<PAGE>


                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10-QSB

/X/      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
         ACT OF 1934

                For the quarterly period ended September 30, 2000

                                       OR

/ /      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF
         1934

For the transition period from                       to
                               ---------------------    ----------------------

Commission file Number: 000-18464

                            EMCLAIRE FINANCIAL CORP.
        (Exact Name of small business issuer as specified in its charter)

PENNSYLVANIA                                            25-1606091
(State or other jurisdiction of                         (IRS Employer
 incorporation or organization)                         Identification Number)

612 Main Street
Emlenton, PA                                            16373
(Address of principal executive offices)                (Zip Code)

Issuer's telephone number, including area code: (724) 867-2311

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes      No  X
                                                              ---     ---

As of January 18, there were 1,332,835 shares outstanding of the issuer's common
stock, par value $1.25 per share.


<PAGE>



                            Emclaire Financial Corp.
                    INDEX TO QUARTERLY REPORT OF FORM 10-QSB

<TABLE>
<CAPTION>

Part I            Financial Information                                                              Page
                                                                                                     ----
<S>               <C>                                                                             <C>
                  Item 1.           Consolidated Financial Statements (Unaudited)

                                    Consolidated Balance Sheet, September 30, 2000 and
                                    December 31, 1999                                                   3

                                    Consolidated Statement of Income Three and

                                    Nine months ended September 30, 2000 and 1999                       4

                                    Consolidated Statement of Changes in
                                    Stockholders' Equity                                                5

                                    Consolidated Statement of Cash Flows
                                    Nine months ended September 30, 2000 and 1999                       6

                                    Notes to Consolidated Financial Statements                      7 - 8


                  Item 2.           Management's Discussion and Analysis of Financial
                                    Condition and Results of Operations                            9 - 15


Part II           Other Information

                  Item 1.           Legal Proceedings                                                  16

                  Item 2.           Changes in Securities                                              16

                  Item 3.           Defaults Upon Senior Securities                                    16

                  Item 4.           Submission of Matters to a Vote of Securities Holders              16

                  Item 5.           Other Information                                                  16

                  Item 6.           Exhibits and Reports on Form 8-K                                   16

                  Signatures                                                                           17
</TABLE>

                                       2

<PAGE>


                            EMCLAIRE FINANCIAL CORP.
                           CONSOLIDATED BALANCE SHEET
                       (Unaudited - dollars in thousands)

<TABLE>
<CAPTION>

                                                                        September 30,      December 31,
                                                                            2000              1999
                                                                      ----------------  ----------------
<S>                                                                     <C>                <C>
ASSETS

     Cash and due from banks                                                  $ 6,843           $ 8,595
     Investment securities:
         Available for sale                                                    28,583            33,499
         Held to maturity (estimated market value
            of $763 and $2,269)                                                   722             2,278
     Loans                                                                    152,941           139,462
     Less allowance for loan losses                                             1,420             1,373
                                                                      ----------------  ----------------
         Net loans                                                            151,521           138,089
     Premises and equipment                                                     3,282             3,369
     Accrued interest and other assets                                          5,981             6,174
                                                                      ----------------  ----------------

            TOTAL ASSETS                                                    $ 196,932         $ 192,004
                                                                      ================  ================

LIABILITIES

     Deposits

         Non-interest bearing demand                                         $ 28,349          $ 27,871
         Interest bearing demand                                               21,362            21,628
         Savings                                                               21,517            23,021
         Money market                                                          20,669            22,254
         Time                                                                  76,184            73,651
                                                                      ----------------  ----------------
            Total deposits                                                    168,081           168,425
     Borrowed funds                                                             6,845             2,000
     Accrued interest and other liabilities                                       909               775
                                                                      ----------------  ----------------
            TOTAL LIABILITIES                                                 175,835           171,200
                                                                      ----------------  ----------------

STOCKHOLDERS' EQUITY
     Preferred stock, par value $1.00, 3,000,000 shares
         authorized; none issued                                                    -                 -
     Common stock, par value $1.25 per share; 12,000,000 shares
         authorized, 1,395,852 shares issued                                    1,745             1,745
     Additional paid in capital                                                10,871            10,871
     Retained earnings                                                          9,927             9,151
     Accumulated other comprehensive loss                                        (629)             (663)
     Treasury stock at cost (52,969 and 19,242 shares)                           (817)             (300)
                                                                      ----------------  ----------------
            TOTAL STOCKHOLDERS' EQUITY                                         21,097            20,804
                                                                      ----------------  ----------------

            TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $ 196,932         $ 192,004
                                                                      ================  ================
</TABLE>

See accompanying notes to the consolidated financial statements.

