First Clover Leaf Financial Corp. Announces 2012 Year End Financial Results

First Clover Leaf Financial Corp. Announces 2012 Year End Financial Results

EDWARDSVILLE, Ill., Feb. 21, 2013 (GLOBE NEWSWIRE) -- First Clover Leaf
Financial Corp. (the "Company") (Nasdaq:FCLF) announced net income of $4.1
million, or $0.53 per basic and diluted share, for the year ended December 31,
2012, compared to net income of $1.9 million, or $0.24 per basic and diluted
share, for the year ended December 31, 2011.

For the year ended December 31, 2012, net interest income after provision for
loan losses was $15.6 million compared to $12.0 million for the year ended
December 31, 2011. The provision for loan losses totaled $1.6 million for the
year ended December 31, 2012 compared to $5.3 million for the year ended
December 31, 2011. Interest income decreased to $21.7 million for the year
ended December 31, 2012 from $23.7 million for the year ended December 31,
2011. Interest expense decreased to $4.5 million for the year ended December
31, 2012 from $6.5 million for the year ended December 31, 2011. Non-interest
income was $3.0 million for the year ended December 31, 2012 compared to $2.1
million for the year ended December 31, 2011. The increase in non-interest
income was primarily the result of an increase in gain on sale of loans sold.
Non-interest expense increased to $12.5 million for the year ended December
31, 2012 compared to $11.7 million for the year ended December 31, 2011. The
increase in non-interest expense was mainly due to an increase in compensation
and employee benefits. For the year ended December 31, 2012, income tax
expense totaled $2.0 million compared to income tax expense of $435,000 for
December 31, 2011.

Total assets at December 31, 2012 were $600.8 million compared to $562.7
million at December 31, 2011, an increase of $38.1 million. Cash and cash
equivalents increased to $71.4 million at December 31, 2012 from $39.4 million
at December 31, 2011. The increase in cash was the result of a significant
increase in deposits which is detailed below. Investment securities available
for sale increased to $88.3 million at December 31, 2012 from $85.6 million at
December 31, 2011. Loans, net of allowance for loan losses, increased to
$394.9 million at December 31, 2012 from $387.6 million at December 31, 2011,
an increase of $7.3 million. Deposits were $460.4 million at December 31, 2012
compared to $414.8 million at December 31, 2011, an increase of $45.6 million.
The significant increase in deposits is primarily related to two business
relationships. Due to the nature of the customers' business, historically
large fluctuations in their accounts have been customary. Borrowings totaled
$22.0 million at December 31, 2012 and $26.9 million at December 31, 2011,
respectively. Stockholders' equity increased to $78.3 million at December 31,
2012 from $77.7 million at December 31, 2011. The increase in stockholders'
equity was mainly the result of the Company's net income offset by the payment
of cash dividends, and repurchases of common stock during the year ended
December 31, 2012.

Total delinquent loans 90 days or more past due was $3.1 million at December
31, 2012 compared to $9.4 million at December 31, 2011. Total non-accrual
loans were $11.5 million at December 31, 2012 compared to $11.2 million at
December 31, 2011. The allowance for loan losses at December 31, 2012 was $5.9
million and represented 1.51% of total loans. At December 31, 2011, the
allowance for loan losses was $7.8 million and represented 2.01% of total
loans.

First Clover Leaf Financial President and CEO Dennis M. Terry commented, "2012
continued to be a challenging environment for the financial industry and our
market with the current economic factors, new regulatory requirements and
political uncertainty. We are pleased with our increased earnings and
successful results for our stockholders. We continue to serve our community
and enhance our customers' banking experience through our efforts to provide
superior service and quality products. We look forward to serving our
customers and stockholders in the coming year."

First Clover Leaf Financial Corp is the stock holding company for First Clover
Leaf Bank. First Clover Leaf Bank is a federally chartered savings bank. First
Clover Leaf Bank conducts business from its headquarters in Edwardsville,
Illinois as well as four branch offices also located in Madison County
Illinois.

Statements contained in this news release, which are not historical facts,
contain forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risk and uncertainties, which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time.



First Clover Leaf Financial Corp.
Consolidated Statements of Income
                                                             
                                              For the Year Ended
                                              December 31,   December 31,
                                              2012            2011
Interest and dividend income:                                 
Interest and fees on loans                     $19,613,434  $21,216,983
Securities:                                                   
Taxable interest income                        1,129,813     1,678,079
Nontaxable interest income                     836,665       726,594
Federal Home Loan Bank dividends               9,170         6,306
Interest-earning deposits, federal funds sold, 63,712        99,949
and other
Totalinterest and dividend income             21,652,794    23,727,911
                                                             
Interest expense:                                             
Deposits                                       3,833,610     5,813,221
Federal Home Loan Bank advances                518,647       511,987
Securities sold under agreements to repurchase 17,839        11,179
Subordinated debentures                        97,914        116,115
Totalinterest expense                         4,468,010     6,452,502
                                                             
