Note 16 - Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Balance Sheets
(Dollar amounts in thousands)	2019		2018
Assets:
Cash and cash equivalents	$	40	$	18
Equity in net assets of subsidiaries		84,065		79,302
Goodwill		5,190		5,190
Other assets		171		113
Total Assets	$	89,466	$	84,623
Liabilities and Stockholders' Equity:
Other short-term borrowed funds	$	2,050	$	2,050
Long-term borrowed funds		1,500		2,500
Accrued expenses and other liabilities		58		65
Stockholders' equity		85,858		80,008
Total Liabilities and Stockholders' Equity	$	89,466	$	84,623

Condensed Statements of Income
(Dollar amounts in thousands)	2019		2018
Income:
Dividends from subsidiaries	$	4,688	$	3,316
Investment income		—		10
Net gains on equity securities		—		510
Total income		4,688		3,836
Expense:
Interest expense		205		272
Noninterest expense		634		539
Total expense		839		811
Income before income taxes and undistributed subsidiary income		3,849		3,025
Undistributed equity in net income of subsidiary		3,922		1,125
Net income before income taxes		7,771		4,150
Income tax benefit		183		61
Net income	$	7,954	$	4,211
Comprehensive income	$	8,976	$	3,559

Condensed Statements of Cash Flows
(Dollar amounts in thousands)	2019			2018
Operating activities:
Net income	$	7,954		$	4,211
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in net income of subsidiary		(3,922	)		(1,125	)
Change in fair value of equity securities		—			(510	)
Other, net		303			1,323
Net cash provided by operating activities		4,335			3,899

Investing activities:
Sales of investment securities		—			1,269
Net cash provided by investing activities		—			1,269

Financing activities:
Net change in borrowings		(1,000	)		(2,450	)
Dividends paid		(3,313	)		(2,753	)
Net cash used in financing activities		(4,313	)		(5,203	)
Increase (decrease) in cash and cash equivalents		22			(35	)
Cash and cash equivalents at beginning of period		18			53
Cash and cash equivalents at end of period	$	40		$	18