First Clover Leaf Financial Corp. (the "Company") (Nasdaq:FCLF)
announced net income of $3.4 million, or $0.46 per basic and
diluted share, for the year ended December 31, 2013, compared to
net income of $4.1 million, or $0.53 per basic and diluted share,
for the year ended December 31, 2012.
First Clover Leaf Financial President and CEO Dave Kuhl
commented, "Our strategic plan calls for the organization to
continue to focus on increasing shareholder value. While our
results in 2013 were solid, we believe we have positioned the bank
for stronger profitability in 2014. Our capital and asset quality
remains strong, which should enable the bank to expand into other
markets and lines of business consistent with our growth
focus."
For the year ended December 31, 2013, net interest income after
provision for loan losses was $16.0 million compared to $15.6
million for the year ended December 31, 2012. The provision for
loan losses totaled $485,000 for the year ended December 31, 2013
compared to $1.6 million for the year ended December 31, 2012.
Interest income decreased to $19.8 million for the year ended
December 31, 2013 from $21.7 million for the year ended December
31, 2012. Interest expense decreased to $3.3 million for the year
ended December 31, 2013 from $4.5 million for the year ended
December 31, 2012. Net Interest income declined to $16.5 million
for the year ended December 31, 2013 compared to $17.2 million for
the year ended December 31, 2012. The decline is primarily due to a
decrease in our net interest rate spread which decreased to 2.85%
for the year ended December 31, 2013 compared to 3.22% for the year
ended December 31, 2012. In addition, our net interest margin
decreased to 2.95% for the year ended December 31, 2013 compared to
3.39% for the year ended December 31, 2012. The decrease in the
interest rate spread was attributable to the yield on
interest-earning assets declining faster than the cost of funds.
The Company's yield on earning assets and costs of funds are
largely dependent on the interest rate environment.
Non-interest income was $2.2 million for the year ended December
31, 2013 compared to $3.0 million for the year ended December 31,
2012. The decrease in non-interest income was primarily the result
of a decrease in gain on sale of loans sold, which declined to
$561,000 for the year ended December 31, 2013 compared to $1.6
million for the year ended December 31 2012. Refinancing activity
was very strong during 2012, and fell sharply in 2013. Non-interest
expense increased to $13.4 million for the year ended December 31,
2013 compared to $12.5 million for the year ended December 31,
2012. The increase in non-interest expense was mainly due to an
increase in foreclosed asset related expenses, along with a slight
increase in compensation and employee benefits. For the year ended
December 31, 2013, income tax expense totaled $1.4 million compared
to income tax expense of $2.0 for December 31, 2012.
Total assets at December 31, 2013 were $622.0 million compared
to $600.8 million at December 31, 2012, an increase of $21.2
million. Cash and cash equivalents increased to $84.7 million at
December 31, 2013 from $71.4 million at December 31, 2012. The
$13.3 million increase was primarily due to an increase of $22.2
million in federal funds sold, partially offset by a decrease of
$9.4 million in cash and due from banks. Investment securities
available for sale increased to $117.8 million at December 31, 2013
from $88.3 million at December 31, 2012, this was primarily due to
purchases exceeding calls, maturities, principal repayments, and
sales by $34.5 million. Loans, net of allowance for loan losses,
decreased to $372.6 million at December 31, 2013 from $394.9
million at December 31, 2012, a decrease of $22.3 million. Due to
the current economic environment, we saw a reduction in loan demand
during 2013. Deposits were $502.5 million at December 31, 2013
compared to $460.4 million at December 31, 2012, an increase of
$42.1 million. The significant increase in deposits is primarily
related to two business relationships. The increase is due to the
transitional nature of their accounts. Borrowings totaled $14.0
million at December 31, 2013 and $22.0 million at December 31,
2012, respectively. Stockholders' equity decreased to $73.1
million at December 31, 2013 from $78.3 million at December 31,
2012. The decrease in stockholders' equity was mainly the
result of a reduction in accumulated other comprehensive income of
$2.9 million, repurchases of 474,034 shares of common stock for
$3.9 million as part of the Company's authorized ongoing stock
repurchase program, and the payment of cash dividends of $1.7
million, partially offset by net income of $3.4 million during the
year ended December 31, 2013.
