Exhibit 99.1
Emclaire Financial Corp. Announces Third Quarter and Year to Date 2006 Earnings
EMLENTON, Pa.--(BUSINESS WIRE)--Oct. 20, 2006--Emclaire Financial
Corp. (OTCBB:EMCF), the parent holding company of the Farmers National
Bank of Emlenton, reported consolidated net income of $692,000 or
$0.55 per share for the three months ended September 30, 2006. Net
income for the quarterly period increased $29,000 or 4.4%, as compared
to net income of $663,000 or $0.52 per share for the quarter ended
September 30, 2005. The Corporation's annualized return on average
assets and equity were 0.94% and 11.59%, respectively, for the three
months ended September 30, 2006, versus 0.96% and 10.74%,
respectively, for the same period in the prior year.
Net income for the nine-month period ended September 30, 2006 was
stable at $1.9 million or $1.48 per share with annualized return on
average assets and equity of 0.89% and 10.64%, respectively, for the
current year to date period.
During the nine-month period ended September 30, 2006, total
assets increased $20.0 million or 7.3% to $295.5 million at September
30, 2006, from $275.5 million at December 31, 2005. Investment
securities and cash equivalents decreased $3.7 million and $2.9
million, respectively, between year-end 2005 and September 30, 2006.
Loans receivable, customer deposits and borrowed funds increased $24.8
million, $8.5 million, and $11.0 million, respectively, to $217.4
million, $239.0 million, and $30.5 million, respectively, at September
30, 2006. The Corporation remains well capitalized and is positioned
for continued growth with total stockholders' equity at September 30,
2006 of $24.3 million or approximately 8.2% of total assets.
Emclaire Financial Corp. is the parent company of The Farmers
National Bank of Emlenton, an independent, nationally chartered,
FDIC-insured community bank headquartered in Emlenton, Pennsylvania,
operating ten full service offices in Venango, Butler, Clarion,
Clearfield, Elk and Jefferson counties, Pennsylvania. The
Corporation's common stock is quoted on and traded through the OTC
Electronic Bulletin Board under the symbol "EMCF". For more
information, visit the Corporation's website at
"www.emclairefinancial.com".
This news release may contain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. 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 effect 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.
EMCLAIRE FINANCIAL CORP. AND SUBSIDIARY
Financial Highlights
(Unaudited - Dollar amounts in thousands, except share data)
CONSOLIDATED OPERATING RESULTS DATA:
Three month period Nine month period
ended September 30, ended September 30,
2006 2005 2006 2005
--------- --------- ---------- ----------
Interest income $4,240 $3,733 $11,915 $11,059
Interest expense 1,854 1,405 4,951 4,101
--------- --------- ---------- ----------
Net interest income 2,386 2,328 6,964 6,958
Provision for loan losses 90 40 168 145
Noninterest income 793 920 2,291 2,333
Noninterest expense 2,265 2,386 6,733 6,804
--------- --------- ---------- ----------
Net income before
provision for income
taxes 824 822 2,354 2,342
Provision for income taxes 132 159 474 458
--------- --------- ---------- ----------
Net income $692 $663 $1,880 $1,884
========= ========= ========== ==========
Net income per share $0.55 $0.52 $1.48 $1.49
Dividends per share $0.27 $0.25 $0.81 $0.75
Return on annualized average
assets 0.94% 0.96% 0.89% 0.92%
Return on annualized average
equity 11.59% 10.74% 10.64% 10.40%
Yield on average interest-
earning assets 6.36% 5.95% 6.28% 5.95%
Cost of average interest-
bearing liabilities 3.32% 2.72% 3.13% 2.66%
Net interest margin 3.65% 3.77% 3.74% 3.81%
CONSOLIDATED FINANCIAL CONDITION DATA:
As of As of
9/30/2006 12/31/2005
---------- ----------
Total assets $295,485 $275,517
Cash and equivalents 7,492 10,367
Securities 52,582 56,304
Loans 217,361 192,526
Deposits 239,044 230,503
Borrowed funds 30,500 19,500
Stockholders' equity 24,270 23,615
Book value per share $19.14 $18.63
Net loans to deposits 90.93% 83.52%
Allowance for loan losses to total loans 0.90% 0.96%
Earning assets to total assets 93.00% 92.82%
Stockholders' equity to total assets 8.21% 8.57%
Shares of common stock outstanding 1,267,835 1,267,835
CONTACT: Emclaire Financial Corp.
David L. Cox, Chairman of the Board, President and
Chief Executive Officer
-or-
William C. Marsh, Executive Vice President,
724-867-2311