-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K/mrl4RnDLT4J2d8NlEPWNazslXh2aKak9vlACaZ6uCmF7CQYB7h5kBA8Deo5Zvb XwgbvDaOxlnvYbo+HG1GRg== 0001157523-03-001497.txt : 20030430 0001157523-03-001497.hdr.sgml : 20030430 20030430102838 ACCESSION NUMBER: 0001157523-03-001497 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030417 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMCLAIRE FINANCIAL CORP CENTRAL INDEX KEY: 0000858800 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 251606091 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18464 FILM NUMBER: 03671084 BUSINESS ADDRESS: STREET 1: 612 MAIN ST CITY: EMLENTON STATE: PA ZIP: 16373 BUSINESS PHONE: 7248672311 MAIL ADDRESS: STREET 1: POST OFFICE BOX D STREET 2: 612 MAIN STREET CITY: EMLENTON STATE: PA ZIP: 16373 8-K 1 a4378101.txt EMCLAIRE FINANCIAL 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 -------------- Date of Report (Date of earliest event reported): April 17, 2003 EMCLAIRE FINANCIAL CORP. ------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 000-18464 25-1606091 ------------------ -------------- ---------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 612 Main Street, Emlenton, PA 16373 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (724) 867-2311 EMCLAIRE FINANCIAL CORP. CURRENT REPORT ON FORM 8-K ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits. Exhibit Number Description - -------------- ----------- 99.1 Press Release dated April 17, 2003, issued by Emclaire Financial Corp. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On April 17, 2003, Emclaire Financial Corp. announced its results of operations for the quarter ended March 31, 2003. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety. The information furnished under Item 12 of this Current Report on Form 8-K, including Exhibit 99.1, shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EMCLAIRE FINANCIAL CORP. Date: April 29, 2003 BY: /s/ William C. Marsh ------------------------------ Name: William C. Marsh Title: Principal Financial Officer Secretary/Treasurer Chief Financial Officer EX-99 3 a4378101ex991.txt EXHIBIT 99.1 Exhibit 99.1 Emclaire Financial Corp. Announces First Quarter 2003 Earnings EMLENTON, Pa.--(BUSINESS WIRE)--April 17, 2003--Emclaire Financial Corp. (OTCBB:EMCF), the parent holding company of the Farmers National Bank of Emlenton, reported consolidated net income of $540,000 or $0.41 per share for the three months ended March 31, 2003. Net income for the quarterly period increased $57,000 or 11.8%, as compared to net income of $483,000 or $0.36 per share for the quarter ended March 31, 2002. During the first three months of 2003, total assets increased $7.4 million or 3.1% to $246.0 million from $238.6 million. Loans receivable and investment securities remained steady between year-end 2002 and March 31, 2003, while customer deposits increased $6.8 million or 3.3% during the period to $211.3 million at quarter end. The Corporation remains well capitalized and is positioned for continued growth with total stockholders' equity at March 31, 2003 of $23.0 million or 9.4% of total assets. The Corporation's improved operating results for the quarterly period can primarily be attributed to increased noninterest income and a reduction in the provision for loan losses along with the containment of noninterest expenses as balance sheet growth has continued. As market interest rates have declined and remained historically low, the Corporation has maintained an interest rate spread in excess of 3.80% on a taxable equivalent basis. Net interest income decreased slightly between the two quarterly periods as a result of the collection of $93,000 of interest in the first quarter of 2002 due to the payoff of a previously non-performing commercial real estate loan. Excluding consideration of this payment, net interest income would have increased $48,000 or 2.0% on a taxable equivalent basis. In addition, in September 2002 the Corporation deployed funds totaling $4.0 million in bank-owned life insurance where resulting earnings are classified as noninterest income attributing to the aforementioned increase in noninterest income. David L. Cox, Chairman of the Board, President and Chief Executive Officer, noted that the slight compression in the Corporation's interest rate spread experienced between the first quarter of 2003 and 2002 has been effectively offset by expansion of the balance sheet as the volume of earning assets, fueled by continued deposit growth, has served to stabilize and improve net interest income. Average interest earning assets increased $16.7 million or 8.0% to $224.7 million for the three months ended March 31, 2003, compared to $208.1 million for the same period in the prior year. Average loans increased $7.1 million or 4.3% to $171.1 million for the first three months of 2003 versus $163.9 million for the same period in 2002. In addition, average securities increased $7.5 million or 19.1% to $47.1 million for the first three months of the current year versus $39.6 million in the prior year. The increase in average interest-earning assets can be attributed to continued loan growth as a result of steady market demand, particularly with commercial loan products. Security portfolio growth has been experienced as management seeks to deploy funds, generated by deposit growth that outpaces loan demand, into safe, sound marketable securities where optimal yields can be realized in the current interest rate environment. The yield on interest earning assets decreased 76 basis points to 6.57% for the first quarter of 2003 versus 7.33% for the same quarter in 2002. Increased customer deposits funded loan and security portfolio growth as average deposits increased $16.1 million or 8.5% to $205.6 million for the three months ended March 31, 2003 versus $189.4 million for the same period in the prior year. The Corporation's cost of funds decreased 39 basis points to 2.29% for the first quarter of 2003 versus 2.68% for the same quarter in 2002. The Corporation's asset quality remained strong as nonperforming loans were $1.3 million or 0.76% of total loans, at March 31, 2003, compared to $1.2 million, or 0.68% of total loans, at December 31, 2002. Mr. Cox stated, "The Board of Directors, Senior Management and I are pleased with the continued positive trend in the Corporation's earnings. Recent earnings growth has been a direct reflection of efforts by management and the staff to grow the Bank while offering superior customer service, monitoring costs, ensuring sound asset quality and managing the Corporation's asset/liability mix. We remain committed to providing a sound return to our shareholders through continued prudent community banking." 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". Visit the Bank's website at www.farmersnb.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 ended March 31, 2003 2002 -------------- Interest income $3,544 $3,681 Interest expense 1,217 1,288 -------------- Net interest income 2,327 2,393 Provision for loan losses 75 111 Noninterest income 383 297 Noninterest expense 1,920 1,915 -------------- Net income before provision for income taxes 715 664 Provision for income taxes 175 181 -------------- Net income $540 $483 ============== Net income per share $0.41 $0.36 Dividends per share $0.21 $0.19 Return on annualized average assets 0.91% 0.90% Return on annualized average equity 9.55% 9.15% Yield on average interest-earning assets 6.57% 7.33% Cost of average interest-bearing liabilities 2.70% 3.16% Net interest margin 4.38% 4.82% CONSOLIDATED FINANCIAL CONDITION DATA: As of As of 3/31/2003 12/31/2002 --------------------- Total assets $246,012 $238,577 Cash and equivalents 15,022 7,716 Securities 47,973 48,748 Loans 169,631 169,557 Deposits 211,250 204,425 Borrowed funds 10,000 10,000 Stockholders' equity 23,024 22,680 Book value per share $17.27 $17.02 Net loans to deposits 80.30% 82.94% Allowance for loan losses to total loans 0.95% 0.93% Earning assets to total assets 93.56% 94.68% Stockholders' equity to total assets 9.36% 9.51% Shares common stock outstanding 1,332,835 1,332,835 CONTACT: Emclaire Financial Corp. David L. Cox or William C. Marsh, 724/867-2311 -----END PRIVACY-ENHANCED MESSAGE-----