Emclaire Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
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.