EMCLAIRE FINANCIAL (EMCF) has reported 19.20 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $0.96 million in the quarter, compared with $0.80 million for the same period last year.
Revenue during the quarter grew 14.35 percent to $5.85 million from $5.12 million in the previous year period. Net interest income for the quarter rose 14.15 percent over the prior year period to $5.16 million. Non-interest income for the quarter rose 9.74 percent over the last year period to $0.86 million.
EMCLAIRE FINANCIAL has made provision of $0.16 million for loan losses during the quarter, down 10.50 percent from $0.18 million in the same period last year.
Net interest margin contracted 1 basis points to 3.31 percent in the quarter from 3.32 percent in the last year period. Efficiency ratio for the quarter deteriorated to 74.20 percent from 72.82 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
William C. Marsh, chairman, president and chief executive officer of the Corporation and the Bank, noted, "The Board of Directors, management and I are pleased to report strong first quarter earnings and balance sheet growth. We realized significant loan production and deposit growth across our franchise during the first quarter and are gaining momentum in the newly entered Allegheny County market, while continuing to manage expenses and maintaining strong asset quality. We remain focused on sustaining a sound capital base while providing an attractive return to our shareholders and are well-positioned for future profitable growth."
Investments stood at $101.56 million as on Mar. 31, 2017. Shareholders equity was at $54.07 million as on Mar. 31, 2017.
Return on average assets moved up 3 basis points to 0.56 percent in the quarter from 0.53 percent in the last year period. At the same time, return on average equity increased 110 basis points to 7.12 percent in the quarter from 6.02 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.05 percent in the quarter.
Book value per share was $25.44 for the quarter.
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