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) 656-6122

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