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First Clover Leaf Financial Corp. Announces 2014 Year End Financial Results

EDWARDSVILLE, Ill., Feb. 17, 2015 (GLOBE NEWSWIRE) -- First Clover Leaf Financial Corp. (the "Company") (Nasdaq:FCLF) announces strong earnings for 2014. Net income for the year was $3,826,192, a 14% increase over 2013. President and CEO Dave Kuhl said, "We are very proud of the First Clover Leaf management team and employees whose hard work and dedication contributed to this increase. In early 2014, the board and management embarked on an aggressive strategic plan, and our 2014 net income reflects the initial results of following that plan. We are optimistic that our strategy will continue to provide value to our stockholders."

In 2014, First Clover Leaf Bank, the wholly owned subsidiary of the Company, implemented several initiatives. Some of these initiatives included converting the Highland, Illinois loan production office to a full service banking facility, hiring experienced loan officers for the St. Clair County market, and subsequently opening a new branch in Swansea, Illinois. Executive Vice President and Chief Lending Officer, Bill Barlow, commented, "We were extremely pleased with the increase in our commercial and mortgage loan production during the second half of 2014. This is evidence that the initiatives we implemented earlier in the year are yielding positive results. We are looking forward to continued growth in 2015."

First Clover Leaf Financial Corp. is the holding company for First Clover Leaf Bank. First Clover Leaf Bank is a nationally-chartered community bank. First Clover Leaf Bank conducts business from its headquarters in Edwardsville, Illinois with five branch offices located in Madison County, Illinois as well as a branch office in St. Clair County, Illinois.

Special Note Concerning Forward-Looking Statements. When used in this press release, the words or phrases "will," "are expected to," "we believe," "should," "is anticipated," "estimate," "project" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including, but not limited to, (i) changes in general economic conditions, either nationally or in our market areas, that are worse than expected; (ii) competition among depository and other financial institutions; (iii) inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; (iv) adverse changes in the securities markets; changes in laws or government regulations or policies affecting financial institutions, including Basel III, the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued thereunder; (v) our ability to enter new markets successfully and capitalize on growth opportunities; (vi) our ability to successfully integrate acquired entities, if any; (vii) changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board; (viii) changes resulting from shutdowns of the federal government; (ix) changes in our organization, compensation and benefit plans; (x) changes in our financial condition or results of operations that reduce capital available to pay dividends; and (xi) changes in the financial condition or future prospects of issuers of securities that we own, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements, which only speak as of the date made. Additional factors that could affect our results may be discussed in reports we file with the Securities and Exchange Commission.

The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

First Clover Leaf Financial Corp.
Consolidated Statements of Income
For the Year Ended
December 31, December 31,
2014 2013
Interest and dividend income:
Interest and fees on loans $ 16,714,749 $ 17,589,152
Securities:
Taxable interest income 1,232,399 1,042,137
Nontaxable interest income 1,136,630 1,008,926
Federal Reserve Bank dividends 37,726 --
Interest-earning deposits, federal funds sold, and other 196,224 181,318
Total interest and dividend income 19,317,728 19,821,533
Interest expense:
Deposits 2,174,066 2,769,685
Federal Home Loan Bank advances 250,018 444,070
Securities sold under agreements to repurchase 5,437 13,713
Subordinated debentures 86,901 88,286
Total interest expense 2,516,422 3,315,754
Net interest income 16,801,306 16,505,779
Provision (credit) for loan losses (250,000) 485,000
Net interest income after provision (credit) for loan losses 17,051,306 16,020,779
Non-interest income:
Service fees on deposit accounts 454,903 371,424
Other service charges and fees 414,992 376,115
Loan servicing fees 281,979 284,875
Gain on sale of securities 109,712 359,138
Gain on sale of loans 630,779 560,526
Loss on sale of property and equipment (80,545) --
Loss on sale of foreclosed assets (164,084) (56,035)
Other 579,195 272,604
2,226,931 2,168,647
Non-interest expense:
Compensation and employee benefits 7,224,771 6,298,405
Occupancy expense 1,699,734 1,353,783
Data processing services 767,213 723,977
Director fees 183,300 177,467
Professional fees 587,907 448,423
FDIC insurance premiums 459,059 476,731
Foreclosed asset related expenses 506,885 1,343,883
Amortization of core deposit intangible 75,000 264,000
Amortization of mortgage servicing rights 106,970 118,511
Other 2,480,608 2,242,177
14,091,447 13,447,357
Income before income taxes 5,186,790 4,742,069
Income tax expense 1,360,598 1,386,008
Net income $ 3,826,192 $ 3,356,061
Basic and diluted earnings per share $ 0.55 $ 0.46
Dividends per share $ 0.24 $ 0.24
First Clover Leaf Financial Corp.
Consolidated Balance Sheets
At December 31, At December 31,
2014 2013
ASSETS
Cash and due from banks $ 14,967,050 $ 14,363,461
Interest-earning deposits 12,318,967 8,681,426
Federal funds sold 21,780,445 61,648,938
Total cash and cash equivalents 49,066,462 84,693,825
Interest-earning time deposits 1,776,970 1,766,493
Securities available for sale 104,470,692 117,776,982
Federal Home Loan Bank stock 2,887,763 2,887,763
Federal Reserve Bank stock 1,676,700 --
Loans, net of allowance for loan losses of $5,561,442 and $5,590,668 at 2014 and 2013, respectively 400,904,404 372,568,962
Loans held for sale 100,000 --
Property and equipment, net 10,380,310 9,873,198
Goodwill 11,385,323 11,385,323
Bank-owned life insurance 14,876,960 8,497,895
Core deposit intangible 196,000 271,000
Foreclosed assets 3,887,587 5,577,481
Mortgage servicing rights 961,823 918,247
Accrued interest receivable 1,762,310 1,551,258
Other assets 3,281,496 4,276,015
Total assets $ 607,614,800 $ 622,044,442
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest bearing $ 68,170,743 $ 55,263,604
Interest bearing 442,135,896 447,276,088
Total deposits 510,306,639 502,539,692
Federal Home Loan Bank advances 2,487,745 13,980,005
Securities sold under agreements to repurchase 11,848,266 26,766,169
Subordinated debentures 4,000,000 4,000,000
Accrued interest payable 174,480 199,764
Other liabilities 1,667,777 1,463,182
Total liabilities 530,484,907 548,948,812
Stockholders' Equity
Common stock, $.10 par value, 20,000,000 shares authorized, 7,007,283 shares issued and outstanding at 2014 and 2013 700,728 700,728
Additional paid-in capital 55,818,936 55,818,936
Retained earnings 20,412,898 18,268,454
Accumulated other comprehensive income (loss) 197,331 (1,692,488)
Total stockholders' equity 77,129,893 73,095,630
Total liabilities and stockholders' equity $ 607,614,800 $ 622,044,442

CONTACT: Media Contact David Kuhl (618) 656-6122Source:First Clover Leaf Financial Corporation