Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Emclaire Financial Corp – Condensed Financial Statements, Parent Corporation Only

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)	2017		2016
Assets:
Cash and cash equivalents	$	53	$	20
Securities available for sale	1,691		2,056
Equity in net assets of subsidiaries	63,194		59,078
Other assets	1,218		982
Total Assets	$	66,156	$	62,136
Liabilities and Stockholders' Equity:
Short-term borrowed funds with affiliated subsidiary bank	$	1,000	$	1,000
Other short-term borrowed funds	2,500		2,500
Long-term borrowed funds	3,500		4,500
Accrued expenses and other liabilities	65		63
Stockholders' equity	59,091		54,073
Total Liabilities and Stockholders' Equity	$	66,156	$	62,136

Condensed Statements of Income
(Dollar amounts in thousands)	2017		2016
Income:
Dividends from subsidiaries	$	3,138	$	3,132
Investment income	62		66
Net gain on sales of available for sale securities	168		—
Total income	3,368		3,198
Expense:
Interest expense	340		265
Noninterest expense	463		392
Total expense	803		657
Income before income taxes and undistributed subsidiary income	2,565		2,541
Undistributed equity in net income of subsidiary	1,529		1,244
Net income before income taxes	4,094		3,785
Income tax benefit	183		201
Net income	$	4,277	$	3,986
Comprehensive income	$	4,113	$	3,257

16. Emclaire Financial Corp – Condensed Financial Statements, Parent Corporation Only (continued)

Condensed Statements of Cash Flows
(Dollar amounts in thousands)	2017			2016
Operating activities:
Net income	$	4,277		$	3,986
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in net income of subsidiary	(1,529		)	(1,244		)
Realized gains on sales of available for sale securities, net	(168		)	—
Other, net	35			(101		)
Net cash provided by operating activities	2,615			2,641
Investing activities:
Sales of investment securities	417			—
Investment in subsidiaries	(1,000		)	(7,500		)
Net cash used in investing activities	(583		)	(7,500		)
Financing activities:
Net change in borrowings	(1,000		)	7,000
Proceeds from exercise of stock options	1,375			4
Dividends paid	(2,374		)	(2,232		)
Net cash provided by (used in) financing activities	(1,999		)	4,772
Increase (decrease) in cash and cash equivalents	33			(87		)
Cash and cash equivalents at beginning of period	20			107
Cash and cash equivalents at end of period	$	53		$	20