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

12 Months Ended

Dec. 31, 2012

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)	2012		2011
Assets:
Cash and cash equivalents	$	38	$	87
Securities available for sale		2,301		2,644
Equity in net assets of subsidiaries		50,299		48,625
Other assets		500		515
Total Assets	$	53,138	$	51,871
Liabilities and Stockholders' Equity:
Short-term borrowed funds with affiliated subsidiary bank	$	1,375	$	1,100
Accrued expenses and other liabilities		38		41
Stockholders' equity		51,725		50,730
Total Liabilities and Stockholders' Equity	$	53,138	$	51,871

Condensed Statements of Income
(Dollar amounts in thousands)	2012		2011
Income:
Dividends from subsidiaries	$	1,207	$	5,287
Investment income		398		73
Total income		1,605		5,360
Expense:
Interest expense		38		194
Noninterest expense		321		342
Total expense		359		536
Income before income taxes and undistributed subsidiary income		1,246		4,824
Undistributed equity in (distribution in excess of) net income of subsidiary		2,458		(1,085	)
Net income before income taxes		3,704		3,739
Income tax expense (benefit)		50		(94	)
Net income	$	3,654	$	3,833
Comprehensive income	$	2,800	$	6,026

Condensed Statements of Cash Flows
(Dollar amounts in thousands)	2012			2011
Operating activities:
Net income	$	3,654		$	3,833
Adjustments to reconcile net income to net cash provided by operating activities:
(Undistributed equity in) distributions in excess of net income of subsidiary		(2,458	)		652
Realized gains on sales of available for sale securities, net		(424	)		-
Securities impairment loss recognized in earnings		103			-
Other, net		161			(16	)
Net cash provided by operating activities		1,036			4,469
Investing activities:
Sales (purchases) of investment securities		558			(52	)
Investment in subsidiaries		-			(4,873	)
Net cash provided by (used in) investing activities		558			(4,925	)
Financing activities:
Net change in borrowings		275			(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 exercise of stock options, including tax benefit		12			-
Dividends paid		(1,930	)		(1,537	)
Net cash provided by (used in) financing activities		(1,643	)		488
Increase (decrease) in cash and cash equivalents		(49	)		32
Cash and cash equivalents at beginning of period		87			55
Cash and cash equivalents at end of period	$	38		$	87