----

----

| 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) |

| Large accelerated filer £                                           | Accelerated filer T              |
|--------------------------------------------------------------------------|----------------------------------|
|                                                                     |                             |
| Non-accelerated filer £ (do not check if smaller reporting company) | Smaller reporting company £ |

| Class                                  | Outstanding August 6, 2009 |
|----------------------------------------|----------------------------|
| Common Stock, par value $.10 per share | 8,126,501                  |

----

----

----

FIRST CLOVER 

|                           |                      |                                                                                  |   | PAGE NO. |
|--------------------------------|---------------------------|---------------------------------------------------------------------------------------|--------|----------|
|                           |                      |                                                                                  |   |     |   |
|                           |                      |                                                                                  |   |     |   |
| PART I - Financial Information |                      |                                                                                  |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 1.                   | Financial Statements (Unaudited)                                                      |   |     |
|                           |                      |                                                                                  |   |     |   |
|                           |                      | Consolidated Balance Sheets                                                           | 3      |     |
|                           |                      |                                                                                  |   |     |   |
|                           |                      | Consolidated Statements of Operations                                                 | 4      |     |
|                           |                      |                                                                                  |   |     |   |
|                           |                      | Consolidated Statements of Comprehensive Income (Loss)                                | 5      |     |
|                           |                      |                                                                                  |   |     |   |
|                           |                      | Consolidated Statements of Cash Flows                                                 | 6      |     |
|                           |                      |                                                                                  |   |     |   |
|                           |                      | Notes to Consolidated Financial Statements                                            | 8      |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 2.                   | Management's Discussion and Analysis of Financial Condition and Results of Operations | 20     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 3.                   | Quantitative and Qualitative Disclosures about Market Risk                            | 34     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 4.                   | Controls and Procedures                                                               | 37     |     |
|                           |                      |                                                                                  |   |     |   |
| PART II - Other Information    |                      |                                                                                  |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 1.                   | Legal Proceedings                                                                     | 38     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 1A.   | Risk Factors                                                                          | 38     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 2.                   | Unregistered Sales of Equity Securities and Use of Proceeds                           | 39     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 3.                   | Defaults Upon Senior Securities                                                       | 39     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 4.                   | Submission of Matters to a Vote of Security Holders                                   | 40     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 5.                   | Other Information                                                                     | 40     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Item 6.                   | Exhibits                                                                              | 40     |     |
|                           |                      |                                                                                  |   |     |   |
|                           | Signatures                | 41                                                                                    |   |

----

Index

FIRST

|                                                                                                                                                                                 |   | June 30, |        |   | December 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-------------|--------|-------------------|--------|
| Assets                                                                                                                                                                               |   | 2009          |        |   | 2008              |   |
| Cash and due from banks                                                                                                                                                              |   | $             | 11,486,339  |   |              | $      | 19,290,559 |   |
| Interest-earning deposits                                                                                                                                                            |   |          | 11,456,094  |   |              |   | 13,562,730 |   |
| Federal funds sold                                                                                                                                                                   |   |          | 26,083,909  |   |              |   | 34,282,095 |   |
| Total cash and cash equivalents                                                                                                                                                      |   |          | 49,026,342  |   |              |   | 67,135,384 |   |
| Interest-earning time deposits                                                                                                                                                       |   |          | 5,000,781   |   |              |   | 5,210,461 |   |
| Securities available for sale                                                                                                                                                        |   |          | 94,218,711  |   |              |   | 103,567,578 |   |
| Federal Home Loan Bank stock                                                                                                                                                         |   |          | 6,306,273   |   |              |   | 6,306,273 |   |
| Loans, net of allowance for loan losses of $4,296,952 and $3,895,246, respectively                                                                                                   |   |          | 416,379,854 |   |              |   | 430,678,727 |   |
| Loans held for sale                                                                                                                                                                  |   |          | 1,721,525   |   |              |   | 240,000 |   |
| Property and equipment, net                                                                                                                                                          |   |          | 12,590,538  |   |              |   | 12,512,865 |   |
| Accrued interest receivable                                                                                                                                                          |   |          | 2,295,505   |   |              |   | 2,461,320 |   |
| Goodwill                                                                                                                                                                             |   |          | 11,385,323  |   |              |   | 20,685,323 |   |
| Core deposit intangible                                                                                                                                                              |   |          | 1,687,001   |   |              |   | 1,948,001 |   |
| Foreclosed assets                                                                                                                                                                    |   |          | 1,069,540   |   |              |   | 632,796 |   |
| Mortgage servicing rights                                                                                                                                                            |   |          | 690,588     |   |              |   | 657,660 |   |
| Other assets                                                                                                                                                                         |   |          | 1,340,573   |   |              |   | 1,288,406 |   |
| Total assets                                                                                                                                                                         |   | $             | 603,712,554 |   |              | $      | 653,324,794 |   |
| Liabilities and Stockholders' Equity                                                                                                                                                 |   |          |        |   |              |   |   |   |
| Liabilities:                                                                                                                                                                         |   |          |        |   |              |   |   |   |
| Deposits:                                                                                                                                                                            |   |          |        |   |              |   |   |   |
| Non-interest bearing deposits                                                                                                                                                        |   | $             | 29,166,500  |   |              | $      | 24,994,196 |   |
| Interest bearing deposits                                                                                                                                                            |   |          | 403,321,587 |   |              |   | 422,308,722 |   |
| Total deposits                                                                                                                                                                       |   |          | 432,488,087 |   |              |   | 447,302,918 |   |
| Federal Home Loan Bank advances                                                                                                                                                      |   |          | 48,491,000  |   |              |   | 49,967,919 |   |
| Securities sold under agreements to repurchase                                                                                                                                       |   |          | 35,035,137  |   |              |   | 55,103,313 |   |
| Subordinated debentures                                                                                                                                                              |   |          | 3,908,176   |   |              |   | 3,886,144 |   |
| Accrued interest payable                                                                                                                                                             |   |          | 1,397,417   |   |              |   | 1,245,555 |   |
| Other liabilities                                                                                                                                                                    |   |          | 2,314,884   |   |              |   | 2,162,236 |   |
| Total liabilities                                                                                                                                                                    |   |          | 523,634,701 |   |              |   | 559,668,085 |   |
|                                                                                                                                                                                 |   |          |        |   |              |   |   |   |
| 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;10,142,123 shares issued; 8,149,976 and 8,793,753 shares outstanding at June 30, 2009 and December 31, 2008, respectively |   |          | 1,014,212   |   |              |   | 1,014,212 |   |
| Additional paid-in capital                                                                                                                                                           |   |          | 81,351,098  |   |              |   | 81,339,895 |   |
| Retained earnings                                                                                                                                                                    |   |          | 14,486,840  |   |              |   | 23,230,811 |   |
| Accumulated other comprehensive income                                                                                                                                               |   |          | 1,422,813   |   |              |   | 1,195,673 |   |
| Unearned Employee Stock Ownership Plan shares                                                                                                                                        |   |          | (636,894    | )      |              |   | (658,856 | ) |
| Treasury Stock, at cost; 1,992,147 and 1,348,370 shares at                                                                                                                           |   |          |        |   |              |   |   |   |
| June 30, 2009 and December 31, 2008, respectively                                                                                                                                    |   |          | (17,560,216 | )      |              |   | (12,465,026 | ) |
| Total stockholders' equity                                                                                                                                                           |   |          | 80,077,853  |   |              |   | 93,656,709 |   |
| Total liabilities and stockholders' equity                                                                                                                                           |   | $             | 603,712,554 |   |              | $      | 653,324,794 |   |

