Emclaire Financial Corp (NASDAQ:EMCF) reported Q3 2020 net income available to common stockholders of $1.8 million ($0.66 per diluted share), down 17.1% year-over-year. For the nine months ended September 30, 2020, net income was $4.2 million ($1.54 per diluted share), a 33.5% decline from the same period in 2019. The decrease was attributed to a $895,000 increase in the provision for loan losses amid economic uncertainties from the COVID-19 pandemic. Despite challenges, the bank's total assets rose 13.1% to $1 billion, driven by record loan growth.
Emclaire Financial Corp (NASDAQ:EMCF) reported a significant decline in net income, totaling $1.2 million, or $0.44 per diluted share, for Q2 2020, down 41.3% from $2.0 million in Q2 2019. Year-to-date net income also fell 42.1% to $2.4 million, driven by decreased net interest income, higher loan loss provisions, and increased expenses. However, the bank aided 646 businesses with over $52.4 million in PPP loans. Total assets rose to $1.0 billion, bolstered by an increase in customer deposits. Stockholders’ equity grew by 3.1%, reflecting resilience amidst economic challenges.
Emclaire Financial Corp (NASDAQ: EMCF) announced a quarterly cash dividend of $0.30 per common share, payable on June 19, 2020, to shareholders of record on June 1, 2020. This dividend yields 6.0% based on the stock's closing price of $19.90 on May 19, 2020. CEO William C. Marsh attributed the dividend decision to the corporation's ongoing growth and robust financial performance in recent quarters. Emclaire Financial is the parent company of the Farmers National Bank of Emlenton, operating in multiple locations across Pennsylvania and West Virginia.