandemic. Noninterest income decreased $28,000 to $4.4 million for the year ended December 31, 2020 due to decreases in fees and service charges and earnings on bank-owned life insurance of $659,000 and $165,000, respectively, partially offset by increases in gains on the sales of securities and loans and other noninterest income of $609,000, $127,000 and $60,000, respectively. The decrease in fees and service charges was primarily due to a decline in overdraft charges as the COVID-19 pandemic resulted in widespread government mandated stay-at-home and business shut down orders which dramatically impacted consumer spending. During the year ended December 31, 2020, the Corporation sold a total of $43.9 million of primarily low-yielding mortgage-backed and collateralized mortgage obligation securities and realized a net gain of $687,000. The sale proceeds were utilized to repay $15.0 million of FHLB term advances and purchase higher yielding municipal and corporate securities. The increase in other noninterest income resulted from increases in rental income, ATM surcharge fees and interchange fees. Noninterest expense decreased $104,000 to $22.0 million for the year ended December 31, 2020 from $22.1 million for 2019. The decrease was primarily attributable to decreases in compensation and benefits expense, professional fees and premises and equipment expense of $590,000, $87,000 and $73,000, respectively, partially offset by increases in FDIC insurance expense and other noninterest expense of $265,000 and $393,000, respectively. The increase in FDIC insurance expense primarily related to the Small Bank Assessment credits utilized during 2019, and the increase in other noninterest expense primarily related to prepayment penalties of $238,000 incurred as a result of the aforementioned early repayment of FHLB debt. The provision for income taxes decreased $227,000, or 13.7%, to $1.4 million for the year ended December 31, 2020 from $1.7 million for 2019 as a result of the decrease in net income before provision for income taxes. FOURTH QUARTER OPERATING RESULTS OVERVIEW Net income available to common stockholders increased $899,000, or 61.1%, to $2.4 million, or $0.87 per diluted common share, for the three months ended December 31, 2020, compared to net income of $1.5 million, or $0.54 per diluted common share for same period in 2019. The increase resulted from an increase in net interest income available to common stockholders of $1.5 million and a decrease in noninterest expense of $33,000, partially offset by increases in the provision for loan losses and provision for income taxes of $195,000 and $252,000 respectively, and a decrease in noninterest income of $176,000. Net interest income increased $1.5 million, or 22.1%, to $8.2 million for the three months ended December 31, 2020 from $6.7 million for the same period in 2019. The increase in net interest income resulted from an increase in interest income of $979,000, or 10.9%, while interest expense decreased $514,000, or 22.7%. The increase in interest income was driven by a $137.0 million increase in the average balance of loans outstanding as a result of record loan production during 2020 and the addition of $54.9 million of PPP loans in the second and third quarters of 2020. During the three months ended December 31, 2020, the Corporation recognized $991,000 of interest income related to the PPP loans. Partially offsetting the increase in income from the additional loan volume, the Corporation experienced a 14 basis point decrease in the yield on loan to 4.44% for the three months ended December 31, 2020 from 4.58% for the same period in 2019. Without the addition of the PPP loans, the Corporation would have experienced a 39 basis point decrease in the yield on loans to 4.19% for the three months ended December 31, 2020. The Corporation's cost of funds decreased 28 basis points to 0.76% for the three months ended December 31, 2020 from 1.04% for the same period in 2019, resulting in a $579,000 decrease in interest expense. The decrease in the cost of funds was partially offset by an increase of $61.3 million in interest-bearing deposits to $703.9 million for the three months ended December 31, 2020 from $642.5 million for the same period in 2019, causing a $172,000 increase in interest expense. The provision for loan losses increased $195,000, or 47.6%, to $605,000 for the three months ended December 31, 2020 from $410,000 for the same period in 2019. The increase in the provision for loan losses was due to risk rating changes for the Corporation's hospitality loans which were granted additional payment deferrals as a result of the pandemic. Noninterest income decreased $176,000, or 17.7%, to $819,000 for the three months ended December 31, 2020 from $995,000 for the same period in 2019 due to decreases in earnings on bank-owned life insurance and fees and service charges of $157,000 and $138,000, respectively, partially offset by a $75,000 increase in gains on the sale of loans. The decrease in earnings on bank-owned life insurance was due to a death benefit of $160,000 recorded during the three months ended December 31, 2019. The decrease in fees and service charges was primarily due to a decline in overdraft charges as a result of the COVID-19 pandemic. Noninterest expense decreased $33,000 to $5.4 million for the three months ended December 31, 2020 from $5.5 million for the same period in 2019. The decrease was primarily attributable to decreases in compensation and benefits expense, professional fees and other noninterest expense of $202,000, $38,000 and $23,000, respectively, partially offset by increases in FDIC insurance expense and premises and equipment expense of $204,000 and $29,000, respectively. The increase in FDIC insurance expense primarily related to the Small Bank Assessment credits utilized during 2019. The provision for income taxes increased $252,000, or 86.9%, to $542,000 for the three months ended December 31, 2020 from $290,000 for the same period in 2019 as a result of the increase in net income before provision for income taxes. CONSOLIDATED BALANCE SHEET & ASSET QUALITY OVERVIEW Total assets increased $117.0 million, or 12.8%, to $1.0 billion at December 31, 2020 from $915.3 million at December 31, 2019. The increase in assets was driven primarily by increases in net loans receivable