----

Index

FIRS

|                                                     |   | Three Months Ended |       |   | Six Months Ended |   |
|----------------------------------------------------------|--------|--------------------|------------|--------|------------------|--------|
|                                                     |   | June 30,           |       |   | June 30,         |   |
|                                                     |   | 2009               |       |   | 2008             |   |   | 2009 |   |   | 2008 |   |
| Interest income:                                         |   |               |       |   |             |   |   |   |   |   |   |   |
| Interest and fees on loans                               |   | $                  | 5,936,659  |   |             | $      | 4,864,113 |   |   | $ | 12,073,566 |   |   |   | 9,682,128 |   |
| Securities:                                              |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Taxable interest income                                  |   |               | 874,432    |   |             |   | 601,159 |   |   |   | 1,814,808 |   |   |   | 1,278,023 |   |
| Non-taxable interest income                              |   |               | 144,277    |   |             |   | 48,994 |   |   |   | 275,382 |   |   |   | 96,979 |   |
| Interest-earning deposits, federal funds sold, and other |   |               | 36,560     |   |             |   | 136,897 |   |   |   | 96,588 |   |   |   | 451,336 |   |
| Total interest income                                    |   |               | 6,991,928  |   |             |   | 5,651,163 |   |   |   | 14,260,344 |   |   |   | 11,508,466 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense:                                        |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                 |   |               | 2,708,641  |   |             |   | 2,568,864 |   |   |   | 5,301,707 |   |   |   | 5,370,843 |   |
| Federal Home Loan Bank advances                          |   |               | 455,510    |   |             |   | 151,656 |   |   |   | 924,876 |   |   |   | 331,085 |   |
| Securities sold under agreements to repurchase           |   |               | 17,460     |   |             |   | 99,458 |   |   |   | 37,699 |   |   |   | 206,712 |   |
| Subordinated debentures                                  |   |               | 74,397     |   |             |   | 74,398 |   |   |   | 148,098 |   |   |   | 148,795 |   |
| Total interest expense                                   |   |               | 3,256,008  |   |             |   | 2,894,376 |   |   |   | 6,412,380 |   |   |   | 6,057,435 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income                                      |   |               | 3,735,920  |   |             |   | 2,756,787 |   |   |   | 7,847,964 |   |   |   | 5,451,031 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Provision for loan losses                                |   |               | 428,720    |   |             |   | 186,033 |   |   |   | 668,990 |   |   |   | 356,866 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income after provision for loan losses      |   |               | 3,307,200  |   |             |   | 2,570,754 |   |   |   | 7,178,974 |   |   |   | 5,094,165 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest income:                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Service fees on deposit accounts                         |   |               | 69,805     |   |             |   | 59,460 |   |   |   | 135,546 |   |   |   | 106,423 |   |
| Other service charges and fees                           |   |               | 64,360     |   |             |   | 39,962 |   |   |   | 123,259 |   |   |   | 74,594 |   |
| Loan servicing fees                                      |   |               | 37,230     |   |             |   | 20,245 |   |   |   | 80,482 |   |   |   | 50,252 |   |
| Gain on sale of loans                                    |   |               | 172,260    |   |             |   | 92,225 |   |   |   | 386,275 |   |   |   | 126,605 |   |
| Other                                                    |   |               | 4,096      |   |             |   | 2,974 |   |   |   | 25,123 |   |   |   | 7,258 |   |
| Total non-interest income                                |   |               | 347,751    |   |             |   | 214,866 |   |   |   | 750,685 |   |   |   | 365,132 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest expense:                                    |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Compensation and employee benefits                       |   |               | 1,141,993  |   |             |   | 835,699 |   |   |   | 2,275,956 |   |   |   | 1,628,503 |   |
| Occupancy expense                                        |   |               | 344,627    |   |             |   | 243,215 |   |   |   | 717,384 |   |   |   | 483,539 |   |
| Data processing services                                 |   |               | 144,496    |   |             |   | 109,616 |   |   |   | 277,091 |   |   |   | 224,579 |   |
| Director fees                                            |   |               | 53,850     |   |             |   | 73,800 |   |   |   | 108,950 |   |   |   | 132,850 |   |
| Professional fees                                        |   |               | 190,357    |   |             |   | 126,141 |   |   |   | 393,188 |   |   |   | 243,275 |   |
| Federal Deposit Insurance Corporation insurance premiums |   |               | 374,565    |   |             |   | 8,303 |   |   |   | 429,416 |   |   |   | 16,022 |   |
| Amortization of core deposit intangible                  |   |               | 130,000    |   |             |   | 116,000 |   |   |   | 261,000 |   |   |   | 232,000 |   |
| Amortization of mortgage servicing rights                |   |               | 73,477     |   |             |   | 20,073 |   |   |   | 164,699 |   |   |   | 54,877 |   |
| Goodwill impairment                                      |   |               | 9,300,000  |   |             |   | - |   |   |   | 9,300,000 |   |   |   | - |   |
| Other                                                    |   |               | 402,250    |   |             |   | 351,249 |   |   |   | 837,248 |   |   |   | 615,775 |   |
| Total non-interest expense                               |   |               | 12,155,615 |   |             |   | 1,884,096 |   |   |   | 14,764,932 |   |   |   | 3,631,420 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes                        |   |               | (8,500,664 | )      |             |   | 901,524 |   |   |   | (6,835,273 | ) |   |   | 1,827,877 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Income taxes                                             |   |               | 292,900    |   |             |   | 307,625 |   |   |   | 904,396 |   |   |   | 659,525 |   |
| Net income (loss)                                        |   | $                  | (8,793,564 | )      |             | $      | 593,899 |   |   | $ | (7,739,669 | ) |   | $ | 1,168,352 |   |
|                                                     |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted income (loss) per share (see Note 6)   |   | $                  | (1.08      | )      |             | $      | 0.07 |   |   | $ | (0.93 | ) |   | $ | 0.14 |   |
| Dividends per share                                      |   | $                  | 0.06       |   |             | $      | 0.06 |   |   | $ | 0.12 |   |   | $ | 0.12 |   |