                                        3

<PAGE>


                            EMCLAIRE FINANCIAL CORP.
                        CONSOLIDATED STATEMENT OF INCOME
          (Unaudited - dollars in thousands, except per share amounts)

<TABLE>
<CAPTION>

                                                       Three Months Ended September 30,      Nine Months Ended September 30,
                                                             2000              1999               2000              1999
                                                       ----------------- -----------------  ----------------- -----------------
<S>                                                    <C>               <C>                <C>               <C>
INTEREST INCOME

     Loans, including fees                                      $ 3,192        $    2,778         $    9,208        $    8,198
     Interest bearing deposits in other banks                         5                 5                 12                99
     Federal funds sold                                              12               113                 23               361
     Investment securities:
         Taxable                                                    365               471              1,236             1,320
         Exempt from federal income tax                              83                84                250               185
                                                       ----------------- -----------------  ----------------- -----------------
            Total interest income                                 3,657             3,451             10,729            10,163
                                                       ----------------- -----------------  ----------------- -----------------

INTEREST EXPENSE
     Deposits                                                     1,431             1,370              4,133             4,187
     Borrowed funds                                                  44                28                138                84
                                                       ----------------- -----------------  ----------------- -----------------
            Total interest expense                                1,475             1,398              4,271             4,271
                                                       ----------------- -----------------  ----------------- -----------------

NET INTEREST INCOME                                               2,182             2,053              6,458             5,892

Provision for loan losses                                            61                36                158               116
                                                       ----------------- -----------------  ----------------- -----------------

NET INTEREST INCOME AFTER
     PROVISION FOR LOAN LOSSES                               $    2,121             2,017              6,300             5,776
                                                       ----------------- -----------------  ----------------- -----------------

OTHER OPERATING INCOME
     Service fees on deposit accounts                               266               161                632               449
     Other                                                           93                73                228               178
                                                       ----------------- -----------------  ----------------- -----------------
            Total other operating income                            359               234                860               627
                                                       ----------------- -----------------  ----------------- -----------------

OTHER OPERATING EXPENSE
     Salaries and employee benefits                                 892               776              2,645             2,209
     Occupancy, furniture and equipment                             250               229                762               712
     Other                                                          566               563              1,768             1,595
                                                       ----------------- -----------------  ----------------- -----------------
            Total other operating expense                         1,708             1,568              5,175             4,516
                                                       ----------------- -----------------  ----------------- -----------------

Income before income taxes                                          772               683              1,985             1,887
Income taxes                                                        240               211                602               592
                                                       ----------------- -----------------  ----------------- -----------------
                                                       ----------------- -----------------  ----------------- -----------------

NET INCOME                                                   $      532        $      472         $    1,383        $    1,295
                                                       ================= =================  ================= =================

EARNINGS PER SHARE                                           $     0.40        $     0.34         $     1.02        $     0.93
DIVIDENDS PER SHARE                                                0.15              0.14               0.45              0.42

AVERAGE SHARES OUTSTANDING                                    1,344,318         1,395,852          1,352,517         1,395,852
</TABLE>

See accompanying notes to the consolidated financial statements.

                                        4


<PAGE>


                            EMCLAIRE FINANCIAL CORP.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
          (Unaudited - dollars in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                                        Accumulated
                                                                Additional                 Other
                                                      Common     Paid in     Retained   Comprehensive   Treasury
                                                      Stock      Capital     Earnings       Loss         Stock        Total
                                                  ------------- ----------- ----------- -------------  ---------- ----------
<S>                                               <C>           <C>         <C>         <C>            <C>        <C>
 Balance, December 31, 1999                            $ 1,745    $ 10,871     $ 9,151        $ (663)     $ (300)  $ 20,804

 Comprehensive income:
      Net income                                                                 1,383                                1,383
      Other comprehensive income, net
          unrealized gains on securities
          net of tax of $17                                                                       34                     34
                                                                                                                  ----------
 Total comprehensive income                                                                                           1,417

 Dividends declared ($.45 per share)                                              (607)                                (607)
 Treasury stock acquired                                                                                    (517)      (517)
                                                  ------------- ----------- ----------- -------------  ---------- ----------

 Balance September 30, 2000                            $ 1,745    $ 10,871     $ 9,927        $ (629)     $ (817)  $ 21,097
                                                  ============= =========== =========== =============  ========== ==========
</TABLE>


See accompanying notes to the consolidated financial statements.

