CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

NOTE 20 - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Financial information pertaining only to First Clover Leaf Financial Corp. is as follows:

BALANCE SHEETS

December 31, 2015 and 2014

	2015		2014
Assets
Cash and cash equivalents	$	996,950	$	1,141,653
Investment in common stock of subsidiary		83,079,782		79,868,529
Other assets		214,079		173,079
Total assets	$	84,290,811	$	81,183,261
Liabilities and Stockholders' Equity
Subordinated debentures	$	4,000,000	$	4,000,000
Accrued interest payable		8,388		7,424
Other liabilities		8,548		45,944
Total liabilities		4,016,936		4,053,368
Stockholders' Equity
Common stock		700,588		700,728
Additional paid-in-capital		55,806,256		55,818,936
Retained earnings		23,369,037		20,412,898
Accumulated other comprehensive income		397,994		197,331
		80,273,875		77,129,893
Total liabilities and stockholders' equity	$	84,290,811	$	81,183,261

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Years ended December 31, 2015 and 2014

	2015			2014
Dividends from subsidiary	$	2,000,000		$	2,000,000
Interest income		2,682			2,614
Interest expense		(90,174	)		(86,901	)
Other income		-			51,205
Other expenses		(534,045	)		(524,678	)
Income before income tax benefit and equity in undistributed net income of subsidiary		1,378,463			1,442,240
Income tax benefit		248,700			223,200
Income before equity in undistributed net income of subsidiary		1,627,163			1,665,440
Equity in undistributed (distributions in excess of) net income of subsidiary		3,010,591			2,160,752
Net income	$	4,637,754		$	3,826,192
Comprehensive income	$	4,838,417		$	5,716,011

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31, 2015 and 2014

	2015			2014
Cash Flows from Operating Activities
Net income	$	4,637,754		$	3,826,192
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions in excess of (equity in undistributed) net income of subsidiary		(3,010,591	)		(2,160,752	)
Decrease (increase) in other assets		(41,000	)		507,606
Increase (decrease) in accrued interest payable		964			(49	)
Decrease in other liabilities		(37,395	)		(40,722	)
Net cash provided by operating activities		1,549,732			2,132,275
Cash Flows from Investing Activities
Loan payments		-			-
Net cash provided by investing activities		-			-
Cash Flows from Financing Activities
Repurchase of common stock		(12,820	)		-
Dividends		(1,681,615	)		(1,681,748	)
Net cash used in financing activities		(1,694,435	)		(1,681,748	)
Net increase (decrease) in cash and cash equivalents		(144,703	)		450,527
Cash and cash equivalents:
Beginning of year		1,141,653			691,126
End of year	$	996,950		$	1,141,653