----

Index

FIRST

|                                                                          |   | Three Months Ended |       |   | Six Months Ended |   |
|-------------------------------------------------------------------------------|--------|--------------------|------------|--------|------------------|--------|
|                                                                          |   | June 30,           |       |   | June 30,         |   |
|                                                                          |   | 2009               |       |   | 2008             |   |   | 2009 |   |   | 2008 |   |
|                                                                          |   |               |       |   |             |   |   |   |   |   |   |   |
| Net income (loss)                                                             |   | $                  | (8,793,564 | )      |             | $      | 593,899 |   |   | $ | (7,739,669 | ) |   | $ | 1,168,352 |   |
| Other comprehensive income (loss):                                            |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized gains (losses) on securities arising during the period, net of tax |   |               | (13,617    | )      |             |   | (271,027 | ) |   |   | 227,140 |   |   |   | 8,302 |   |
| Comprehensive income (loss)                                                   |   | $                  | (8,807,181 | )      |             | $      | 322,872 |   |   | $ | (7,512,529 | ) |   | $ | 1,176,654 |   |

----

Index

FIRST CLOVER 

|                                                               |   | Six Months Ended |        |
|--------------------------------------------------------------------|--------|------------------|-------------|
|                                                               |   | June 30,         |        |
|                                                               |   | 2009             |        |   | 2008 |   |
| Cash flows from operating activities:                              |   |             |        |   |   |   |
| Net income (loss)                                                  |   | $                | (7,739,669  | ) |   | $ | 1,168,352 |   |
| Adjustments to reconcile net income (loss) to net cash provided by |   |             |        |   |   |   |   |   |
| (used in) operating activities:                                    |   |             |        |   |   |   |   |   |
| Amortization of:                                                   |   |             |        |   |   |   |   |   |
| Deferred loan origination costs, net                               |   |             | 35,146      |   |   |   | 53,214 |   |
| Premiums and discounts on securities                               |   |             | (115,574    | ) |   |   | (157,489 | ) |
| Core deposit intangible                                            |   |             | 261,000     |   |   |   | 232,000 |   |
| Mortgage servicing rights                                          |   |             | 164,699     |   |   |   | 54,877 |   |
| Amortization of fair value adjustments on:                         |   |             |        |   |   |   |   |   |
| Loans                                                              |   |             | (47,000     | ) |   |   | (163,000 | ) |
| Time deposits                                                      |   |             | (100,334    | ) |   |   | 11,000 |   |
| Federal Home Loan Bank advances                                    |   |             | (21,999     | ) |   |   | 14,000 |   |
| Subordinated debentures                                            |   |             | 22,032      |   |   |   | 22,032 |   |
| Investment securities                                              |   |             | (29,100     | ) |   |   | (66,500 | ) |
| Property and equipment                                             |   |             | 8,036       |   |   |   | 8,036 |   |
| Goodwill impairment                                                |   |             | 9,300,000   |   |   |   | - |   |
| Provision for loan losses                                          |   |             | 668,990     |   |   |   | 356,866 |   |
| Depreciation expense                                               |   |             | 358,461     |   |   |   | 233,707 |   |
| ESOP expense                                                       |   |             | 33,165      |   |   |   | 41,302 |   |
| Gain on sale of loans                                              |   |             | (386,275    | ) |   |   | (126,605 | ) |
| Gain on sale of foreclosed real estate                             |   |             | (3,700      | ) |   |   | - |   |
| Proceeds from sales of loans held for sale                         |   |             | 18,879,857  |   |   |   | 7,693,064 |   |
| Originations of loans held for sale                                |   |             | (19,975,107 | ) |   |   | (8,083,559 | ) |
| Change in assets and liabilities:                                  |   |             |        |   |   |   |   |   |
| Decrease in accrued interest receivable                            |   |             | 165,815     |   |   |   | 67,026 |   |
| Increase in mortgage servicing rights                              |   |             | (197,627    | ) |   |   | (80,205 | ) |
