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Emclaire Financial Corp (EMCF)

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28.64+0.14 (+0.49%)
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Previous Close28.50
Open29.39
Bid24.50 x 1100
Ask28.75 x 900
Day's Range28.30 - 28.64
52 Week Range17.25 - 32.00
Volume1,936
Avg. Volume3,560
Market Cap77.935M
Beta (5Y Monthly)0.50
PE Ratio (TTM)10.38
EPS (TTM)2.76
Earnings DateJan 29, 2021
Forward Dividend & Yield1.20 (4.43%)
Ex-Dividend DateFeb 26, 2021
1y Target EstN/A
  • 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 (NASDAQ:EMCF) Looks Like A Good Stock, And It's Going Ex-Dividend Soon
    Simply Wall St.

    Emclaire Financial Corp (NASDAQ:EMCF) Looks Like A Good Stock, And It's Going Ex-Dividend Soon

    Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Emclaire...

  • Emclaire Financial Corp Announces Quarterly Dividend
    GlobeNewswire

    Emclaire Financial Corp Announces Quarterly Dividend

    EMLENTON, Pa., Feb. 17, 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 February 17, 2021 of $0.30 per common share payable on March 19, 2021, to shareholders of record on March 1, 2021. This quarterly dividend reflects an annualized dividend yield of 4.6% based on the stock’s closing price of $26.20 per share on February 16, 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 20 full service 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 NASDAQ under the symbol “EMCF”. For more information visit the Corporation’s web site at www.emclairefinancial.com. CONTACT: William C. Marsh Chairman of the Board, President andChief Executive Officer Phone: (844) 767-2311Email: info@farmersnb.com