Emclaire Financial, the parent holding company of Farmers National Bank of Emlenton, reported consolidated net income of $1.4 million, or $0.60 per common share, for the three months that ended March 31, an increase of $406,000, or 42.5 percent, from $956,000, or $0.44 per common share, reported for the same period in 2017.

The increase resulted from increases in net interest income and noninterest income, partially offset by increases in the provision for loan losses and noninterest expense. The corporation had an annualized return on average assets of .74 percent and an annualized return on average equity of 9.38 percent for the quarter that ended March 31, compared to .56 percent and 7.12 percent, respectively, for the same period in 2017.

Net interest income increased $689,000, or 13.4 percent, to $5.8 million for the three months that ended March 31 from $5.2 million for the same period in 2017. The increase resulted from an increase in interest income of $822,000, or 13.3 percent, as the corporation had a $50 million increase in the average balance of loans. Partially offsetting the increase was a $133,000, or 13.1 percent, increase in interest expenses as the average balance of interest-bearing deposits increased $67 million, partially offset by a $20.1 million decrease in the average balance of borrowed funds.