Emclaire Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
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.