| Increase in other assets                                           |   |             | (52,167     | ) |   |   | (264,729 | ) |
| Increase (decrease) in accrued interest payable                    |   |             | 151,862     |   |   |   | (220,709 | ) |
| Increase in other liabilities                                      |   |             | 18,990      |   |   |   | 150,200 |   |
| Net cash flows from operating activities                           |   |             | 1,399,501   |   |   |   | 942,880 |   |
| Cash flows from investing activities:                              |   |             |        |   |   |   |   |   |
| Proceeds from maturity of interest-earning time deposits           |   |             | 20,847,832  |   |   |   | 15,049,994 |   |
| Purchase of interest-earning time deposits                         |   |             | (20,638,152 | ) |   |   | (12,795,712 | ) |
| Available for sale securities:                                     |   |             |        |   |   |   |   |   |
| Purchases                                                          |   |             | (47,950,000 | ) |   |   | (68,250,000 | ) |
| Proceeds from calls, maturities and paydowns                       |   |             | 57,804,339  |   |   |   | 70,432,932 |   |
| Net decrease (increase) in loans                                   |   |             | 12,527,434  |   |   |   | (35,395,262 | ) |
| Purchase of property and equipment                                 |   |             | (444,170    | ) |   |   | (2,853,583 | ) |
| Proceeds from the sale of foreclosed real estate                   |   |             | 681,259     |   |   |   | - |   |
| Net cash flows provided by (used in) investing activities          |   | $                | 22,828,542  |   |   | $ | (33,811,631 | ) |

----

Index

|                                                                      |   | Six Months Ended |        |
|---------------------------------------------------------------------------|--------|------------------|-------------|
|                                                                      |   | June 30,         |        |
|                                                                      |   | 2009             |        |   | 2008 |   |
|                                                                      |   |             |        |   |   |   |
| Cash flows from financing activities:                                     |   |             |        |   |   |   |
| Net increase (decrease) in deposits                                       |   | $                | (14,714,497 | ) |   | $ | 5,207,995 |   |
| Net increase (decrease) in securities sold under agreements to repurchase |   |             | (20,068,176 | ) |   |   | 12,235,361 |   |
| Proceeds from Federal Home Loan Bank advances                             |   |             | 5,000,000   |   |   |   | 10,000,000 |   |
| Repayment of Federal Home Loan Bank advances                              |   |             | (6,454,920  | ) |   |   | (3,000,000 | ) |
| Repurchase of Common Stock                                                |   |             | (5,095,190  | ) |   |   | (4,192,830 | ) |
| Cash dividends                                                            |   |             | (1,004,302  | ) |   |   | (964,881 | ) |
| Net cash flows provided by (used in) financing activities                 |   |             | (42,337,085 | ) |   |   | 19,285,645 |   |
| Net decrease in cash and cash equivalents                                 |   |             | (18,109,042 | ) |   |   | (13,583,106 | ) |
| Cash and cash equivalents at beginning of period                          |   |             | 67,135,384  |   |   |   | 37,084,575 |   |
| Cash and cash equivalents at end of period                                |   | $                | 49,026,342  |   |   | $ | 23,501,469 |   |
|                                                                      |   |             |        |   |   |   |   |   |
|                                                                      |   |             |        |   |   |   |   |   |
|                                                                      |   |             |        |   |   |   |   |   |
|                                                                      |   |             |        |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                        |   |             |        |   |   |   |   |   |
| Cash paid during the period for:                                          |   |             |        |   |   |   |   |   |
| Interest                                                                  |   | $                | 6,360,819   |   |   | $ | 6,231,112 |   |
| Income tax payments, net                                                  |   |             | 1,233,593   |   |   |   | 735,000 |   |
| Non-cash transactions                                                     |   |             |        |   |   |   |   |   |
| Loans transferred to foreclosed assets                                    |   |             | 1,114,303   |   |   |   | - |   |

----

Index

FIRS

| (1) | Summary of Significant Accounting Policies: |
|-----|---------------------------------------------|