                                        5


<PAGE>


                            EMCLAIRE FINANCIAL CORP.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                       (Unaudited - dollars in thousands)

<TABLE>
<CAPTION>

                                                                                         Nine Months Ended September 30,
                                                                                             2000               1999
                                                                                       -----------------  -----------------

<S>                                                                                     <C>               <C>
OPERATING ACTIVITIES
     Net income                                                                                 $ 1,383            $ 1,295
     Adjustments to reconcile net income to net
         cash provided by operating activities:
            Depreciation and amortization                                                           679                704
            Net amortization of investment security
                discounts and premiums                                                               40                 98
            Provision for loan losses                                                               158                116
            Increase in accrued interest receivable                                                 (94)              (187)
            Increase (decrease) in accrued interest payable                                          77                 (5)
            Other, net                                                                              (22)                 1
                                                                                       -----------------  -----------------
                Net cash provided by operating activities                                         2,221              2,022
                                                                                       -----------------  -----------------

INVESTING ACTIVITIES
     Proceeds from maturities and repayments of investment securities:

            Available for sale                                                                    6,472              6,304
            Held to maturity                                                                      1,543                568
     Purchases of investment securities available for sale                                       (1,532)           (13,903)
     Net loan originations                                                                      (13,668)            (3,277)
     Purchases of premises and equipment                                                           (226)              (100)
     Other                                                                                           61                150
                                                                                       -----------------  -----------------
                Net cash used for investing activities                                           (7,350)           (10,258)
                                                                                       -----------------  -----------------

FINANCING ACTIVITIES
     Net decrease in deposits                                                                      (344)              (810)
     Increase in short-term borrowings                                                            4,845                  -
     Payments for obligation under capital lease                                                      -                (19)
     Purchase of treasury stock                                                                    (517)                 -
     Cash dividends paid                                                                           (607)              (586)
                                                                                       -----------------  -----------------
                Net cash provided by financing activities                                         3,377             (1,415)
                                                                                       -----------------  -----------------

                Increase in cash and cash equivalents                                            (1,752)            (9,651)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                                    8,595             18,689
                                                                                       -----------------  -----------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                      $ 6,843            $ 9,038
                                                                                       =================  =================
</TABLE>


See accompanying notes to the consolidated financial statements.

                                       6


<PAGE>


                            EMCLAIRE FINANCIAL CORP.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. GENERAL

The accounting and financial reporting polices of Emclaire Financial Corp. and
its wholly-owned subsidiary The Farmers National Bank of Emlenton ("Bank" or
"Farmers"), conform to generally accepted accounting principles and to general
practice within the banking industry. In the opinion of management, the
accompanying unaudited consolidated financial statements of Emclaire Financial
Corp. ("Company" or "Emclaire") contain all adjustments, consisting of only
normal and recurring adjustments, necessary for the fair presentation of the
Company's financial position, results of operations and cash flows for the
periods presented. The results of operations for the interim periods are not
necessarily indicative of the results to be expected for the full year or any
other period.

2. EARNINGS PER SHARE

The Company maintains a simple capital structure; therefore there are no
dilutive effects on earnings per share. As such earnings per share computations
are based on the weighted average number of shares outstanding of 1,344,318,
1,395,852 and 1,352,517, 1,395,852, and for the three and nine month periods in
2000 and 1999, respectively.

3. COMPREHENSIVE INCOME

The components of comprehensive income consist exclusively of unrealized gains
and losses on securities available for sale. For the nine months ended September
30, 2000, this activity is shown under the heading Accumulated Other
Comprehensive Loss as presented in the Consolidated Statement of Changes in
Stockholders' Equity. For the nine months ended September 30, 1999 the
accumulated other comprehensive income had a beginning balance of $293,000, a
net unrealized loss of $681,000 and an ending balance of $(388,000). This net
unrealized loss on securities resulted in total comprehensive net income of
$614,000, for the nine months ended September 30, 1999.

