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

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

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

16. 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)	2020		2019
Assets:
Cash and cash equivalents	$	114	$	40
Equity in net assets of subsidiaries		88,132		84,065
Goodwill		5,190		5,190
Other assets		134		171
Total Assets	$	93,570	$	89,466
Liabilities and Stockholders' Equity:
Other short-term borrowed funds	$	2,050	$	2,050
Long-term borrowed funds		—		1,500
Accrued expenses and other liabilities		40		58
Stockholders' equity		91,480		85,858
Total Liabilities and Stockholders' Equity	$	93,570	$	89,466

Condensed Statements of Income
(Dollar amounts in thousands)	2020		2019
Income:
Dividends from subsidiaries	$	5,186	$	4,688
Expense:
Interest expense		118		205
Noninterest expense		710		634
Total expense		828		839
Income before income taxes and undistributed subsidiary income		4,358		3,849
Undistributed equity in net income of subsidiary		2,216		3,922
Net income before income taxes		6,574		7,771
Income tax benefit		174		183
Net income	$	6,748	$	7,954
Comprehensive income	$	8,599	$	8,976

Condensed Statements of Cash Flows
(Dollar amounts in thousands)	2020			2019
Operating activities:
Net income	$	6,748		$	7,954
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in net income of subsidiary		(2,216	)		(3,922	)
Other, net		478			303
Net cash provided by operating activities		5,010			4,335
Financing activities:
Net change in borrowings		(1,500	)		(1,000	)
Dividends paid		(3,436	)		(3,313	)
Net cash used in financing activities		(4,936	)		(4,313	)
Increase (decrease) in cash and cash equivalents		74			22
Cash and cash equivalents at beginning of period		40			18
Cash and cash equivalents at end of period	$	114		$	40