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Emclaire Financial

Nasdaq:EMCF
Snowflake Description

Flawless balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EMCF
Nasdaq
$97M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Emclaire Financial Corp operates as the bank holding company for The Farmers National Bank of Emlenton that provides retail and commercial financial products and services to individuals and businesses in western Pennsylvania. The last earnings update was 68 days ago. More info.


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EMCF Share Price and Events
7 Day Returns
14.8%
NasdaqCM:EMCF
-1%
US Banks
0.6%
US Market
1 Year Returns
2.4%
NasdaqCM:EMCF
-6.5%
US Banks
4.1%
US Market
EMCF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Emclaire Financial (EMCF) 14.8% 15.4% 20.2% 2.4% 47.8% 36.9%
US Banks -1% 2.4% -1.5% -6.5% 44.7% 46%
US Market 0.6% 3.8% 2.8% 4.1% 37.3% 42.5%
1 Year Return vs Industry and Market
  • EMCF outperformed the Banks industry which returned -6.5% over the past year.
  • EMCF underperformed the Market in United States of America which returned 4.1% over the past year.
Price Volatility
EMCF
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Emclaire Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Emclaire Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Emclaire Financial.

NasdaqCM:EMCF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $25.92 * 7.2%
$1.87
Book Value of Equity per Share Median Book Value from the past 5 years. $25.92
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqCM:EMCF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.594 (1 + (1- 21%) (38.21%))
0.848
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.848 * 5.96%)
7.79%

Discounted Cash Flow Calculation for NasdaqCM:EMCF using Excess Returns Model Model

The calculations below outline how an intrinsic value for Emclaire Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqCM:EMCF Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.2% – 7.79%) * $25.92)
$-0.15
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.15 / (7.79% - 2.73%)
$-2.91
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $25.92 + $-2.91
$23.02
NasdaqCM:EMCF Discount to Share Price
Calculation Result
Value per share (USD) From above. $23.02
Current discount Discount to share price of $36.00
= -1 x ($36.00 - $23.02) / $23.02
-56.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Emclaire Financial is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Emclaire Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Emclaire Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqCM:EMCF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.95
NasdaqCM:EMCF Share Price ** NasdaqCM (2019-07-17) in USD $36
United States of America Banks Industry PE Ratio Median Figure of 593 Publicly-Listed Banks Companies 12.75x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Emclaire Financial.

NasdaqCM:EMCF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqCM:EMCF Share Price ÷ EPS (both in USD)

= 36 ÷ 1.95

18.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Emclaire Financial is overvalued based on earnings compared to the US Banks industry average.
  • Emclaire Financial is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Emclaire Financial's expected growth come at a high price?
Raw Data
NasdaqCM:EMCF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
11.2%per year
United States of America Banks Industry PEG Ratio Median Figure of 270 Publicly-Listed Banks Companies 1.28x
United States of America Market PEG Ratio Median Figure of 2,122 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Emclaire Financial, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Emclaire Financial's assets?
Raw Data
NasdaqCM:EMCF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $28.86
NasdaqCM:EMCF Share Price * NasdaqCM (2019-07-17) in USD $36
United States of America Banks Industry PB Ratio Median Figure of 593 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,241 Publicly-Listed Companies 1.81x
NasdaqCM:EMCF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqCM:EMCF Share Price ÷ Book Value per Share (both in USD)

