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Emclaire Financial Corp Reports Quarterly Earnings

EMLENTON, Pa., Oct. 19, 2012 (GLOBE NEWSWIRE) -- Emclaire Financial Corp (Nasdaq:EMCF), the parent holding company of The Farmers National Bank of Emlenton, reported consolidated net income of $669,000 for the three months ended September 30, 2012, compared to $1.0 million for the same period in the prior year. The decline in quarterly earnings was the result of increased provision for loan losses due to the deterioration of a commercial real estate credit relationship. Aside from the charge on this problem credit, results were positive with increases in net interest income and fee income, along with decreases in noninterest expense and the provision for income taxes.

Consolidated net income for the nine month period ended September 30, 2012 was $3.0 million, compared to $2.7 million for the same period in 2011. Contributing to the improvement in year-to-date earnings were increases in net interest income and noninterest income, along with a decrease in noninterest expense, partially offset by the aforementioned increase in the provision for loan losses and an increase in the provision for income taxes.

William C. Marsh, Chairman, President and Chief Executive Officer of the Corporation and the Bank noted, "Although we are disappointed in the increase in nonperforming assets, the associated increase in the provision for loan losses and the resulting impact on the Corporation's operating results for the quarter and year-to-date periods, we continue to experience positive core earnings and balance sheet growth. And while the aforementioned deterioration in one commercial credit relationship has negatively impacted our nonperforming asset levels and ratios, this is not indicative of trends in the Bank's loan portfolios. Our asset quality remains strong and continues to be favorable compared to peer institutions. The positive core earnings and balance sheet growth has been realized in an extremely low national interest rate environment and we are particularly pleased with the growth in our customer deposit base. The focus in the quarters to come will be in deploying excess liquidity currently held in our securities portfolio and from our deposit growth into higher yielding loan assets as well as continuing our strategies of revenue enhancement and management of operating expenses. With sound capital levels, we remain positioned for sustainable franchise growth."

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