4. LOANS

Major classifications of loans are summarized as follows (in thousands):


                                       7

<PAGE>

<TABLE>
<CAPTION>

                                                 September 30,      December 31,
                                                      2000              1999
                                               ----------------- -----------------
<S>                                            <C>               <C>
Commercial and industrial                                19,588          $ 14,660
Real estate mortgages
     Residential                                         93,221            90,232
     Commercial and other                                25,189            20,360
Consumer                                                 14,943            14,210
                                               ----------------- -----------------
                                                        152,941           139,462
Less allowance for loan losses                            1,420             1,373
                                               ----------------- -----------------

                                                      $ 151,521         $ 138,089
                                               ================= =================
</TABLE>


The Bank's primary business activity is with customers located within Venango,
Clarion, Butler, Elk, Clearfield and Jefferson Counties. Commercial,
residential, personal, and agricultural loans are granted. Although the Bank has
a diversified loan portfolio at September 30, 2000 and December 31, 1999, loans
outstanding to individuals and businesses are dependent upon the local economic
conditions within the immediate trade area.

5. COMMON STOCK

On November 6, 2000 the Company ended its stock repurchase program. During the
repurchase period, 63,017 shares representing 4.5% of the outstanding common
shares were repurchased at an average price of $15.41 per share.

6. SUBSEQUENT EVENT - INTANGIBLE ASSETS

During the fourth quarter of 2000, a net charge totaling $1.56 million was
recorded to recognize the impairment of goodwill and core deposit intangible
assets, and a mortgage loan purchase accounting adjustment. In addition to this
adjustment, the periods over which the remaining goodwill and core deposit
intangible assets will be amortized were shortened to 13 and three years,
respectively.

                                       8

<PAGE>


MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS


Emclaire Financial Corp. ("Emclaire" or the "Company") is the parent holding
company for the Farmers National Bank of Emlenton ("Farmers" or the "Bank"). The
following discussion and analysis is intended to provide information about the
financial condition and results of operation of the Company and should be read
in conjunction with the consolidated financial statements and the related notes
thereto appearing elsewhere in this quarterly report.

Certain information presented in this report and other statements concerning
future performance, developments or events, and expectations for growth and
market forecasts constitute forward-looking statements which are subject to a
number of risks and uncertainties, including interest rate fluctuations, changes
in local or national economic conditions, and government and regulatory actions
which might cause actual results to differ materially from stated expectations
or estimates. The Company does not undertake, and specifically disclaims any
obligation, to update any forward-looking statements to reflect occurrences or
unanticipated events or circumstances after the date of such statements.

Comparison of the Three Months Ended September 30, 2000 and 1999

Net Income - Net income for the three months ended September 30, 2000 totaled
$532,000 or $.40 per share, as compared to $472,000 or $.34 per share recorded
during the same period in 1999. The 2000 quarterly earnings represented an
increase of $60,000 or 13% from the same period in 1999. A rise in net interest
income of $129,000 combined with improved fee income, which increased $105,000,
offset increased operating costs, which rose $140,000, resulting in the net
earnings increase. On a per share basis, net income rose 18% to $.40 due to the
improved net earnings combined with the impact of the stock repurchase program.

The reported net income resulted in annualized returns on average assets and
average equity of 1.08% and 10.05% for the quarter ended September 30, 2000, as
compared to returns of .96% and 8.82% for the same period in 1999.

Net Interest Income - Tax-equivalent net interest income increased $126,000 or
6% during the third quarter of 2000 as compared to the same period in 1999. This
increase resulted primarily from the loan portfolio, which showed increases in
both volume and yield. The increase in tax-equivalent interest income offset the
rise of $77,000 or 6% in interest expense. The resulting net tax-equivalent
yield on earning assets for the quarter was 4.88%, a 25 basis point improvement
from the 4.63% yield earned during the same period in 1999.

Average earning assets totaled $182.4 million for the third quarter of 2000
representing 93.3% of total average assets. For the same period in 1999, average
earning assets totaled $180.6 million and represented 92.9% of total average
assets. Average loans increased $16.4 million or 12.2% to $150.6 million for the
third quarter of 2000 as compared to same period in 1999. Average investment
securities fell $6.5 million during the same period, as funds from securities
maturities were used to fund loan growth. During the comparative quarter,
average federal funds sold decreased $8.1 million as funds were used to support
loan growth.