= 36 ÷ 28.86

1.25x

* Primary Listing of Emclaire Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Emclaire Financial is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess Emclaire Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Emclaire Financial has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Emclaire Financial expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Emclaire Financial, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Emclaire Financial expected to grow at an attractive rate?
  • Emclaire Financial's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Emclaire Financial's earnings growth is positive but not above the United States of America market average.
  • Unable to compare Emclaire Financial's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqCM:EMCF Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqCM:EMCF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 11.2%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 2.7%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqCM:EMCF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqCM:EMCF Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 30 6 5
2018-12-31 29 7 4
2018-09-30 27 6 5
2018-06-30 26 9 5
2018-03-31 25 9 5
2017-12-31 25 8 4
2017-09-30 24 9 5
2017-06-30 24 8 4
2017-03-31 23 6 4
2016-12-31 23 6 4
2016-09-30 22 5 4
2016-06-30 22 6 4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Emclaire Financial's earnings are expected to grow by 11.2% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Emclaire Financial is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqCM:EMCF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Emclaire Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:EMCF Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.95
2018-12-31 1.73
2018-09-30 1.99
2018-06-30 2.24
2018-03-31 2.10
2017-12-31 1.95
2017-09-30 2.26
2017-06-30 1.97
2017-03-31 1.93
2016-12-31 1.86
2016-09-30 1.73
2016-06-30 1.94

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Emclaire Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Emclaire Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Emclaire Financial has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Emclaire Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Emclaire Financial's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Emclaire Financial's year on year earnings growth rate has been positive over the past 5 years.
  • Emclaire Financial's 1-year earnings growth is less than its 5-year average (3.4% vs 5.5%)
  • Emclaire Financial's earnings growth has not exceeded the US Banks industry average in the past year (3.4% vs 40.8%).
Earnings and Revenue History
Emclaire Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Emclaire Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:EMCF Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 30.24 4.84 15.33
2018-12-31 28.50 4.12 14.75
2018-09-30 26.80 4.51 14.10
2018-06-30 26.13 5.06 13.76
2018-03-31 25.22 4.68 13.52
2017-12-31 24.71 4.28 13.36
2017-09-30 24.14 4.90 13.24
2017-06-30 23.76 4.25 13.24
2017-03-31 23.41 4.14 13.01
2016-12-31 22.67 3.99 12.65
2016-09-30 22.10 3.72 12.42
2016-06-30 22.16 4.15 12.09
2016-03-31 21.66 4.13 11.91
2015-12-31 21.46 4.08 11.93
2015-09-30 21.64 4.40 11.80
2015-06-30 20.67 3.91 11.57
2015-03-31 20.29 3.86 11.31
2014-12-31 20.65 3.92 11.07
2014-09-30 19.89 3.54 10.75
2014-06-30 19.84 3.51 10.68
2014-03-31 19.82 3.47 10.69
2013-12-31 19.20 3.39 10.61
2013-09-30 18.51 3.08 10.31
2013-06-30 17.71 2.66 10.11
2013-03-31 18.17 2.98 10.02
2012-12-31 18.53 3.16 10.05
2012-09-30 19.13 3.63 10.14

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Emclaire Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Emclaire Financial used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Emclaire Financial improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Emclaire Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Emclaire Financial has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Emclaire Financial's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Emclaire Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Emclaire Financial Company Filings, last reported 3 months ago.

