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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.

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