----

Index

| (2) | Intangible Assets: |
|-----|--------------------|

|                     |   | June 30, |       |   | December 31, |   |
|--------------------------|--------|---------------|------------|--------|-------------------|--------|
|                     |   | 2009          |       |   | 2008              |   |
|                     |   |          |       |   |              |   |
| Core deposit intangible  |   | $             | 3,258,000  |   |              | $      | 3,258,000 |   |
| Accumulated amortization |   |          | (1,570,999 | )      |              |   | (1,309,999 | ) |
| Total                    |   | $             | 1,687,001  |   |              | $      | 1,948,001 |   |

|                                |   | Core       |    |
|-------------------------------------|--------|------------|---------|
|                                |   | Deposit    |    |
|                                |   | Intangible |    |
|                                |   |       |    |
| Six months ending December 31, 2009 |   | $          | 207,000 |   |
| Year ending December 31, 2010       |   |       | 359,000 |   |
| Year ending December 31, 2011       |   |       | 304,000 |   |
| Year ending December 31, 2012       |   |       | 281,000 |   |
| Year ending December 31, 2013       |   |       | 223,000 |   |
| Year ending December 31, 2014       |   |       | 116,001 |   |

----

Index

| (3) | Investment Securities: |
|-----|------------------------|

|                                          |   | June 30,  |       |   | December 31, |   |
|-----------------------------------------------|--------|-----------|------------|--------|--------------|--------|
|                                          |   | 2009      |       |   | 2008         |   |
|                                          |   | Amortized |       |   | Fair         |   |   | Amortized |   |   | Fair |   |
|                                          |   | Cost      |       |   | Value        |   |   | Cost |   |   | Value |   |
| Investment Securities:                        |   |      |       |   |         |   |   |   |   |   |   |   |
| U.S. government agency obligations            |   | $         | 52,142,452 |   |         | $      | 52,790,936 |   |   | $ | 58,413,597 |   |   | $ | 59,346,145 |   |
| Corporate bonds                               |   |      | 2,594,488  |   |         |   | 2,402,847 |   |   |   | 3,093,991 |   |   |   | 2,829,266 |   |
| State and municipal securities                |   |      | 14,115,780 |   |         |   | 14,843,381 |   |   |   | 12,238,209 |   |   |   | 12,450,583 |   |
| Other securities                              |   |      | 75,251     |   |         |   | 79,066 |   |   |   | 75,251 |   |   |   | 75,251 |   |
| Mortgage-backed securities                    |   |      | 23,032,026 |   |         |   | 24,102,481 |   |   |   | 27,848,619 |   |   |   | 28,866,333 |   |
| Total Investment Securites available for sale |   | $         | 91,959,997 |   |         | $      | 94,218,711 |   |   | $ | 101,669,667 |   |   | $ | 103,567,578 |   |

|                               |   | Less than 12 Months |       |   | 12 Months or More |   |    | Total  |   |
|------------------------------------|--------|---------------------|------------|--------|-------------------|--------|---------|--------|--------|
|                               |   | Fair                |       |   | Unrealized        |   |    | Fair   |   |   | Unrealized |   |   | Fair |   |   | Unrealized |   |
|                               |   | Value               |       |   | loss              |   |    | Value  |   |   | loss |   |   | Value |   |   | loss |   |
|                               |   |                |       |   |              |   |    |   |   |   |   |   |   |   |   |   |   |   |
| U.S. government agency obligations |   | $                   | 14,854,250 |   |              | $      | 141,826 |   |   | $ | - |   |   | $ | - |   |   | $ | 14,854,250 |   |   | $ | 141,826 |   |
| Corporate bonds                    |   |                | -          |   |              |   | -       |   |   |   | 1,897,237 |   |   |   | 198,950 |   |   |   | 1,897,237 |   |   |   | 198,950 |   |
| State and municipal securities     |   |                | 350,052    |   |              |   | 693     |   |   |   | - |   |   |   | - |   |   |   | 350,052 |   |   |   | 693 |   |
|                               |   | $                   | 15,204,302 |   |              | $      | 142,519 |   |   | $ | 1,897,237 |   |   | $ | 198,950 |   |   | $ | 17,101,539 |   |   | $ | 341,469 |   |

----

Index

| (4) | Loans: |
|-----|--------|

|                                      |   | At June 30, |        |   | At December 31, |   |
|-------------------------------------------|--------|-------------|-------------|--------|-----------------|--------|
|                                      |   | 2009        |        |   | 2008            |   |
|                                      |   | Amount      |        |   | Percent         |   |   | Amount |   |   | Percent |   |
|                                      |   |        |        |   |            |   |   |   |   |   |   |   |
| Real Estate Loans                         |   |        |        |   |            |   |   |   |   |   |   |   |
| One- to four-family residential loans(1)  |   | $           | 103,901,687 |   |            |   | 24.5 | % |   | $ | 110,925,168 |   |   |   | 25.3 | % |
| Multi-family                              |   |        | 17,876,981  |   |            |   | 4.2 |   |   |   | 18,150,435 |   |   |   | 4.2 |   |
| Commercial                                |   |        | 178,118,421 |   |            |   | 42.0 |   |   |   | 168,432,417 |   |   |   | 38.4 |   |
| Construction and land                     |   |        | 53,055,000  |   |            |   | 12.5 |   |   |   | 52,337,453 |   |   |   | 11.9 |   |
| Total real estate loans                   |   |        | 352,952,089 |   |            |   | 83.2 |   |   |   | 349,845,473 |   |   |   | 79.8 |   |
|                                      |   |        |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                       |   |        | 61,235,285  |   |            |   | 14.4 |   |   |   | 78,159,496 |   |   |   | 17.8 |   |
|                                      |   |        |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Loans                            |   |        | 9,880,014   |   |            |   | 2.4 |   |   |   | 10,269,781 |   |   |   | 2.4 |   |
|                                      |   |        |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Total loans and loans held for sale       |   |        | 424,067,388 |   |            |   | 100.0 | % |   |   | 438,274,750 |   |   |   | 100.0 | % |
| Less:                                     |   |        |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Undisbursed portion of construction loans |   |        | 1,643,840   |   |            |   |   |   |   |   | 3,401,803 |   |   |   |   |   |
| Deferred loan origination fees, net       |   |        | 25,217      |   |            |   |   |   |   |   | 58,974 |   |   |   |   |   |
| Allowance for loan losses                 |   |        | 4,296,952   |   |            |   |   |   |   |   | 3,895,246 |   |   |   |   |   |
|                                      |   |        |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Total loans and loans held for sale, net  |   | $           | 418,101,379 |   |            |   |   |   |   | $ | 430,918,727 |   |   |   |   |   |