NasdaqCM:EMCF Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 82.09 35.30 13.97
2018-12-31 80.01 45.35 17.69
2018-09-30 59.61 19.80 22.68
2018-06-30 59.49 20.05 30.58
2018-03-31 58.88 20.30 17.18
2017-12-31 59.09 26.00 14.37
2017-09-30 59.75 41.25 40.26
2017-06-30 56.65 41.50 34.72
2017-03-31 54.76 36.75 15.20
2016-12-31 54.07 44.00 17.57
2016-09-30 55.22 37.25 26.80
2016-06-30 54.85 37.50 38.56
2016-03-31 54.01 35.00 16.90
2015-12-31 52.84 49.25 11.55
2015-09-30 53.40 16.40 12.27
2015-06-30 56.90 22.50 11.91
2015-03-31 49.06 18.00 22.27
2014-12-31 47.99 21.50 11.86
2014-09-30 47.94 17.15 35.32
2014-06-30 47.46 17.15 37.49
2014-03-31 45.95 17.15 28.77
2013-12-31 45.07 44.15 16.66
2013-09-30 44.66 46.65 14.64
2013-06-30 49.61 25.50 11.41
2013-03-31 51.87 20.00 23.45
2012-12-31 51.73 20.00 20.42
2012-09-30 52.17 20.00 23.03
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Emclaire Financial has an acceptable proportion of non-loan assets held.
  • Emclaire Financial's liabilities are made up of primarily low risk sources of funding.
  • Loans at Emclaire Financial are broadly funded by customer deposits.
  • Emclaire Financial's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Emclaire Financial has a sufficient allowance for bad loans.
  • Emclaire Financial has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Emclaire Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Emclaire Financial has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Emclaire Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.22%
Current annual income from Emclaire Financial dividends.
If you bought $2,000 of Emclaire Financial shares you are expected to receive $64 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Emclaire Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Emclaire Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqCM:EMCF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqCM:EMCF Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-23 1.160 3.588
2019-02-20 1.160 3.757
2018-11-21 1.120 3.611
2018-08-15 1.120 3.152
2018-05-23 1.120 3.169
2018-02-21 1.120 3.441
2017-11-15 1.080 3.451
2017-08-17 1.080 3.762
2017-05-17 1.080 3.872
2017-05-16 1.080 3.734
2017-04-26 1.080 3.665
2016-11-16 1.040 3.756
2016-08-18 1.040 4.230
2016-05-18 1.040 4.269
2016-02-19 1.040 4.299
2015-11-18 0.960 4.010
2015-08-19 0.960 4.071
2015-05-28 0.960 4.028
2015-02-18 0.960 3.824
2014-11-21 0.880 3.508
2014-08-20 0.880 3.523
2014-05-21 0.880 3.377
2014-02-19 0.880 3.448
2013-11-20 0.800 3.213
2013-08-21 0.800 3.173
2013-05-22 0.800 3.221
2013-02-20 0.800 3.264
2012-11-21 0.720 3.404
2012-08-16 0.720 3.215
2012-05-22 0.720 3.651
2012-02-15 0.720 3.939
2011-11-17 0.640 4.096
2011-08-24 0.640 4.113
2011-05-18 0.640 3.955
2011-02-22 0.640 3.648
2010-11-22 0.560 3.316
2010-08-19 0.560 3.452
2010-05-20 0.560 3.552
2010-02-18 0.560 3.732
2010-02-02 0.740 5.083
2009-11-19 0.560 4.021
2009-08-25 0.560 3.420
2009-05-26 0.560 3.120
2009-02-18 1.280 6.095
2008-10-30 1.360 6.041
2008-08-26 1.280 5.630

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Emclaire Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Emclaire Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Emclaire Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Emclaire Financial has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Emclaire Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Marsh
COMPENSATION $665,758
AGE 52
TENURE AS CEO 10.5 years
CEO Bio