President & CEO Dave Kuhl commented, "Loan quality has
improved dramatically and we continue to focus on increasing loan
volume while adhering to rigid underwriting
standards. Controlling costs while still growing the bank will
be critical to our success. This will be difficult with the
ever-increasing regulatory burden that all banks face
today. However, we believe we have the professional staff and
an enthusiastic drive to make it happen."
Asset quality improved during 2013. Total delinquent loans
90 days or more past due was $734,000 at December 31, 2013 compared
to $3.1 million at December 31, 2012. Total non-accrual loans
were $6.4 million at December 31, 2013 compared to $11.5 million at
December 31, 2012. The allowance for loan losses at December
31, 2013 was $5.6 million and represented 1.50% of total loans and
77.28% of non-performing and impaired loans. At December 31,
2012, the allowance for loan losses was $5.9 million and
represented 1.51% of total loans and 50.89% of non-performing and
impaired loans. Foreclosed assets decreased to $5.6 million at
December 31, 2013 compared to $6.5 million at December 31,
2012.
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.
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 changes in regulatory fees, capital
requirements and allowance for loan losses requirements; 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 our Form
10-K for the year ended December 31, 2012 and in other 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, |
|
2013 |
2012 |
Interest and dividend income: |
|
|
Interest and fees on loans |
$ 17,589,152 |
$ 19,613,434 |
Securities: |
|
|
Taxable interest income |
1,042,137 |
1,129,813 |
Nontaxable interest income |
1,008,926 |
836,665 |
Federal Home Loan Bank dividends |
8,727 |
9,170 |
Interest-earning deposits, federal funds
sold, and other |
172,591 |
63,712 |
Total interest and dividend
income |
19,821,533 |
21,652,794 |
|
|
|
Interest expense: |
|
|
Deposits |
2,769,685 |
3,833,610 |
Federal Home Loan Bank advances |
444,070 |
518,647 |
Securities sold under agreements to
repurchase |
13,713 |
17,839 |
Subordinated debentures |
88,286 |
97,914 |
Total interest
expense |
3,315,754 |
4,468,010 |
|
|
|
Net interest income |
16,505,779 |
17,184,784 |
|
|
|
Provision for loan losses |
485,000 |
1,550,000 |
|
|
|
Net interest income after
provision for loan losses |
16,020,779 |
15,634,784 |
|
|
|
Other income: |
|
|
Service fees on deposit accounts |
371,424 |
370,082 |
Other service charges and fees |
376,115 |
375,045 |
Loan servicing fees |
284,875 |
219,117 |
Gain on sale of securities |
359,138 |
167,978 |
Gain on sale of loans |
560,526 |
1,599,694 |
Other |
216,569 |
236,870 |
|
2,168,647 |
2,968,786 |
|
|
|
Other expenses: |
|
|
Compensation and employee benefits |
6,298,405 |
5,959,622 |
Occupancy expense |
1,353,783 |
1,257,849 |
Data processing services |
723,977 |
703,957 |
Director fees |
177,467 |
151,700 |
Professional fees |
448,423 |
519,331 |
FDIC insurance premiums |
476,731 |
469,104 |
Foreclosed asset related expenses |
1,343,883 |
653,736 |
Amortization of core deposit
intangible |
264,000 |
281,000 |
Amortization of mortgage servicing
rights |
118,511 |
286,165 |
Other |
2,242,177 |
2,211,571 |
|
13,447,357 |
12,494,035 |
