Emclaire Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported, interest income of $4,890,000 compared to $5,023,000 for the same period in 2012. Net income was $929,000 for the quarter ended December 31, 2013, compared to $691,000 for the same period in 2012. The increase in quarterly earnings related to a $249,000 increase in net interest income and a $424,000 decrease in the provision for loan losses. The fourth quarter of 2013 included $143,000 in provision for loan losses compared to $567,000 for the same quarter in 2012. Net income available to common stockholders was $874,000, or $0.49 per diluted share compared to $566,000 or $0.32 per common share for the quarter ended December 31, 2012. This increase primarily related to decreases in the provision for loan losses and preferred stock dividends of $424,000 and $70,000, respectively, and increases in net interest income and noninterest income of $249,000 and $17,000, respectively. Net interest income was $4,108,000 against $3,859,000 a year ago. Income before provision for income taxes was $1,131,000 against $789,000 a year ago. The corporation realized an annualized return on average assets and common equity of 0.71% and 8.67%, respectively, for the three months ended December 31, 2013, compared to 0.54% and 5.34%, respectively, for the same period in the prior year.

For the year, the company reported, interest income of $19,598,000 compared to $20,762,000 for the same period in 2012. Net interest income was $15,921,000 against $15,786,000 a year ago. The increase in net interest income primarily resulted from a decrease in interest expense of $1.3 million, or 26.1%, as the Corporation's cost of funds decreased 29 basis points to 0.79% in 2013 from 1.08% in 2012. Income before provision for income taxes was $4,721,000 against $4,588,000 a year ago. Net income available to common stockholders was $3,388,000, or $1.91 per diluted share compared to $3,161,000 or $1.80 per diluted share for the quarter ended December 31, 2012. The increase primarily resulted from decreases in the provision for loan losses, the provision for income taxes and preferred stock dividends of $1.6 million, $21,000 and $73,000, respectively. Net income was $3.8 million for the twelve months ended December 31, 2013, compared to $3.7 million for the twelve months ended December 31, 2012. The increase in earnings was driven by an increase in net interest income and a decrease in the provision for loan losses. The corporation realized a return on average assets of 0.73% and a return on average common equity of 8.32% for the year ended December 31, 2013, compared to 0.70% and 7.56%, respectively, reported for 2012. Tangible book value per common share was $20.04 at December 31, 2013, compared to $20.93 at December 31, 2012. Book value per common share was $22.66 at December 31, 2013, compared to $23.72 at December 31, 2012.