Mr. William C. Marsh, also known as Bill, has been the Chairman of the Board, Chief Executive Officer and President of Emclaire Financial Corp. since January 1, 2009. Mr. Marsh has been the Chairman of the Board of The Farmers National Bank of Emlenton since January 1, 2009 and its Chief Executive Officer and President since July 1, 2007. He served as Chief Financial Officer, Treasurer and Executive Vice President of Emclaire Financial Corp., since June 2006 until June 2007 and served as Chief Financial Officer and Executive Vice President for its subsidiary, The Farmers National Bank of Emlenton from June 2006 to June 2007. He served as Chief Financial Officer and Treasurer of Camco Financial Corp. From February 2006 to June 2006, he served as Executive Vice President and Chief Financial Officer of Allegheny Valley BanCorp. Inc. and Allegheny Valley Bank of Pittsburgh. From March 2005 to February 2006, he served as Chief Financial Officer of InterTECH Security LLC and Senior Vice President at Emclaire Financial Corp., from August 2001 to October 2003. He served as Senior Vice President, Chief Financial Officer and Treasurer of NSD BanCorp. Inc., since October 8, 2003 until January 1, 2009 and Senior Vice President, Chief Financial Officer and Treasurer of North Side Bank, a subsidiary of NSD BanCorp. Inc. from October 2003 to February 2005. Mr. Marsh also served as Principal Accounting Officer of NSD BanCorp. Inc. and North Side Bank. He was CFO at First Financial Corporation of Western Maryland. He was Executive Vice President at First Federal Savings Bank of Western Maryland. He served as Secretary and Treasurer of Emclaire Financial Corp., from 2001 to October 3, 2003. He served as Senior Vice President and Chief Financial Officer of The Farmers National Bank of Emlenton from August 2001 to October 3, 2003 and also its Treasurer and Secretary from 2001 to October 31, 2003. He also served as Principal Accounting Officer of Emclaire Financial Corp. and The Farmers National Bank of Emlenton. From September 1999 to November 2000, he served as Corporate Controller for AquaSource, Inc.; from August 1998 to September 1999, he served as Senior Vice President and Chief Financial Officer of Pennsylvania Capital Bank. From June 1997 to August 1998, he served as Vice President and Treasurer/Controller of ESB Financial Corp. Prior to August 2001, he was self-employed as a Certified Public Accountant. He served as a Manager in the financial services audit practice of KPMG, LLP in Pittsburgh, PA. Mr. Marsh has been a Director of Emclaire Financial Corp., and The Farmers National Bank of Emlenton since 2006. He has been a Director of Federal Home Loan Bank of Pittsburgh since January 1, 2012. He served as an Advisory Board Member of Beaver Steel Services, Inc. from 2010 to 2011. He is a Member of the Pennsylvania Association of Community Bankers, the American Institute of Certified Public Accountants, the Pennsylvania Institute of Certified Public Accountants, the American Bankers Association and the Financial Managers Society. He was a Board Member of the Allegheny-Clarion Valley Kiwanis from 2006 to 2012. He was a Director, the Board of Directors of the Community Development Corporation of Butler County from 2008 to 2015. He is a Vice Chairman of the Board's Affordable Housing, Products and Services (AHPS). He was the Chairman of the Board of Directors of the Pennsylvania Bankers Association. He was an Advisory Board Member for the Federal Reserve Bank of Cleveland’s Community Depository Institutions Advisory Council from 2011 to 2015. He was an Advisory Board Member for the Clarion University of Pennsylvania College of Business Administration Advisory Council. Mr. Marsh graduated from Clarion University of Pennsylvania in 1998.

CEO Compensation
  • Bill's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bill's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Emclaire Financial management team in years:

6.3
Average Tenure
52
Average Age
  • The average tenure for the Emclaire Financial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bill Marsh

TITLE
Chairman
COMPENSATION
$666K
AGE
52
TENURE
10.5 yrs

David Cox

TITLE
Vice Chairman of the Board
COMPENSATION
$81K
AGE
68

Jennifer Poulsen

TITLE
Secretary & COO
COMPENSATION
$284K
AGE
49

Bob Vernick

TITLE
Chief Lending & Business Development Officer and Senior VP
COMPENSATION
$239K
AGE
52

Amanda Engles

TITLE
CFO & Treasurer
AGE
41
TENURE
2.1 yrs

Eric Gantz

TITLE
SVP & Chief Credit Officer
TENURE
0.3 yrs

Andrew Hogue

TITLE
Assistant Vice President of Compliance & Security of The Farmers National Bank of Emlenton

Robert Foust

TITLE
Senior Vice President of Corporate Banking - The Farmers National Bank of Emlenton

Kathy Buzzard

TITLE
Senior Vice President of Operations - The Farmers National Bank of Emlenton
TENURE
12.5 yrs
Board of Directors Tenure

Average tenure and age of the Emclaire Financial board of directors in years:

10.5
Average Tenure
60
Average Age
  • The average tenure for the Emclaire Financial board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