|
|
|
Income before income
taxes |
4,742,069 |
6,109,535 |
|
|
|
Income tax expense |
1,386,008 |
2,045,034 |
|
|
|
Net income |
$ 3,356,061 |
$ 4,064,501 |
|
|
|
|
|
|
Basic earnings per share |
$ 0.46 |
$ 0.53 |
Diluted earnings per share |
$ 0.46 |
$ 0.53 |
|
|
|
|
|
|
|
|
|
First Clover Leaf
Financial Corp. |
Consolidated Balance
Sheets |
|
|
|
|
At December 31, |
At December 31, |
|
2013 |
2012 |
ASSETS |
|
|
|
|
|
Cash and due from banks |
$ 14,363,461 |
$ 23,798,795 |
Interest-earning deposits |
8,681,426 |
8,161,322 |
Federal funds sold |
61,648,938 |
39,454,481 |
Total cash and cash
equivalents |
84,693,825 |
71,414,598 |
|
|
|
Interest-earning time deposits |
1,766,493 |
1,749,744 |
Securities available for sale |
117,776,982 |
88,280,080 |
Federal Home Loan Bank stock |
2,887,763 |
2,887,763 |
Loans, net of allowance for loan losses of
$5,590,668 and $5,944,585 at 2013 and 2012, respectively |
372,568,962 |
394,868,626 |
Loans held for sale |
-- |
1,827,000 |
Property and equipment, net |
9,873,198 |
10,157,929 |
Goodwill |
11,385,323 |
11,385,323 |
Bank-owned life insurance |
8,497,895 |
5,244,335 |
Core deposit intangible |
271,000 |
535,000 |
Foreclosed assets |
5,577,481 |
6,505,912 |
Mortgage servicing rights |
918,247 |
811,783 |
Accrued interest receivable |
1,551,258 |
1,592,307 |
Prepaid FDIC insurance premiums |
-- |
1,001,161 |
Other assets |
4,276,015 |
2,507,471 |
|
|
|
Total assets |
$ 622,044,442 |
$ 600,769,032 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Liabilities: |
|
|
Deposits: |
|
|
Noninterest bearing |
$ 55,263,604 |
$ 60,330,245 |
Interest bearing |
447,276,088 |
400,043,801 |
Total deposits |
502,539,692 |
460,374,046 |
|
|
|
Federal Home Loan Bank advances |
13,980,005 |
21,966,750 |
Securities sold under agreements to
repurchase |
26,766,169 |
34,494,579 |
Subordinated debentures |
4,000,000 |
4,000,000 |
Accrued interest payable |
199,764 |
284,270 |
Other liabilities |
1,463,182 |
1,392,984 |
Total liabilities |
548,948,812 |
522,512,629 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
Common stock, $.10 par value, 20,000,000
shares authorized, 7,007,283 and 7,481,317 shares issued and
outstanding at 2013 and 2012 |
700,728 |
748,132 |
Additional paid-in capital |
55,818,936 |
59,660,244 |
Retained earnings |
18,268,454 |
16,651,916 |
Accumulated other comprehensive
income/(loss) |
(1,692,488) |
1,196,111 |
Total stockholders'
equity |
73,095,630 |
78,256,403 |
|
|
|
Total liabilities and
stockholders' equity |
$ 622,044,442 |
$ 600,769,032 |
|
|
|
|
|
|
|
|
|
First Clover Leaf
Financial Corp. |
Asset
Quality |
|
|
|
|
At December 31, |
At December 31, |
|
2013 |
2012 |
|
|
|
Delinquent loans 90 days or more past
due |
$ 733,740 |
$ 3,063,148 |
Non accrual loans |
$ 6,446,132 |
$ 11,471,329 |
Allowance for loan losses |
$ 5,590,668 |
$ 5,944,585 |
Allowance for loan losses to total loans |
1.50% |
1.51% |
Allowance for loan losses to non accrual
loans |
77.28% |
50.89% |
|
|
|
Foreclosed assets |
$ 5,577,481 |
$ 6,505,912 |
CONTACT: David Kuhl (618) 656-6122
First Clover Leaf Financial Corp. (MM) (NASDAQ:FCLF)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
First Clover Leaf Financial Corp. (MM) (NASDAQ:FCLF)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024