----

Index

| (5) | Asset Quality: |
|-----|----------------|

|                                                     |   | June 30, |       |   | December 31, |   |
|----------------------------------------------------------|--------|----------|------------|--------|--------------|--------|
|                                                     |   | 2009     |       |   | 2008         |   |
|                                                     |   |     |       |   |         |   |
| Loans 90 days or more past due and still accruing        |   | $        | 125,995    |   |         | $      | 763,659 |   |
| Nonaccrual loans                                         |   |     | 9,696,804  |   |         |   | 5,617,507 |   |
| Other impaired loans                                     |   |     | 15,349,293 |   |         |   | 1,152,151 |   |
| Total nonperforming and impaired loans                   |   | $        | 25,172,092 |   |         | $      | 7,533,317 |   |
|                                                     |   |     |       |   |         |   |   |   |
| Allowance for losses on nonperforming and impaired loans |   | $        | 1,942,673  |   |         | $      | 670,547 |   |

| Non-performing assets and impaired loans to total assets       |   |   | 4.17  | %      |   |   | 1.15  | %      |
|----------------------------------------------------------------|--------|--------|-------|--------|--------|--------|-------|--------|
| Non-performing and impaired loans to total loans               |   |   | 6.05  |   |   |   | 1.75  |   |
| Allowance for loan losses to non-performing and impaired loans |   |   | 17.07 |   |   |   | 51.71 |   |
| Allowance for loan losses to total loans                       |   |   | 1.03  |   |   |   | 0.90  |   |

|                           |   | Six Months Ended |      |
|--------------------------------|--------|------------------|-----------|
|                           |   | June 30,         |      |
|                           |   | 2009             |      |   | 2008 |   |
| Balance at beginning of period |   | $                | 3,895,246 |   |   | $ | 1,897,945 |   |
| Charge-offs                    |   |             | (267,284  | ) |   |   | (33,644 | ) |
| Recoveries                     |   |             | -         |   |   |   | 15,517 |   |
| Provision charged to expense   |   |             | 668,990   |   |   |   | 356,866 |   |
| Balance at end of period       |   | $                | 4,296,952 |   |   | $ | 2,236,684 |   |

----

Index

| (6) | Earnings (losses) per Share: |
|-----|------------------------------|

|                                                   |   | Three Months Ended |       |   | Six Months Ended |   |
|--------------------------------------------------------|--------|--------------------|------------|--------|------------------|--------|
|                                                   |   | June 30,           |       |   | June 30,         |   |
|                                                   |   | 2009               |       |   | 2008             |   |   | 2009 |   |   | 2008 |   |
|                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| Net earnings (losses) available to common stockholders |   | $                  | (8,793,564 | )      |             | $      | 593,899 |   |   | $ | (7,739,669 | ) |   | $ | 1,168,352 |   |
|                                                   |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Basic potential common shares:                         |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding                    |   |               | 8,271,143  |   |             |   | 8,176,731 |   |   |   | 8,492,394 |   |   |   | 8,255,589 |   |
| Weighted average unallocated Employee Stock            |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Ownership Plan shares                                  |   |               | (125,406   | )      |             |   | (133,910 | ) |   |   | (126,463 | ) |   |   | (134,973 | ) |
| Basic weighted average shares outstanding              |   |               | 8,145,737  |   |             |   | 8,042,821 |   |   |   | 8,365,931 |   |   |   | 8,120,616 |   |
|                                                   |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Dilutive potential common shares                       |   |               | -          |   |             |   | - |   |   |   | - |   |   |   | - |   |
|                                                   |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Dilutive weighted average shares outstanding           |   |               | 8,145,737  |   |             |   | 8,042,821 |   |   |   | 8,365,931 |   |   |   | 8,120,616 |   |
|                                                   |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted earnings (losses) per share          |   | $                  | (1.08      | )      |             | $      | 0.07 |   |   | $ | (0.93 | ) |   | $ | 0.14 |   |

| (7) | Employee Stock Ownership Plan: |
|-----|--------------------------------|

----

Index

| (7) | Employee Stock Ownership Plan (Continued): |
|-----|--------------------------------------------|

|                                                                                                          |   | June 30, |    |   | December 31, |   |
|---------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|-------------------|--------|
|                                                                                                          |   | 2009          |    |   | 2008              |   |
| Unallocated shares (fair value at June 30, 2009 and December 31, 2008 of $875,451 and $875,027, respectively) |   |          | 123,303 |   |              |   | 127,555 |   |
| Allocated Shares                                                                                              |   |          | 47,456  |   |              |   | 43,204 |   |
| Total ESOP Shares                                                                                             |   |          | 170,759 |   |              |   | 170,759 |   |

| (8) | Recent Accounting Pronouncements: |
|-----|-----------------------------------|

