2020 Year in Review


Emclaire Financial Corp Highlights – 2020 Year In Review


The Farmers National Bank of Emlenton’s parent holding company, Emclaire Financial Corp (NASDAQ: EMCF), a publicly traded Pennsylvania corporation, emerged from the global health crisis and associated economic and social disruptions by posting solid financial results, including eclipsing the $1 billion in assets milestone for the first time in the Company’s history.


Financial highlights for 2020 include:

  • Total assets increased $117 million, or 13%, to $1.0 billion at December 31, 2020 from $915.3 million at December 31, 2019 driven primarily by an increase in loans receivable funded by customer deposits.
  • Loans increased $105 million, or 15%, to $800 million at December 31, 2020 from $695 million at December 31, 2019 as the result of record loan production and purchases.  
  • Deposits grew by $107 million, or 14%, to $894 million at December 31, 2020 from $787 million at December 31, 2019 through increases in public funds and government stimulus deposits coupled with decreased consumer spending. 
  • The strong balance sheet growth, combined with a sharp focus on expense management, generated reported earnings available to common stockholders of $6.6 million or $2.41 per diluted common share for the year ended December 31, 2020. The decrease in earnings from $7.8 million recorded in 2019 was largely driven by an increase in the provision for loans losses resulting from the aforementioned record growth and economic uncertainties related to the pandemic.


At the onset of the pandemic, to keep employees and customers safe, the Bank established a remote work environment and a drive-through and appointment-only banking environment and upgraded technology to make banking more convenient. The Bank and Corporation continue to monitor the changing needs of customers and the community in order to strengthen product offerings and delivery channels throughout the pandemic.  This ongoing effort has included reaching out personally to every customer.


To assist customers facing hardships brought about by the pandemic, the Bank implemented the Small Business Administration’s Paycheck Protection Program, quickly disbursing $55 million in funds to local businesses.  Further assistance to customers struggling to make timely loan payments was granted through payment deferrals on over 400 loans totaling $112 million.


Shareholders of the Corporation’s common stock have enjoyed strong returns over the last three years, with the price increasing from $30.35 per share at December 31, 2017 to $30.63 per share at December 31, 2020.  Investors also have received cash dividends totaling $3.48 per share during this period, resulting in a total return of 12.4% over the last three years.  The dividend yield stood at 3.9% based on the December 31, 2020 closing price of $30.63 per share. 


Through the technology upgrades implemented during the pandemic, and a new enterprise risk management program in place, the Bank is positioned to continue on its path of growth and stability through practicing a culture of true community banking in 2021 and beyond.


Full year financial results will be made available online at www.emclairefinancial.com