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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.

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