Advertisement

Topics

First Clover Leaf Financial Corp. Announces Second Quarter Financial Results

20:00 EDT 10 Aug 2015 | Globe Newswire

EDWARDSVILLE, Ill., Aug. 11, 2015 (GLOBE NEWSWIRE) -- First Clover Leaf Financial Corp. (the “Company”) (Nasdaq:FCLF) today reported unaudited net income of $1,212,000 for the second quarter of 2015 compared to $710,000 for the same quarter in 2014, an increase in earnings of $502,000, or 70.7%. Highlighting our strong operating performance was revenue growth from an increase in average loans and an increase in non-interest income. Basic and diluted earnings per share were $0.17 for the second quarter of 2015 compared to $0.10 for the same quarter in 2014. “We are pleased with the increased earnings we are reporting for the second quarter,” noted P. David Kuhl, President and CEO. “We continue to execute on our strategic plan and move forward despite the very competitive market conditions in which we operate.” While loans, net, decreased to $393,069,712 at June 30, 2015 from $400,904,404 at December 31, 2014, the commercial loan portfolio increased to $147,066,000 at June 30, 2015 from $129,415,000 at December 31, 2014. This represented a 13.6% increase in the commercial loan portfolio. Mr. Kuhl reported, “We are very pleased with our increased commercial activity. Growth in this area highlights our ability to deepen and grow customer relationships, as well as gain new customers and market share.”

For the six months ended June 30, 2015, unaudited net income was $2,684,000, an increase of $1,197,000, or 80.5% compared to $1,487,000 for the six months ended June 30, 2014. In addition to revenue growth and higher non-interest income, the Company recorded a $500,000 credit provision for loan losses during the six-month period ended June 30, 2015. Basic and diluted earnings per share were $0.38 for the first half of 2015 compared to $0.21 for the same period in 2014. 

Net interest income after credit for loan losses was $4,436,000 for the second quarter of 2015, which was $301,000 higher than the same quarter in 2014. For the six months ended June 30, 2015, net interest income after credit for loan losses was $9,281,000, which was $1,109,000 higher than the same period in 2014.  

Non-interest income increased to $741,000 for the second quarter of 2015 compared to $372,000 for the same period in 2014.  Non-interest income increased to $1,339,000 for the six months ended June 30, 2015 compared to $749,000 for the same period in 2014.  For the three and six months ended June 30, 2015, non-interest income increased primarily due to increases in gain on sale of loans, service fees on deposits and other service charges and fees, as well as a reduction in loss on sale of foreclosed assets compared to the same periods in 2014.

The non-interest category showing the greatest increase was gain on sale of loans, which totaled $295,000 for the quarter ended June 30, 2015 compared to $187,000 for the same quarter in 2014. Gain on sale of loans totaled $476,000 for the six months ended June 30, 2015 compared to $213,000 for the six months ended June 30, 2014.  These increases were due to a higher volume of loan sales for the three and six months ended June 30, 2015 compared to the same periods in 2014. Mr. Kuhl reported, “In an effort to increase loan gains, the Company has added additional one-to-four family real estate products and will continue the focus on increasing the volume of loans originated and sold.” The Company sold loans totaling $17.3 million and $6.4 million during the six months ended June 30, 2015 and 2014, respectively.

About Us.

First Clover Leaf Financial Corp. is the bank holding company for First Clover Leaf Bank, National Association. 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, and a loan production office in Clayton, Missouri.

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 changes in general economic conditions, either nationally or in our market areas, that are worse than expected; competition among depository and other financial institutions; inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; 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; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate acquired entities, if any; 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; changes resulting from shutdowns of the federal government; changes in our organization, compensation and benefit plans; changes in our financial condition or results of operations that reduce capital available to pay dividends; and 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 Company wishes to caution you not to place undue reliance on any such forward-looking statements, which only speak as of the date made. The Company wishes to advise you that 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.  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 Balance Sheets 
    