Net interest income                            17,184,784    17,275,409
                                                             
Provision for loan losses                      1,550,000     5,292,000
                                                             
Net interest income after provision for loan   15,634,784    11,983,409
losses
                                                             
Other income:                                                 
Service fees on deposit accounts               370,082       398,730
Other service charges and fees                 375,045       338,510
Loan servicing fees                            219,117       194,722
Gain on sale of securities                     167,978       454,920
Gain on sale of loans                          1,599,694     572,395
Other                                          236,870       129,461
                                              2,968,786     2,088,738
                                                             
Other expenses:                                               
Compensation and employee benefits             5,959,622     4,918,828
Occupancy expense                              1,257,849     1,269,013
Data processing services                       703,957       643,362
Director fees                                  151,700       149,150
Professional fees                              519,331       550,581
FDIC insurance premiums                        469,104       910,468
Foreclosed asset related expenses              653,736       976,130
Amortization of core deposit intangible        281,000       304,000
Amortization of mortgage servicing rights      286,165       178,127
Other                                          2,211,571     1,842,378
                                              12,494,035    11,742,037
                                                             
Income before income taxes                     6,109,535     2,330,110
                                                             
Income tax expense                             2,045,034     435,082
                                                             
Net income                                     $4,064,501   $1,895,028
                                                             
                                                             
Net income                                     $4,064,501   $1,895,028
Other comprehensive income:                                   
Change in unrealized gains on securities
available for sale, net of reclassifications   (96,070)      677,407
and taxes
Comprehensive income                           $3,968,431   $2,572,435
                                                             
Basic earnings per share                       $0.53        $0.24
Diluted earnings per share                     $0.53        $0.24
                                                             
                                                             
                                                             
                                                             
First Clover Leaf Financial Corp.
Consolidated Balance Sheets
                                                             
                                              At December 31, At December 31,
                                              2012            2011
ASSETS                                                        
                                                             
Cash and due from banks                        $23,798,795  $10,336,923
Interest-earning deposits                      8,161,322     7,083,526
Federal funds sold                             39,454,481    21,940,960
Total cash and cash equivalents                71,414,598    39,361,409
                                                             
Interest-earning time deposits                 1,749,744     1,738,498
Securities available for sale                  88,280,080    85,575,351
Federal Home Loan Bank stock                   2,887,763     6,306,273
Loans, net of allowance for loan losses of
$5,944,585 and $7,789,262 at 2012 and 2011,    394,868,626   387,634,646
respectively
Loans held for sale                            1,827,000     1,661,750
Property and equipment, net                    10,157,929    10,088,154
Goodwill                                       11,385,323    11,385,323
Bank-owned life insurance                      5,244,335     5,067,935
Core deposit intangible                        535,000       816,000
Foreclosed assets                              6,505,912     5,822,864
Mortgage servicing rights                      811,783       651,409
Accrued interest receivable                    1,592,307     1,726,319
Prepaid FDIC insurance premiums                1,001,161     1,439,197
Other assets                                   2,507,471     3,449,851
                                                             
Total assets                                   $600,769,032 $562,724,979
                                                             
LIABILITIES AND STOCKHOLDERS' EQUITY                          
                                                             
Liabilities:                                                  
Deposits:                                                     
Noninterest bearing                            $60,330,245  $39,256,851
Interest bearing                               400,043,801   375,501,432
Total deposits                                 460,374,046   414,758,283
                                                             
Federal Home Loan Bank advances                21,966,750    26,944,000
Securities sold under agreements to repurchase 34,494,579    36,874,298
Subordinated debentures                        4,000,000     4,000,000
Accrued interest payable                       284,270       417,828
Other liabilities                              1,392,984     2,016,445
Total liabilities                              522,512,629   485,010,854
                                                             
                                                             
Stockholders' Equity                                          
Common stock, $.10 par value, 20,000,000
shares authorized, 7,481,317 and 7,727,756     748,132       772,776
shares issued and outstanding at 2012 and 2011
Additional paid-in capital                     59,660,244    61,230,512
Retained earnings                              16,651,916    14,418,656
Accumulated other comprehensive income         1,196,111     1,292,181
Total stockholders' equity                     78,256,403    77,714,125
                                                             
Total liabilities and stockholders' equity     $600,769,032 $562,724,979
                                                             
                                                             
                                                             
First Clover Leaf Financial Corp.
Asset Quality
                                                             
                                              At December 31, At December 31,
                                              2012            2011
                                                             
Delinquent loans 90 days or more past due      $3,063,148   $9,411,052
Non accrual loans                              $11,471,329  $11,166,843
Allowance for loan losses                      $5,944,585   $7,789,262
Allowance for loan losses to total loans       1.51%           2.01%
Allowance for loan losses to non accrual loans 51.82%          69.75%

CONTACT: Media Contact
         Dennis Terry
         (618) 656-6122
 
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