Emclaire Financial, the parent holding company of The Farmers National Bank of Emlenton and Emclaire Settlement Services, has reported a consolidated net income of $668,000, or $0.40 per common share, for the first quarter of 2009, an increase of 19.5% compared to $559,000, or $0.44 per common share, for the same quarter of 2008.
The company has said that the increase in net income of $109,000 for the first quarter of 2009, compared to the same period in 2008, was due to increases in net interest income and noninterest income, partially offset by increases in the provision for loan losses, noninterest expense and the provision for income taxes.
Net interest income for the first quarter of 2009 was $3.06m, compared to $2.54m in the corresponding quarter of 2008. Income before provision for income taxes was $862,000, compared to $730,000 in the corresponding period of 2008.
During the first quarter ended March 31, 2009, total assets increased $6.5m to $382.2m from $375.7m at December 31, 2008.
William Marsh, chairman of the board, president and CEO, said: The board of directors and I are pleased with our recent growth and optimistic about continued expansion projects. We have realised ongoing positive financial results in a difficult economic and regulatory environment. The addition of the Titusville office and our loan and deposit growth through the existing branch network should continue to yield favorable earnings results.