and cash and equivalents of $105.0 million and $22.5 million, respectively, partially offset by a decrease in securities of $7.1 million. Loan balances at December 31, 2020 includes $30.4 million of PPP loans which were funded during the second and third quarters of 2020. In addition, the Bank's commercial mortgage, consumer loan and residential mortgage portfolios grew by $55.7 million, $25.4 million and $14.9 million, respectively, since December 31, 2019. Liabilities increased $111.4 million, or 13.4%, to $940.8 million at December 31, 2020 from $829.4 million at December 31, 2019 due to increases in customer deposits and borrowed funds of $106.5 million and $3.5 million, respectively. The increase in customer deposits was primarily associated with the retention of PPP loan proceeds, consumer economic stimulus payments and a decrease in overall consumer spending resulting from the COVID-19 pandemic. Nonperforming assets increased to $4.4 million, or 0.43% of total assets at December 31, 2020, compared to $3.2 million, or 0.34% of total assets at December 31, 2019. Classified and criticized assets increased $27.4 million to $44.4 million or 4.3% of total assets at December 31, 2020, compared to $17.0 million or 1.9% of total assets at December 31, 2019. The increase in classified and criticized asset balances was largely due to the impact of COVID-19 on the hospitality loan portfolio. At December 31, 2020, the Corporation's hotel portfolio totaled $36.1 million of which $30.1 million was rated classified or criticized. The COVID-19 pandemic has impacted the global and local economies and some customers' ability to continue making timely loan payments. The Bank addressed the challenges of those facing hardship due to the pandemic by granting payment deferrals on 402 loans which totaled $108.1 million. At January 26, 2021, 28 loans totaling $33.6 million remained on deferral while 374 loans totaling $74.5 million have resumed normal repayment. Of the $33.6 million in loans on deferral at January 26, 2021, 18 loans totaling $30.0 million are associated with borrowers within the hospitality industry. The Bank 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. Stockholders’ equity increased $5.6 million, or 6.6%, to $91.5 million at December 31, 2020 from $85.9 million at December 31, 2019 primarily due to a $1.9 million increase in accumulated other comprehensive income and a $3.3 million increase in retained earnings as a result of $6.6 million of net income available to common stockholders, partially offset by $3.3 million of common dividends paid. The Corporation remains well capitalized and is well positioned for continued growth with total stockholders’ equity at 8.9% of total assets. Book value per common share was $32.07 at December 31, 2020, compared to $30.14 at December 31, 2019. ANNUAL SHAREHOLDER MEETING In addition to reporting earnings, the Corporation announced that the annual meeting of shareholders will be held virtually on Wednesday, April 21, 2021 at 9:00 a.m. The voting record date for the purpose of determining shareholders eligible to vote on proposals presented at the meeting will be March 1, 2021. Emclaire Financial Corp is the parent company of The Farmers National Bank of Emlenton, an independent, nationally chartered, FDIC-insured community bank headquartered in Emlenton, Pennsylvania, operating 20 full service banking offices in Venango, Allegheny, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer counties, Pennsylvania and Hancock County, West Virginia. The Corporation's common stock is quoted on and traded through the NASDAQ Capital Market under the symbol "EMCF". For more information, visit the Corporation's website at "www.emclairefinancial.com." 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 “believe”, “expect”, “anticipate”, “estimate”, “should”, “may”, “can”, “will”, “outlook”, “project”, “appears” or similar expressions. 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, the effects of the COVID-19 pandemic on the United States economy and the Corporation, 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. 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. INVESTOR RELATIONS CONTACT:William C. MarshChairman, President andChief Executive OfficerPhone: (844) 800-2193Email: investor.relations@farmersnb.com EMCLAIRE FINANCIAL CORPConsolidated Financial Highlights(Unaudited - Dollar amounts in thousands, except share data) CONSOLIDATED OPERATING RESULTS DATA: Three month period Year ended December 31, ended December 31, 2020 2019 2020 2019 Interest income $9,990 $9,011 $37,147 $36,145 Interest expense 1,754 2,268 8,062 8,083 Net interest income 8,236 6,743 29,085 28,062 Provision for loan losses 605 410 3,247 715 Noninterest income 819 995 4,363 4,391 Noninterest expense 5,442 5,475 22,018 22,122 Income before provision for income taxes 3,008 1,853 8,183 9,616 Provision for income taxes 542 290 1,435 1,662 Net income 2,466 1,563 6,748 7,954 Preferred stock dividends 95 91 186 182 Net income available to common stockholders $2,371 $1,472 $6,562 $7,772 Basic earnings per common share $0.87 $0.54 $2.42 $2.88 Diluted earnings per common share $0.87 $0.54 $2.41 $2.86 Dividends per common share $0.30 $0.29 $1.20 $1.16 Return on average assets (1) 0.95% 0.67% 0.68% 0.88%Return on average equity (1) 10.86% 7.18% 7.61% 9.50%Return on average common equity (1) 10.95% 7.11% 7.76% 9.77%Yield on average interest-earning assets 4.14% 4.18% 4.03% 4.31%Cost of average interest-bearing liabilities 0.95% 1.27% 1.13% 1.22%Cost of funds 0.76% 1.04% 0.91% 1.00%Net interest margin 3.42% 3.18% 3.16% 3.35%Efficiency ratio 59.66% 69.21% 66.32% 67.39% _______________(1) Returns are annualized for the periods reported. CONSOLIDATED BALANCE SHEET DATA: As of As of 12/31/2020 12/31/2019 Total assets $1,032,323 $915,296 Cash and equivalents 37,439 14,986 Securities 113,056 120,126 Loans, net 800,413 695,348 Intangible assets 20,543 20,707 Deposits 893,627 787,124 Borrowed funds 32,050 28,550 Common stockholders' equity 87,274 81,652 Stockholders' equity 91,480 85,858 Book value per common share $32.07 $30.14 Net loans to deposits 89.57% 88.34%Allowance for loan losses to total loans 1.18% 0.93%Nonperforming assets to total assets 0.43% 0.34%Stockholders' equity to total assets 8.86% 9.38%Shares of common stock outstanding 2,721,212 2,708,712