Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only

12 Months Ended

Dec. 31, 2015

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)	2015		2014

Assets:
Cash and cash equivalents	$	107	$	20
Securities available for sale		1,834		2,643
Equity in net assets of subsidiaries		51,209		49,138
Other assets		848		628
Total Assets	$	53,998	$	52,429

Liabilities and Stockholders' Equity:
Short-term borrowed funds with affiliated subsidiary bank	$	1,000	$	1,375
Other short-term borrowed funds		-		3,000
Accrued expenses and other liabilities		159		64
Stockholders' equity		52,839		47,990
Total Liabilities and Stockholders' Equity	$	53,998	$	52,429

Condensed Statements of Income
(Dollar amounts in thousands)	2015		2014
Income:
Dividends from subsidiaries	$	2,731	$	1,843
Investment income		376		91
Total income		3,107		1,934
Expense:
Interest expense		111		139
Noninterest expense		667		441
Total expense		778		580
Income before income taxes and undistributed subsidiary income		2,329		1,354
Undistributed equity in net income of subsidiary		1,688		2,562
Net income before income taxes		4,017		3,916
Income tax benefit		137		101
Net income	$	4,154	$	4,017
Comprehensive income	$	3,390	$	4,299

Condensed Statements of Cash Flows
(Dollar amounts in thousands)	2015		2014
Operating activities:
Net income	$	4,154	$	4,017
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in net income of subsidiary		(1,688)		(2,562)
Realized gains on sales of available for sale securities, net		(298)		-
Other, net		134		77
Net cash provided by operating activities		2,302		1,532

Investing activities:
Sales (purchases) of investment securities		885		-
Investment in subsidiaries		(1,000)		(850)
Net cash provided by investing activities		(115)		(850)

Financing activities:
Net change in borrowings		(3,375)		850
Proceeds from issuance of common stock		8,151		-
Redemption of preferred stock (Series B)		(5,000)		-
Proceeds from exercise of stock options, including tax benefit		81		79
Dividends paid		(1,957)		(1,658)
Net cash used in financing activities		(2,100)		(729)

Increase (decrease) in cash and cash equivalents		87		(47)
Cash and cash equivalents at beginning of period		20		67
Cash and cash equivalents at end of period	$	107	$	20