|   | i.) | FASB Staff Position (“FSP”) FAS 157-4, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed, which provides guidelines for making fair value measurements more consistent with the principles presented in Statement of Financial Accounting Standards157.  FSP FAS 157-4 provides additional authoritative guidance in determining whether a market is active or inactive, and whether a transaction is distressed, is applicable to all assets and liabilities (i.e. financial and nonfinancial) and will require enhanced disclosures. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii.) | FASB Staff Position FAS 115-2 and FAS 124-2, Recognition and Presentation of Other –Than-Temporary Impairments, provides additional guidance to provide greater clarity about the credit and noncredit component of an other-than-temporary impairment event and to more effectivelycommunicate when an other-than-temporary impairment event has occurred.  This FSP applies to debt securities. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii.) | FASB Staff Position FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments, amends FASB Statement No. 107, Disclosures about Fair Value of Financial Instruments, to require disclosures aboutfair value of financial instruments in interim as well as in annual financial statements.  This FSP also amends APB Opinion No. 28, Interim Financial Reporting, to require those disclosures in all interim financial statements. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| (8) | Recent Accounting Pronouncements (Continued): |
|-----|-----------------------------------------------|

| (9) | Fair Value of Financial Instruments: |
|-----|--------------------------------------|

----

Index

| (9) | Fair Value of Financial Instruments (Continued): |
|-----|--------------------------------------------------|

----

Index

| (9) | Fair Value of Financial Instruments (Continued): |
|-----|--------------------------------------------------|

|                                          |   | June 30, 2009 |        |   | December 31, 2008 |   |
|-----------------------------------------------|--------|--------------------|-------------|--------|------------------------|--------|
|                                          |   | Carrying           |        |   | Fair                   |   |   | Carrying |   |   | Fair |   |
|                                          |   | Amount             |        |   | Value                  |   |   | Amount |   |   | Value |   |
| Financial assets:                             |   |               |        |   |                   |   |   |   |   |   |   |   |
| Cash and cash equivalents                     |   | $                  | 49,026,342  |   |                   | $      | 49,026,342 |   |   | $ | 67,135,384 |   |   | $ | 67,135,384 |   |
| Interest-earning time deposits                |   |               | 5,000,781   |   |                   |   | 5,000,781 |   |   |   | 5,210,461 |   |   |   | 5,210,461 |   |
| Securities                                    |   |               | 94,218,711  |   |                   |   | 94,218,711 |   |   |   | 103,567,578 |   |   |   | 103,567,578 |   |
| Federal Home Loan Bank stock                  |   |               | 6,306,273   |   |                   |   | 6,306,273 |   |   |   | 6,306,273 |   |   |   | 6,306,273 |   |
| Loans, net                                    |   |               | 418,101,379 |   |                   |   | 411,846,331 |   |   |   | 430,918,727 |   |   |   | 437,952,913 |   |
| Accrued interest receivable                   |   |               | 2,295,505   |   |                   |   | 2,295,505 |   |   |   | 2,461,320 |   |   |   | 2,461,320 |   |
|                                          |   |               |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                        |   |               |        |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest bearing deposits                 |   |               | 29,166,500  |   |                   |   | 29,166,500 |   |   |   | 24,994,196 |   |   |   | 24,994,196 |   |
| Interest bearing deposits                     |   |               | 403,321,587 |   |                   |   | 407,236,587 |   |   |   | 422,308,722 |   |   |   | 424,696,738 |   |
| Federal Home Loan Bank advances               |   |               | 48,491,000  |   |                   |   | 49,403,000 |   |   |   | 49,967,919 |   |   |   | 50,673,734 |   |
| Securities sold under agreement to repurchase |   |               | 35,035,137  |   |                   |   | 35,035,137 |   |   |   | 55,103,313 |   |   |   | 55,103,313 |   |
| Subordinated debentures                       |   |               | 3,908,176   |   |                   |   | 3,898,000 |   |   |   | 3,886,144 |   |   |   | 3,957,709 |   |
| Accrued interest payable                      |   |               | 1,397,417   |   |                   |   | 1,397,417 |   |   |   | 1,245,555 |   |   |   | 1,245,555 |   |

| (10) | Fair Value Disclosures: |
|------|-------------------------|

----

Index

| (10) | Fair Value Disclosures (Continued): |
|------|-------------------------------------|

|                                          |   | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Other Observable Inputs |   |       | Significant Unobservable Inputs |   |   |   |   |
|-----------------------------------------------|--------|------------------------------------------------------|--------|--------|-------------------------------------|--------|------------|---------------------------------|--------|--------|--------|--------|
| Assets:                                       |   | (Level 1)                                            |   |   | (Level 2)                           |   |       | (Level 3)                       |   |   | Total  |   |
|                                          |   |                                                 |   |   |                                |   |       |                            |   |   |   |   |
| Investment Securities:                        |   |                                                 |   |   |                                |   |       |                            |   |   |   |   |
| U.S. government agency obligations            |   | $                                                    | -      |   |                                | $      | 52,790,936 |                            |   | $      | -      |   |   | $ | 52,790,936 |   |
| Corporate bonds                               |   |                                                 | -      |   |                                |   | 2,402,847  |                            |   |   | -      |   |   |   | 2,402,847 |   |
| State and municipal securities                |   |                                                 | -      |   |                                |   | 14,843,381 |                            |   |   | -      |   |   |   | 14,843,381 |   |
| Other securities                              |   |                                                 | -      |   |                                |   | 79,066     |                            |   |   | -      |   |   |   | 79,066 |   |
| Mortgage-backed securities                    |   |                                                 | -      |   |                                |   | 24,102,481 |                            |   |   | -      |   |   |   | 24,102,481 |   |
| Total Investment Securites available for sale |   | $                                                    | -      |   |                                | $      | 94,218,711 |                            |   | $      | -      |   |   | $ | 94,218,711 |   |