David Cox

TITLE
Vice Chairman of the Board
COMPENSATION
$81K
AGE
68
TENURE
10.5 yrs

Robert Hunter

TITLE
Director
COMPENSATION
$52K
AGE
77
TENURE
30.5 yrs

Bill Marsh

TITLE
Chairman
COMPENSATION
$666K
AGE
52
TENURE
10.5 yrs

Mark Freemer

TITLE
Director
COMPENSATION
$53K
AGE
59
TENURE
14.8 yrs

John Mason

TITLE
Director
COMPENSATION
$55K
AGE
70
TENURE
30.5 yrs

James Crooks

TITLE
Director
COMPENSATION
$53K
AGE
66
TENURE
14.8 yrs

Nicholas Varischetti

TITLE
Director
COMPENSATION
$48K
AGE
35
TENURE
4.5 yrs

Milissa Bauer

TITLE
Director
COMPENSATION
$50K
AGE
56
TENURE
4.5 yrs

Robert Freeman

TITLE
Director
COMPENSATION
$51K
AGE
61
TENURE
4.5 yrs

Deanna McCarrier

TITLE
Director
COMPENSATION
$52K
AGE
55
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Emclaire Financial individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. Jul 19 Buy Milissa Bauer Individual 11. Jul 19 11. Jul 19 100 $31.35 $3,135
05. Jun 19 Buy Deanna McCarrier Individual 30. May 19 30. May 19 310 $32.15 $9,967
31. May 19 Buy Deanna McCarrier Individual 28. May 19 29. May 19 630 $31.60 $19,908
29. May 19 Buy James Crooks Individual 24. May 19 24. May 19 100 $31.50 $3,150
29. May 19 Buy Deanna McCarrier Individual 24. May 19 24. May 19 316 $31.50 $9,954
24. May 19 Buy James Crooks Individual 23. May 19 23. May 19 94 $31.55 $2,966
24. May 19 Buy Deanna McCarrier Individual 23. May 19 23. May 19 314 $31.70 $9,954
23. May 19 Buy Deanna McCarrier Individual 20. May 19 21. May 19 633 $31.78 $19,902
25. Mar 19 Buy Deanna McCarrier Individual 21. Mar 19 22. Mar 19 637 $31.34 $19,919
21. Mar 19 Buy Deanna McCarrier Individual 19. Mar 19 19. Mar 19 320 $31.11 $9,955
18. Dec 18 Buy Henry Deible Individual 04. Dec 18 14. Dec 18 2,004 $32.10 $62,286
18. Dec 18 Buy Milissa Bauer Individual 18. Dec 18 18. Dec 18 600 $32.00 $19,200
18. Dec 18 Buy Milissa Bauer Individual 14. Dec 18 18. Dec 18 5,130 $30.79 $155,438
27. Jul 18 Sell Matthew Lucco Individual 27. Jul 18 27. Jul 18 -4,890 $36.00 $-176,040
X
Management checks
We assess Emclaire Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Emclaire Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should Emclaire Financial Corp (NASDAQ:EMCF) Be Part Of Your Dividend Portfolio?

Could Emclaire Financial Corp (NASDAQ:EMCF) be an attractive dividend share to own for the long haul? … For the purpose of this article, we only scrutinise the last decade of Emclaire Financial's dividend payments. … Emclaire Financial might not be a bad business, but it doesn't show all of the characteristics we look for in a dividend stock.

Simply Wall St -

Should You Be Tempted To Sell Emclaire Financial Corp (NASDAQ:EMCF) Because Of Its P/E Ratio?

Check out our latest analysis for Emclaire Financial How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Emclaire Financial: P/E of 16.06 = $31.3 ÷ $1.95 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that buyers have to pay a higher price for each $1 the company has earned over the last year.

Simply Wall St -

Is Emclaire Financial Corp's (NASDAQ:EMCF) CEO Paid Enough Relative To Peers?

See our latest analysis for Emclaire Financial How Does Bill Marsh's Compensation Compare With Similar Sized Companies? … According to our data, Emclaire Financial Corp has a market capitalization of US$83m, and pays its CEO total annual compensation worth US$666k. … We examined the amount Emclaire Financial Corp pays its CEO, and compared it to the amount paid by similar sized companies.