Tax equivalent interest income rose $203,000 or 6% during the third quarter of
2000, as compared to the same period in 1999, due to the increased loan volume
combined with generally


                                       9

<PAGE>


higher interest rates. The tax-equivalent yield on the loan portfolio for the
period rose 20 basis points to 8.46%, reflecting the effects of prior increases
in the prime interest rate along with an increase in commercial and commercial
real estate loans. The tax-equivalent yield on tax-exempt investment securities
was 7.05% for the third quarter of 2000 a slight increase from 1999. The
increase in average volume, combined with the shift in average earning assets
from federal funds and investment securities to loans; along with the rise in
interest rates resulted in a tax-equivalent yield of 8.10% for the third quarter
of 2000, as compared to 7.71% during the same period in 1999.

Interest expense rose $77,000 or 6% to $1.5 million during the third quarter of
2000, as compared to the same period in 1999. The increase in the average cost
of interest bearing funds rose 27 basis points to 4.09% for the quarter
offsetting a decline in the volume of average interest-bearing liabilities,
which fell $1.6 million or 1.1% to $143.5 million. A decline in the average
volume of time deposits of $2.2 million or 2.8% accounted for the fall in
interest bearing liabilities.

The decline in time deposits resulted mainly from certificate of deposit runoff
at the branches acquired in 1998. In the twelve-month period ending September
30, 2000 certificates of deposit at these offices have declined approximately
$3.8 million. As discussed last quarter, this decline is due to the volume of
customers whose only deposit relationship was a certificate of deposit that was
opened due to the rate being the highest offered in the market. Since acquiring
these offices, attempts have been made to expand relationships with deposit
customers. This includes offering competitive deposit rates, periodic special
deposit rates, and providing expanded product offerings. In addition, management
changes have been made at these offices, bringing in personnel with previous
commercial bank experience. However, it appears a large portion of these time
deposit customers routinely shop for the highest available rate and regularly
transfers funds between financial institutions to obtain the highest rate. As
result, it appears that any future deposit growth at these offices will be the
result of developing banking relationships with new retail customers and
businesses in the local communities.

Combined with the issues faced at the purchased offices, along with an ongoing
need to attract and retain funds to support loan demand, it is expected the cost
of funds, specifically time deposits will increase. In addition, approximately
$32.4 million of time deposits will mature within the next 12 months, while
$42.3 million of investment securities and loans are scheduled to mature or
reprice during the same period. Depending on the mix of future deposit and loan
growth, it is likely that the net yield on earning assets will decline in the
near-term. As examples of the increasing pressure on interest rates, several
promotional certificate of deposit programs have been offered since the
beginning of the year. These programs have resulted in approximately $15.2
million in new deposit money, but carry an average weighted-rate of
approximately 6.5% and a weighted maturity of approximately 17 months.

Provision for Loan Losses - Based upon management's ongoing assessment of the
quality of the loan portfolio, and considering the type of growth experienced in
the loan portfolio, combined with the level of non-performing loans, the
provision for loan losses for the third quarter of 2000 totaled $61,000, as
compared to $36,000 provided during the same period in 1999.

Other operating income - Other operating income increased $125,000 or 53% during
the third quarter of 2000 as compared to the same period in 1999. The third
quarter of 2000 was the first


                                       10

<PAGE>


full quarter for the bundled deposit products and the restructured service
charges. The new and revised fee schedule that took effect in June 2000 resulted
in the improvement in other operating income. As compared to the third quarter
of 1999, service charges during 2000 increased $105,000 or 65%. In addition, ATM
convenience fees and fees generated from the MasterMoney(TM) debit card
increased due to increased customer usage, along with a slight increase in the
ATM convenience fee. Combined, these fees accounted for $23,000 of the total
increase in other operating income.

Other Operating Expense - Other operating expense for the third quarter of 2000
totaled $1.7 million, an increase of $140,000 or 9% from the same period in
1999. As discussed in the annual report to shareholders the Company increased
staffing during the third and fourth quarters of 1999. These additional
employees are the largest reason for the increase in other operating expense.

