This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Emclaire Financial Corp. Reports Increased Second Quarter And Year To Date 2010 Earnings

EMLENTON, Pa., July 23, 2010 (GLOBE NEWSWIRE) -- Emclaire Financial Corp. (Nasdaq:EMCF), the parent company of The Farmers National Bank of Emlenton, reported consolidated net income available to common shareholders of $745,000 or $0.52 per common share for the three months ended June 30, 2010, compared to $310,000 or $0.22 per common share for the same quarter in the prior year.

Net income available to common shareholders was $1.3 million or $0.93 per common share for the current year to date period, compared to $880,000 or $0.61 per common share for the six months ended June 30, 2009. The Corporation realized an annualized return on average common equity of 10.13% for the current year to date period.

The increases in net income of $435,000 and $449,000 for the quarter and year to date periods ended June 30, 2010, respectively, compared to the same periods in 2009, were primarily due to 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.

Net interest income increased $676,000 and $1.1 million for the quarter and six months ended June 30, 2010, respectively, compared to the same periods in 2009, due to an increase in interest earned on loans receivable and securities for both the quarterly and year to date periods, as the Corporation experienced solid balance sheet growth in the loan and investment security portfolios. This growth resulted from the third quarter 2009 purchase of the Titusville banking office from PNC (formerly National City), the Corporation's commitment to business development efforts and a focus on organic growth in existing banking offices during 2009 and year to date 2010. Further contributing to the increase in net interest income, interest expense on deposits decreased by $15,000 and $128,000 for the quarter and six month periods ended June 30, 2010, respectively, compared to the same periods in 2009, as a result of the continued prevailing low national interest rate environment. Partially offsetting these favorable trends, interest expense on borrowed funds increased by $66,000 and $102,000 for the quarter and six month periods ended June 30, 2010, respectively, compared to the same periods in 2009, as a result of a third quarter 2009 $5.0 million advance on a correspondent bank line of credit utilized to facilitate the aforementioned Titusville banking office purchase.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,494.98 -6.67 -0.04%
S&P 500 1,873.86 -1.53 -0.08%
NASDAQ 4,120.3330 -6.6340 -0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs