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
Total interest 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 
Total interest 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