UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-QSB/A

Amendment No. 1

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2007

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                                                                          to          Commission file number 000-50820

FIRST CLOVER LEAF FINANCIAL CORP.

(Exact name of small business issuer as specified in its charter)

Maryland	20-4797391
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
6814 Goshen Road, Edwardsville, IL	62025
(Address of principal executive office)	(Zip Code)

Registrant's telephone number, including area code (618) 656-6122

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No o

Transitional Small Business Disclosure Format (Check one): Yes o  No  x

State by checkmark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o  No  x

Indicate the number of shares outstanding of the issuer's classes of common stock, as of the latest practicable date.

Class	Outstanding November 14, 2007
Common Stock, par value $.10 per share	8,620,331

EXPLANATORY NOTE

The purpose of this Amendment No. 1 on Form 10-QSB/A ( the “Amendment”) is to amend the Quarterly Report on Form 10-QSB of First Clover Leaf Financial Corp. (the “Company”) for the fiscal quarter ended September 30, 2007, which was filed with the Securities and Exchange Commission on November 14, 2007. This Amendment is being filed solely to correct a computational error on the Company’s Consolidated Balance Sheets for the amounts shown as “Total stockholders’ equity” and “Total liabilities and stockholders’ equity” as of September 30, 2007.  No other information is being amended by this Amendment.

This Amendment does not reflect events occurring after the filing of the original Quarterly Report on Form 10-QSB and does not otherwise modify or update the disclosures in the original Quarterly Report on Form 10-QSB in any way.

FIRST CLOVER LEAF FINANCIAL CORP.

Consolidated Balance Sheets

(Unaudited)

	September 30,			December 31,
Assets	2007			2006
Cash and due from banks	$	11,963,724		$	72,142,452
Federal funds sold		10,249,757			20,522,501
Total cash and cash equivalents		22,213,481			92,664,953
Interest-bearing time deposits		335,662			285,668
Securities available for sale		55,632,662			45,831,623
Federal Home Loan Bank stock		5,603,773			5,603,773
Loans, net of allowance for loan losses of $1,969,471 and $1,710,247, respectively		270,820,698			244,022,905
Loans held for sale		1,996,192			1,002,318
Property and equipment, net		7,410,584			6,892,679
Accrued interest receivable		1,934,507			1,555,823
Mortgage servicing rights		408,467			412,013
Goodwill		9,402,608			9,402,608
Core deposit intangible		1,643,001			2,074,000
Other assets		980,720			543,423
Total assets	$	378,382,355		$	410,291,786
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Non-interest bearing deposits	$	16,581,147		$	22,037,287
Interest bearing deposits		239,873,275			248,792,359
Total deposits		256,454,422			270,829,646
Federal Home Loan Bank advances		10,419,919			10,325,920
Securities sold under agreement to repurchase		15,715,246			29,437,580
Subordinated debentures		3,831,064			3,798,016
Accrued interest payable		978,504			685,617
Other liabilities		1,753,776			1,886,482
Total liabilities		289,152,931			316,963,261
Commitments, Contingencies and Credit Risk
Stockholders' Equity:
Preferred stock, $.10 par value; 10,000,000 shares authorized; no shares issued		-			-
Common stock, $.10 par value; 20,000,000 shares authorized; 9,074,031 shares issued; 8,654,996 and 9,074,031 shares outstanding at September 30, 2007 and December 31, 2006, respectively		907,403			907,403
Additional paid-in capital		71,038,672			71,031,467
Retained earnings		22,517,395			22,212,827
Accumulated other comprehensive income (loss)		42,492			(92,817	)
Unearned Employee Stock Ownership Plan shares		(666,577	)		(730,355	)
Treasury Stock, at cost; 419,035 shares		(4,609,961	)		-
Total stockholders' equity		89,229,424			93,328,525
Total liabilities and stockholders' equity	$	378,382,355		$	410,291,786

See Accompanying Notes to Consolidated Financial Statements.

FIRST CLOVER LEAF FINANCIAL CORP.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the small business issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FIRST CLOVER LEAF FINANCIAL CORP.
	(Small Business Issuer)
DATE: November 26, 2007	BY:	Dennis M. Terry
		Dennis M. Terry, President and Chief Executive Officer
	BY:	Darlene F. McDonald
		Darlene F. McDonald, Senior Vice-President and Chief Financial Officer