Salaries and employee benefits increased $116,000 or 15% to $892,000 for the
third quarter of 2000. As discussed above, the employees added during the third
and fourth quarters of 1999, coupled with normal annual salary adjustments, and
the related taxes are the principal reason for the increase totaling
approximately $118,000. As a result of converting the Company's health care
coverage to a health maintenance organization sponsored by the same provider,
group insurance premiums decreased approximately $19,000 as compared to the same
quarter of 1999. An employee incentive plan designed to reward employees whose
department achieves specific goals in relation to the overall corporate goals
was adopted effective for the last half of 2000. During the third quarter of
2000, approximately $12,000 was accrued toward this plan.

For the 2001 plan year premiums for the HMO health care program will increase an
average of 37%. This equates to an annual premium increase of approximately
$120,000. To offset this increase, employees will contribute 20% of the
applicable monthly premium through a pre-tax payroll deduction. The
implementation of this change will reduce the overall cost increase to
approximately 10%. The premium increase will commence in December 2000, with the
employee contribution starting in January 2001.

Occupancy and equipment costs increased approximately $21,000 or 9% to $250,000
during the third quarter of 2000, as compared to the same period in 1999. An
increase in costs associated with equipment and software maintenance contracts
represented approximately $18,000 of the increase. In addition, equipment repair
costs increased $4,000. As discussed during the first two quarters of the year,
renewals of certain existing maintenance contracts and increases resulting from
these renewal and the addition of service agreements related to the relocation
of the DuBois office, are expected to increase occupancy and equipment costs for
future periods.

Other operating expense increased $4,000 or 1% during the three months ended
September 30, 2000, as compared to the same period in 1999 and totaled $566,000.
This modest rise in expense was due to a combination of factors in which certain
recurring costs increased during the comparative quarter, while other costs
declined. Examples of rising costs were the Pennsylvania shares tax, which rose
$6,000, due to prior increases in Bank capital, and correspondent bank and
courier fees, which increased $5,000 due to rising fuel costs. Due to the
allocation of additional resources toward training, advertising and promotion,
related costs for advertising, printing and entertainment rose a combined
$16,000. Losses resulting from teller shortages and other miscellaneous losses
fell $6,000. Cost decreases were realized for ATM processing, which fell


                                       11

<PAGE>


$5,000 due to more efficient usage of the vendor's system. Legal and accounting
costs were $5,000 lower than the prior year, dues, contributions and FDIC
insurance were a combined $8,000 lower than in 1999.

During the fourth quarter of 2000, as part of a regular assessment of the value
of intangible assets related to the branch offices that were purchased in 1998,
the Company will record a net write-down of approximately $1.56 million. The
decision to revalue these assets was based on several factors:

o    Since the purchase, significant capital costs have been incurred in
     renovating or relocating branch operations. Specifically, the DuBois office
     operation was relocated to a newly constructed leased facility, while the
     Brookville site is undergoing an extensive renovation.

o    During 2000, the managers of these offices left the Bank to pursue other
     career opportunities. While the Company is very pleased with the personnel
     chosen to replace these persons and the job they have done to date, they do
     not have the ties to the predecessor organization, and it will take some
     time for them to establish themselves in the respective communities.

o    Lastly, while we are generally happy with the overall performance of these
     operations, the retention of deposits has not quite been what we had
     expected. This is due to the rise in interest rates since the acquisition,
     combined with factors described earlier under Net Interest Income.


The combination of these factors resulted in the decision to adjust the value of
the intangible assets and shorten the period over which the remaining balance is
amortized. As a result of this adjustment and a $295,000 net adjustment in the
value of an equity security investment, it is expected that Emclaire Financial
Corp. will report only a very modest net income amount of less than $5,000 for
the year ended December 31, 2000. The effect on future amortization of these
decisions will be to reduce expense approximately $47,000 annually, exclusive of
any applicable taxes.

Income Taxes - Income tax expense for the third quarter of 2000 totaled $240,000
or 31.1% of pre-tax income, as compared to $211,000 or 30.9% for the same period
in 1999.

Comparison of the Nine Months Ended September 30, 2000 and 1999

Net income for the Nine months ended September 30, 2000 totaled $1.38 million an
increase of $88,000 or 7% as compared to the first nine months of 1999. On a per
share basis earnings were $1.02 per share, a 10% increase from the $.93 reported
in 1999. As discussed earlier, the per share performance was favorably affected
by the stock repurchase program.

