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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, and other 63,712 99,949
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 losses 15,634,784 11,983,409
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 and taxes (96,070) 677,407
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, respectively 394,868,626 387,634,646
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 shares issued and outstanding at 2012 and 2011 748,132 772,776
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) 656-6122Source:First Clover Leaf Financial Corporation