Simply Wall St -

Have Insiders Been Buying Emclaire Financial Corp (NASDAQ:EMCF) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Emclaire Financial Corp (NASDAQ:EMCF). … So we know that an insider sold shares at around the present share price of US$30.24. … But insiders sold 4890 shares worth US$176k

Simply Wall St -

Investors Who Bought Emclaire Financial (NASDAQ:EMCF) Shares Three Years Ago Are Now Up 27%

(NASDAQ:EMCF) share price return of 27% over three years lags the market return in the same period. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Over the last three years, Emclaire Financial failed to grow earnings per share, which fell 5.6% (annualized).

Simply Wall St -

Can These Factors Give You An Edge In Emclaire Financial Corp. (NASDAQ:EMCF)?

As a small-cap bank stock with a market capitalisation of US$82m, Emclaire Financial Corp.’s (NASDAQ:EMCF) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … These reforms target bank level regulation and aims to improve the banking sector’s ability to absorb shocks arising from economic stress which could expose financial institutions to vulnerabilities. … Today we will be measuring Emclaire Financial’s financial risk position by looking at three leverage and liquidity metrics.

Simply Wall St -

What Kind Of Shareholders Own Emclaire Financial Corp. (NASDAQ:EMCF)?

A look at the shareholders of Emclaire Financial Corp. … Emclaire Financial is not a large company by global standards. … institutional investors have bought into the company.

Simply Wall St -

Don't Sell Emclaire Financial Corp. (NASDAQ:EMCF) Before You Read This

We'll show how you can use Emclaire Financial Corp.'s (NASDAQ:EMCF) P/E ratio to inform your assessment of the investment opportunity. … Emclaire Financial has a P/E ratio of 17.98, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Why Emclaire Financial Corp. (NASDAQ:EMCF) May Not Be As Risky Than You Think

As a small-cap bank with a market capitalisation of US$84m, Emclaire Financial Corp.’s (NASDAQ:EMCF) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Emclaire Financial’s bottom line. … Check out our latest analysis for Emclaire Financial

Simply Wall St -

Is Emclaire Financial Corp. (NASDAQ:EMCF) A Smart Choice For Dividend Investors?

Historically, Emclaire Financial Corp. … Does Emclaire Financial tick all the boxes of a great dividend stock? … See our latest analysis for Emclaire Financial

Simply Wall St -

Company Info

Description

Emclaire Financial Corp operates as the bank holding company for The Farmers National Bank of Emlenton that provides retail and commercial financial products and services to individuals and businesses in western Pennsylvania. The company’s deposit products include checking, savings, and term certificate accounts; time deposits; noninterest bearing and interest bearing demand deposit accounts; and money market accounts. Its loan portfolio comprises one-to-four family mortgage loans, residential and commercial mortgages loans, home equity loans, and commercial business and commercial real estate loans; and consumer loans, such as loans for automobile purchases, home improvements not secured by real estate, capital, and other personal expenditures, as well as unsecured revolving personal lines of credit and overdraft protection. The company, through its subsidiary, Emclaire Settlement Services, LLC, also provides real estate settlement services. As of February 20, 2019, it operated 20 full service offices in Venango, Allegheny, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson, and Mercer counties in Pennsylvania, as well as in Hancock County, West Virginia. The company was founded in 1900 and is headquartered in Emlenton, Pennsylvania.

Details
Name: Emclaire Financial Corp
EMCF
Exchange: NasdaqCM
Founded: 1900
$97,153,632
2,698,712
Website: http://www.emclairefinancial.com
Address: Emclaire Financial Corp
612 Main Street,
Emlenton,
Pennsylvania, 16373,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqCM EMCF Common Stock Nasdaq Capital Market US USD 20. Dec 1996
Number of employees
Current staff
Staff numbers
164
Emclaire Financial employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 23:35
End of day share price update: 2019/07/17 00:00
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.