Net Interest Income - Net interest income on a tax equivalent basis increased
$596,000 or 10% for the comparative nine month periods due to the increase in
loan volume and general rise in interest rates discussed in the quarterly
earnings section of this report. For the nine months ended September 30, 2000
average loan volume was $147.0 million, an increase of $13.5 million or 10% from
1999. During the same period the volume of interest-bearing liabilities fell
$2.4 million or 2% to $143.4 million. As discussed earlier, the runoff of time
deposits was responsible for the overall volume reduction, offsetting increases
in the volume of money market and savings accounts. The net tax equivalent yield
for the first six months of 2000 was 4.88% as compared to 4.49% for the same
period in 1999.


                                       12

<PAGE>


Other operating income - As previously discussed the implementation of the
bundled account product and the restructuring of the service fee schedule
enhanced other operating income. For the first nine months of 2000, other
operating income rose $233,000 or 37% to $860,000.

Other Operating Expense - Total other operating expense for the first nine
months of 2000 totaled $5.18 million, an increase of $659,000 or 15%. Salaries
and employee benefits accounted for $436,000 of the increase due to the added
salaries and related payroll taxes discussed earlier, which accounted for
$362,000 of the increase. Costs for temporary employees represented another
$55,000, while the employee incentive plan accrual totaled $12,000. Occupancy
and equipment increased $50,000 or 7% and other operating expenses rose $174,000
or 11% for reasons previously discussed.

Financial Condition

At September 30, 2000 the Company reported total consolidated assets of $196.9
million, an increase of 2.6% from the $192.0 million reported at December 31,
1999. This modest increase was due largely to the increase in loan demand
particularly commercial loans, which was primarily funded by investment security
maturities combined with short-term borrowings.

Total loans increased $13.5 million or 9.7%, to $152.9 million, as commercial
loans rose $4.9 million or 33%, and commercial and other real estate loans
increased $4.8 million or 24% from December 31, 1999. The increase in commercial
and commercial and other real estate loans can be attributed to several factors.
The hiring of experienced branch managers at several offices offered access to
several new customers, the customer call program resulted in several new or
additional credits, and the addition of the vice president of credit
administration has improved the effectiveness and efficiency of the underwriting
process.

Loan growth during the third quarter of 2000 totaled $2.8 million, as loan
growth for 2000 continues at a declining rate. While the recent lowering of
interest rates by the Federal Reserve Board may mitigate the slow-down in loan
growth, it appears that borrower uncertainty about future economic conditions
will continue to slow overall loan growth from that experienced during the first
part of 2000.

Total deposits showed a slight decrease of $344,000 or .2% during the first nine
months of 2000. Increases in time deposits totaling $2.5 million offset declines
in savings and money market accounts, which fell $1.5 million and $1.6 million,
respectively. Regular checking accounts increased slightly. As discussed
earlier, the increase in time deposits was influenced by several promotional
certificate rates offered during the year. Due to continuing market conditions,
similar promotional certificate rates and products were offered during the
remainder of the year.

Stockholders' equity increased $293,000 or 1.4% from December 31, 1999, and
totaled $21.1 million at September 30, 2000. The increase is due principally to
net retained income of $776,000, which exceeded the $517,000 disbursed for the
repurchase of approximately 34,000 shares of common stock during the first nine
months of 2000. The stock repurchase plan approved by the board of directors in
October 1999 was completed on November 6, 2000. During the repurchase period,
63,017 shares representing 4.5% of the outstanding common shares were
repurchased at an average price of $15.41 per share.


                                       13

<PAGE>


Liquidity

For the first nine months of 2000 operating activities as presented in the
statement of cash flows provided $2.2 million in cash, slightly exceeding that
reported in 1999. These funds were generated principally from net income,
depreciation and amortization and loan loss provisions.

Investing activities used $7.4 million during the first nine months of 2000 as
compared to $10.3 used in 1999. During the first nine months of 2000, net
investment maturities of $6.5 million combined with borrowed funds were used to
fund net loan originations of $13.7 million. During the same period in 1999
investment maturities of $6.8 million, and cash equivalents were used to fund
net loans of $3.3 million and investment purchases of $13.9 million.

The DuBois office was relocated to a newly constructed facility in September
2000. The renovation of the Brookville facility commenced in August and was
completed in late December. The total capital expenditure for these projects was
approximately $300,000.

Financing activities for the first nine months of 2000 provided approximately
$3.4 million, due principally to short-term borrowings of $4.8 million.
Financing activities during the first nine months of 2000 used $517,000 for the
repurchase of common stock and $607,000 for dividend payments. During the same
period of 1999, financing activities used $1.4 million due to the decrease in
deposits of $810,000 and dividend payments of $586,000.

