Emclaire Financial Corp (EMCF) has reported a 29.30 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $1.20 million, or $0.55 a share in the quarter, compared with $0.92 million, or $0.43 a share for the same period last year.
Revenue during the quarter grew 10.55 percent to $6.03 million from $5.45 million in the previous year period. Net interest income for the quarter rose 13.89 percent over the prior year period to $5.10 million. Non-interest income for the quarter fell 15.27 percent over the last year period to $0.92 million.
Emclaire Financial Corp has made negative provision of $0.01 million for loan losses during the quarter, compared with a positive provision of $0.11 million in the same period last year.
Net interest margin contracted 8 basis points to 3.26 percent in the quarter from 3.34 percent in the last year period. Efficiency ratio for the quarter improved to 71.41 percent from 77.47 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
William C. Marsh, Chairman, President and Chief Executive Officer of the Corporation and the Bank, noted, "The Board of Directors, management and I are pleased to report strong earnings for Emclaire Financial Corp. We are proud of the achievements that we made in 2016, including our entrance into the Allegheny County, Pennsylvania market through the successful acquisition and integration of United-American Savings Bank (UASB) in April 2016 and the opening of our 17th full-service office in Aspinwall, Pennsylvania in August 2016, while managing expenses and maintaining strong asset quality. We remain focused on sustaining a sound capital base while providing an attractive return to our shareholders to be positioned for future profitable growth."
Assets outpace liabilities growth
Total assets stood at $692.14 million as on Dec. 31, 2016, up 15.24 percent compared with $600.60 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $515.44 million as on Dec. 31, 2016, up 19.90 percent compared with $429.89 million on Dec. 31, 2015. Deposits stood at $584.94 million as on Dec. 31, 2016, up 19.40 percent compared with $489.89 million on Dec. 31, 2015.
Investments stood at $101.56 million as on Dec. 31, 2016, down 10.11 percent or $11.42 million from year-ago. Shareholders equity stood at $54.07 million as on Dec. 31, 2016, up 2.34 percent or $1.23 million from year-ago.
Return on average assets moved up 7 basis points to 0.69 percent in the quarter from 0.62 percent in the last year period. At the same time, return on average equity increased 178 basis points to 8.66 percent in the quarter from 6.88 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.52 percent in the quarter, down from 0.54 percent in the last year period.
Book value per share was $25.12 for the quarter, up 1.95 percent or $0.48 compared to $24.64 for the same period last year.
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