Emclaire Financial Corp. - Condensed Financial Statements, Parent Corporation Only

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

18. Emclaire Financial Corp. — Condensed Financial Statements, Parent Corporation Only

Following are condensed financial statements for the parent company as of and for the years ended December 31:

Condensed Balance Sheets (Dollar amounts in thousands)	2011		2010
Assets:
Cash and cash equivalents	$	87	$	55
Securities available for sale		2,644		2,473
Equity in net assets of subsidiaries		48,625		42,292
Other assets		515		451
Total Assets	$	51,871	$	45,271
Liabilities and Stockholders’ Equity:
Short-term borrowed funds with affiliated subsidiary bank	$	1,100	$	1,100
Other short-term borrowed funds		—		5,000
Accrued expenses and other liabilities		41		53
Stockholders’ equity		50,730		39,118
Total Liabilities and Stockholders’ Equity	$	51,871	$	45,271

Condensed Statements of Income (Dollar amounts in thousands)	2011			2010
Income:
Dividends from subsidiaries	$	4,854		$	1,569
Investment income		73			110
Total income		4,927			1,679
Expense:
Interest expense		194			277
Noninterest expense		342			338
Total expense		536			615
Income before income taxes and undistributed subsidiary income		4,391			1,064
Undistributed equity in (distribution in excess of) net income of subsidiary		(652	)		1,919
Net income before income taxes		3,739			2,983
Income tax benefit		(94	)		(86	)
Net income	$	3,833		$	3,069
Comprehensive income	$	6,026		$	2,732

Condensed Statements of Cash Flows (Dollar amounts in thousands)	2011			2010
Operating activities:
Net income	$	3,833		$	3,069
Adjustments to reconcile net income to net cash provided by operating activities:
(Undistributed equity in) distributions in excess of net income of subsidiary		652			(1,919	)
Securities impairment loss recognized in earnings		—			42
Other, net		(16	)		(46	)
Net cash provided by operating activities		4,469			1,146
Investing activities:
Sales (purchases) of investment securities		(52	)		501
Investment in subsidiaries		(4,873	)		(875	)
Net cash used in investing activities		(4,925	)		(374	)
Financing activities:
Net change in borrowings		(5,000	)		—
Proceeds from issuance of common stock		4,576			—
Proceeds from issuance of preferred stock (Series B)		10,000			—
Redemption of preferred stock (Series A)		(7,500	)
Warrant repurchase		(51	)		—
Proceeds from reissuance of treasury stock		—			410
Dividends paid		(1,537	)		(1,185	)
Net cash provided by (used in) financing activities		488			(775	)
Increase (decrease) in cash and cash equivalents		32			(3	)
Cash and cash equivalents at beginning of period		55			58
Cash and cash equivalents at end of period	$	87		$	55