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

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

| 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)                           |

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

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IR

**Consolidated      Balance Sheets**

|                                                                                                                                                                                                                                                       |   | **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 |   |

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**SIGNATURES**

|                                       | 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 |   |

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