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

12 Months Ended

Dec. 31, 2021

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)	2021		2020
Assets:
Cash and cash equivalents	$	72	$	114
Equity in net assets of subsidiaries		93,649		88,132
Goodwill		5,190		5,190
Other assets		141		134
Total Assets	$	99,052	$	93,570
Liabilities and Stockholders' Equity:
Other Short-term borrowed funds	$	2,050	$	2,050
Accrued expenses and other liabilities		43		40
Stockholders' equity		96,959		91,480
Total Liabilities and Stockholders' Equity	$	99,052	$	93,570

Condensed Statements of Income
(Dollar amounts in thousands)	2021		2020
Income:
Dividends from subsidiaries	$	3,612	$	5,186
Expense:
Interest expense		88		118
Noninterest expense		736		710
Total expense		824		828
Income before income taxes and undistributed subsidiary income		2,788		4,358
Undistributed equity in net income of subsidiary		7,210		2,216
Net income before income taxes		9,998		6,574
Income tax benefit		173		174
Net income	$	10,171	$	6,748
Comprehensive income	$	8,478	$	8,599

Condensed Statements of Cash Flows
(Dollar amounts in thousands)	2021			2020
Operating activities:
Net income	$	10,171		$	6,748
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in net income of subsidiary		(7,210	)		(2,216	)
Other, net		459			478
Net cash provided by operating activities		3,420			5,010
Financing activities:
Net change in borrowings		—			(1,500	)
Dividends paid		(3,462	)		(3,436	)
Net cash used in financing activities		(3,462	)		(4,936	)
Increase (decrease) in cash and cash equivalents		(42	)		74
Cash and cash equivalents at beginning of period		114			40
Cash and cash equivalents at end of period	$	72		$	114