Aside from liquidity available from customer deposits or through sales and
maturities of the investment portfolio, the Company has alternative sources of
funds such as a line of credit available with a correspondent bank. At September
30, 2000, a short-term revolving credit facility of $10 million was available
through the Federal Home Loan Bank of Pittsburgh.

The $1.56 million net write-down of the intangible assets discussed earlier will
not impact liquidity as no funds will be expended in recording the adjustment;
nor will it have an adverse impact on regulatory capital as these types of
assets are generally excluded in determining regulatory capital positions. At
September 30, 2000 the Tier 1 and Total risk-based capital ratios were 14.04%
and 15.15%. The leverage capital ratio was 9.39%.

Management is not aware of any conditions, including any regulatory
recommendations or requirements, which would adversely affect its liquidity or
its ability to meet funding needs in the ordinary course of business.

Risk Elements

At September 30, 2000, non-performing loans, including those past due ninety
days or more, and loans on non-accrual status totaled approximately $1.07
million.

Of the non-performing loan total, $515,000 is considered to be impaired for
financial reporting purposes. These impaired loans consist of four commercial
loans to a single borrower, secured by real estate. The borrower continues to
operate under Chapter 11 bankruptcy protection. As part of management's ongoing
assessment of the loan portfolio, $40,000 of the allowance for loan losses at
September 30, 2000, has been allocated for these loans. During the first nine


                                       14

<PAGE>


months of 2000, the borrower made payments totaling $34,000, which was recorded
as interest income. Management believes the underlying collateral adequately
secures the Company.

The following table presents the components of non-performing loans and other
non-performing assets as of the five most recent quarters ended:

<TABLE>
<CAPTION>

                                                                 2000                                   1999
                                                ----------------------------------------    ----------------------------
                                                September 30,    June 30,      March 31,    December 31,   September 30,
                                                -------------    --------      ---------    ------------   -------------
<S>                                             <C>              <C>           <C>          <C>            <C>
Non-performing loans
    Loans past due 90 days or more                $   159           $ 115         $  84          $  86         $  95
    Non-accrual loans                                 909             656           609            617           739
                                                  -------           -----         -----          -----         -----
      Total non-performing loans                    1,068             771           693            703           834
Other non-performing assets
Repossessed assets                                     -               -             -              -             -
Real estate acquired through
    foreclosure                                        40              45           113            104            22
                                                  -------           -----         -----          -----         -----
      Total other non-performing assets                40              45           113            104            22
                                                  -------           -----         -----          -----         -----

        Total non-performing assets               $ 1,108           $ 816         $ 806          $ 807         $ 856
                                                  =======           =====         =====          =====         =====

Non-performing loans as a percentage
    of total loans                                    .70%            .51%          .47%           .50%          .61%
Non-performing assets to assets                       .56             .42           .41            .42           .44
</TABLE>


At September 30, 2000, based on the ongoing quarterly review and assessment of
credit quality, management is not aware of any trends or uncertainties related
to any accounts which might have a material adverse impact on future earnings,
liquidity or capital resources. Based on the results of the quarterly internal
loan review process, and considering the trend of past loan losses and
recoveries, and current risk elements in the loan portfolio, management believes
the allowance for loan losses at September 30, 2000 is adequate.


                                       15

<PAGE>


PART II - OTHER INFORMATION

Item 1. Legal Proceedings

         (None)

Item 2. Changes in Securities

         (None)

Item 3. Defaults Upon Senior Securities

         (None)

Item 4. Submission of Matters to a Vote of Security Holders

         (None)

Item 5. Other Information

         (None)

Item 6. Exhibits and Reports on Form 8-K

(a)      Exhibits

         Exhibit 27 - Financial Data Schedule (in electronic filing only)

(b)      Reports on Form 8-K

         (None)


                                       16

<PAGE>




                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

Emclaire Financial Corp.
(Registrant)


Date: January 19, 2001                               By: /s/ David L. Cox
      ---------------                                    ----------------------
                                                         David L. Cox
                                                         President and CEO


Date: January 19, 2001                               By: /s/ John J. Boczar
      ---------------                                    ----------------------
                                                         John J. Boczar, CPA
                                                         Secretary/Treasurer

                                       17