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Emclaire Financial Corp Reports 2012 Earnings; Announces Annual Meeting Date

EMLENTON, Pa., Feb. 1, 2013 (GLOBE NEWSWIRE) -- Emclaire Financial Corp (Nasdaq:EMCF), the parent holding company of The Farmers National Bank of Emlenton, reported consolidated net income of $3.7 million for the twelve months ended December 31, 2012, compared to $3.8 million for the same period in 2011. The results for 2012 were impacted by an increase in the provision for loan losses, which overshadowed growth in recurring revenue and reductions in noninterest expense. The Corporation realized a return on average assets of 0.70% and a return on average common equity of 7.56% for the year ended December 31, 2012, compared to 0.78% and 8.98%, respectively, reported for 2011.

Net income was $691,000 for the quarter ended December 31, 2012, compared to $1.2 million for the same period in 2011. The fourth quarter of 2012 included $567,000 in provision for loan losses compared to $100,000 for the same quarter in 2011.

William C. Marsh, Chairman, President and Chief Executive Officer of the Corporation and the Bank, noted, "The Board of Directors, management and I are pleased with core earnings for 2012 and the continued growth of our franchise. During this past year, despite the increase in nonperforming assets, the provision for loans losses, and the corresponding impact on earnings, we have seen increases in net interest income and core noninterest revenues and have continued our disciplined management of operating expenses. Further, we continue to maintain a sound capital base while providing a solid return to our shareholders and we are well positioned for future growth opportunities."


Net income available to common stockholders decreased $155,000, or 4.7%, to $3.2 million or $1.80 per common share in 2012, compared to $3.3 million or $1.98 per common share in 2011. The decrease primarily related to a $1.7 million increase in the provision for loan losses, which was partially offset by increases in net interest income and noninterest income of $379,000 and $1.1 million, respectively, and decreases in noninterest expense and the provision for income taxes of $108,000 and $16,000, respectively.

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