Emclaire Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's net income available to common stockholders decreased $326,000, or 26.1%, to $925,000 or $0.43 per diluted common share for the quarter ended December 31, 2015 compared to $1.3 million or $0.70 per diluted common share for the same period in 2014. This decrease in net income available to common stockholders primarily related to a decrease in net interest income of $427,000 and an increase in noninterest expense of $283,000, partially offset by an increase in noninterest income of $201,000 and decreases in provision for loan losses, provision for income taxes and preferred stock dividends of $49,000, $109,000 and $25,000, respectively. The Corporation realized an annualized return on average assets and common equity of 0.62% and 6.88%, respectively, compared to 0.86% and 11.32%, respectively, for the same period in 2014. Tangible book value per common share was $22.67 at December 31, 2015, compared to $21.66 at December 31, 2014. Net interest income was $4,477,000 compared to $4,904,000 a year ago. Income before provision for income taxes was $1,189,000 compared to $1,649,000 a year ago. Book value per common share was $24.64.

For the full year, the company's consolidated net income available to common stockholders of $4.1 million, or $2.05 per diluted common share, an increase of $162,000, or 4.1%, from $3.9 million, or $2.20 per diluted common share, reported for the same period in 2014. The increase in net income available to common stockholders was primarily driven by an increase in net interest income and a decrease in provision for loan losses, partially offset by increases in noninterest expense and provision for income taxes. The decrease in earnings per common share for the year ended December 31, 2015 compared to 2014 was due to additional shares issued in the second quarter of 2015 as a result of the successful private common stock offering, which raised $8.2 million. The Corporation realized a return on average assets of 0.70% and a return on average common equity of 8.34% compared to 0.70% and 9.24%, respectively, reported for 2014. Net interest income was $17,747,000 compared to $17,235,000 a year ago. The increase in net interest income resulted from an increase in interest income of $320,000, or 1.6%, and a decrease in interest expense of $192,000, or 6.3%. Income before provision for income taxes was $5,295,000 compared to $5,065,000 a year ago.