EMCLAIRE FINANCIAL CORP - 10-K filing on 2014-03-21

Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only

12 Months Ended

Dec. 31, 2013

17. 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)	2013		2012
Assets:
Cash and cash equivalents	$	67	$	38
Securities available for sale		2,353		2,301
Equity in net assets of subsidiaries		45,636		50,299
Other assets		572		500
Total Assets	$	48,628	$	53,138

Liabilities and Stockholders' Equity:
Short-term borrowed funds with affiliated subsidiary bank	$	1,375	$	1,375
Other short-term borrowed funds		2,150		-
Accrued expenses and other liabilities		31		38
Stockholders' equity		45,072		51,725
Total Liabilities and Stockholders' Equity	$	48,628	$	53,138

Condensed Statements of Income

(Dollar amounts in thousands)	2013		2012
Income:
Dividends from subsidiaries	$	4,872	$	1,207
Investment income		103		398
Total income		4,975		1,605

Expense:
Interest expense		72		38
Noninterest expense		396		321
Total expense		468		359
Income before income taxes and undistributed subsidiary income		4,507		1,246
Undistributed equity in (distribution in excess of) net income of subsidiary		(779)		2,458
Net income before income taxes		3,728		3,704
Income tax expense (benefit)		(80)		50
Net income	$	3,808	$	3,654
Comprehensive income (loss)	$	(42)	$	2,800

Condensed Statements of Cash Flows

(Dollar amounts in thousands)	2013		2012
Operating activities:
Net income	$	3,808	$	3,654
Adjustments to reconcile net income to net cash provided by operating activities:
(Undistributed equity in) distributions in excess of net income of subsidiary		779		(2,458)
Realized gains on sales of available for sale securities, net		-		(424)
Securities impairment loss recognized in earnings		-		103
Other, net		75		161
Net cash provided by operating activities		4,662		1,036

Investing activities:
Sales (purchases) of investment securities		-		558
Net cash provided by investing activities		-		558

Financing activities:
Net change in borrowings		2,150		275
Redemption of preferred stock (Series B)		(5,000)		-
Proceeds from exercise of stock options, including tax benefit		47		12
Dividends paid		(1,830)		(1,930)
Net cash used in financing activities		(4,633)		(1,643)

Increase (decrease) in cash and cash equivalents		29		(49)
Cash and cash equivalents at beginning of period		38		87
Cash and cash equivalents at end of period	$	67	$	38