    
 June 30,December 31, 
  2015  2014  
 (Unaudited)  
ASSETS   
    
Total cash and cash equivalents$   42,991,242 $  49,066,462  
Securities available for sale    104,399,874    104,470,692  
Loans, net of allowance for loan losses of $5,899,024 and $5,561,442   
at June 30, 2015 and December 31, 2014, respectively   393,069,712    400,904,404  
Property and equipment, net   10,128,247    10,380,310  
Goodwill   11,385,323    11,385,323  
Bank-owned life insurance   15,108,993    14,876,960  
Foreclosed assets   3,797,198    3,887,587  
Other assets   12,106,907    12,643,062  
    
Total assets$  592,987,496  $  607,614,800  
    
LIABILITIES AND STOCKHOLDERS' EQUITY   
    
Liabilities:   
Total deposits$  479,400,131 $  510,306,639  
Federal Home Loan Bank advances   17,491,615    2,487,745  
Securities sold under agreements to repurchase   11,740,027    11,848,266  
Other liabilities   5,562,390    5,842,257  
Total liabilities   514,194,163    530,484,907  
    
Stockholders' Equity   
Total stockholders' equity   78,793,333    77,129,893  
    
Total liabilities and stockholders' equity$  592,987,496 $  607,614,800  

 

 
 
FIRST CLOVER LEAF FINANCIAL CORP.
      
Consolidated Statements of Income
(Unaudited)
      
      
 Three Months Ended Six Months Ended
 June 30, June 30,
  2015  2014   2015  2014 
Interest and dividend income:     
Interest and fees on loans$   4,429,579 $  4,102,934  $   8,723,018 $  8,135,545 
Securities   538,004    594,174     1,111,210    1,191,586 
Interest-earning deposits, federal funds sold, and other   54,721    61,815     105,997    112,878 
Total  interest and dividend income   5,022,304    4,758,923     9,940,225    9,440,009 
      
Interest expense:     
Deposits   522,875    527,261     1,047,503    1,071,778 
Other   63,438    97,169     111,738    196,391 
Total  interest expense   586,313    624,430     1,159,241    1,268,169 
      
Net interest income   4,435,991    4,134,493     8,780,984    8,171,840 
      
Provision (credit) for loan losses   -      -      (500,000)   -  
      
Net interest income after provision (credit)      
for loan losses   4,435,991    4,134,493     9,280,984    8,171,840 
      
Non-interest income:      
Service fees on deposit accounts   123,403    117,024     230,311    205,729 
Other service charges and fees   117,241    103,861     231,094    194,221 
Loan servicing fees   74,833    68,868     147,601    140,509 
Gain on sale of loans   294,971    186,645     476,092    212,700 
Other   130,178    (104,513)    253,954    (3,697)
    740,626    371,885     1,339,052    749,462 
      
Non-interest expense:     
Compensation and employee benefits   1,925,756    1,779,872     3,777,393    3,591,032 
Occupancy expense   365,392    424,185     756,151    827,711 
Data processing services   184,644    195,467     376,434    380,840 
Director fees   49,933    42,800     97,683    85,650 
Professional fees   134,102    176,917     261,446    300,030 
FDIC insurance premiums   94,000    120,000     204,000    237,102 
Foreclosed asset related expenses   35,039    182,968     37,238    257,417 
Other   718,101    687,350     1,350,933    1,291,269 
    3,506,967    3,609,559     6,861,278    6,971,051 
      
Income before income taxes    1,669,650    896,819     3,758,758    1,950,251 
      
Income tax expense   457,170    187,010     1,075,024    463,289 
      
Net income$   1,212,480 $  709,809  $   2,683,734 $  1,486,962 
      
Basic and diluted earnings per share$   0.17 $  0.10  $   0.38 $  0.21 
Dividends per share$   0.06 $  0.06  $   0.12 $  0.12 
      

 

Media Contact David Kuhl (618) 656-6122
NEXT ARTICLE

More From BioPortfolio on "First Clover Leaf Financial Corp. Announces Second Quarter Financial Results"

Advertisement
Quick Search
Advertisement
Advertisement

 

Relevant Topic

The Top 100 Pharmaceutical Companies
Top 10 biotech and pharmaceutical companies worldwide based on market value in 2015 2015 ranking of the global top 10 biotech and pharmaceutical companies based on revenue (in billion U.S. dollars) Johnson & Johnson, U.S. 74...