|              |   | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Other Observable Inputs |   |       | Significant Unobservable Inputs |   |   |    |   |
|-------------------|--------|------------------------------------------------------|--------|--------|-------------------------------------|--------|------------|---------------------------------|--------|--------|---------|--------|
|              |   | (Level 1)                                            |   |   | (Level 2)                           |   |       | (Level 3)                       |   |   | Total   |   |
|              |   |                                                 |   |   |                                |   |       |                            |   |   |    |   |
| Impaired loans    |   | $                                                    | -      |   |                                | $      | 22,638,980 |                            |   | $      | 609,205 |   |   | $ | 23,248,185 |   |
| Foreclosed assets |   | $                                                    | -      |   |                                | $      | 1,069,540  |                            |   | $      | -       |   |   | $ | 1,069,540 |   |
| Goodwill          |   | $                                                    | -      |   |                                | $      | 11,385,323 |                            |   | $      | -       |   |   | $ | 11,385,323 |   |

| (11) | Goodwill Impairment: |
|------|----------------------|

----

Index

| (12) | Subsequent Events: |
|------|--------------------|

----

Index

Item 2.

----

Index

----

Index

----

Index

----

Index

----

Index

----

Index

----

Index

|                                                             |   | Three Months Ended June 30, |    |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|------------------------------------------------------------------|--------|----------------------------------|---------|--------|----------------------------------|--------|--------|--------------------------------|--------|--------|--------------------------------|--------|
|                                                             |   | 2009                             |    |   | 2008                             |   |   | 2009                           |   |   | 2008                           |   |
|                                                             |   | Average Outstanding Balance      |    |   | Interest (4)                     |   |   | Yield/ Rate                    |   |   | Average Outstanding Balance    |   |   | Interest (4) |   |   | Yield/ Rate |   |   | Average Outstanding Balance |   |   | Interest (4) |   |   | Yield/ Rate |   |   | Average Outstanding Balance |   |   | Interest (4) |   |   | Yield/ Rate |   |
|                                                             |   | (Dollars in thousands)           |    |   | (Dollars in thousands)           |   |
| Interest-earning assets:                                         |   |                             |    |   |                             |   |   |                           |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans, gross                                                     |   | $                                | 421,819 |   |                             | $      | 5,937  |                           |   |   | 5.65                           | %      |   | $ | 316,030 |   |   | $ | 4,864 |   |   |   | 6.19 | % |   | $ | 425,540 |   |   | $ | 12,074 |   |   |   | 5.72 | % |   | $ | 306,487 |   |   | $ | 9,682 |   |   |   | 6.35 | % |
| Securities                                                       |   |                             | 98,233  |   |                             |   | 1,019  |                           |   |   | 4.16                           |   |   |   | 54,306 |   |   |   | 650 |   |   |   | 4.81 |   |   |   | 98,686 |   |   |   | 2,090 |   |   |   | 4.27 |   |   |   | 53,724 |   |   |   | 1,375 |   |   |   | 5.15 |   |
| Federal Home Loan Bank stock                                     |   |                             | 6,306   |   |                             |   | -      |                           |   |   | -                              |   |   |   | 5,604 |   |   |   | - |   |   |   | - |   |   |   | 6,306 |   |   |   | - |   |   |   | - |   |   |   | 5,604 |   |   |   | - |   |   |   | - |   |
| Interest-earning balances from depository institutions           |   |                             | 69,309  |   |                             |   | 36     |                           |   |   | 0.21                           |   |   |   | 20,973 |   |   |   | 137 |   |   |   | 2.63 |   |   |   | 72,844 |   |   |   | 96 |   |   |   | 0.27 |   |   |   | 26,289 |   |   |   | 451 |   |   |   | 3.45 |   |
| Total interest-earning assets                                    |   |                             | 595,667 |   |                             |   | 6,992  |                           |   |   | 4.71                           |   |   |   | 396,913 |   |   |   | 5,651 |   |   |   | 5.73 |   |   |   | 603,376 |   |   |   | 14,260 |   |   |   | 4.77 |   |   |   | 392,104 |   |   |   | 11,508 |   |   |   | 5.90 |   |
| Non-interest-earning assets                                      |   |                             | 51,509  |   |                             |   |   |                           |   |   |                           |   |   |   | 28,139 |   |   |   |   |   |   |   |   |   |   |   | 52,818 |   |   |   |   |   |   |   |   |   |   |   | 27,419 |   |   |   |   |   |   |   |   |   |
| Total assets                                                     |   | $                                | 647,176 |   |                             |   |   |                           |   |   |                           |   |   | $ | 425,052 |   |   |   |   |   |   |   |   |   |   | $ | 656,194 |   |   |   |   |   |   |   |   |   |   | $ | 419,523 |   |   |   |   |   |   |   |   |   |
|                                                             |   |                             |    |   |                             |   |   |                           |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                    |   |                             |    |   |                             |   |   |                           |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing transaction                                     |   | $                                | 182,786 |   |                             |   | 764    |                           |   |   | 1.68                           |   |   | $ | 90,592 |   |   |   | 618 |   |   |   | 2.74 |   |   | $ | 197,889 |   |   |   | 1,454 |   |   |   | 1.48 |   |   | $ | 84,114 |   |   |   | 1,203 |   |   |   | 2.88 |   |
| Savings deposits                                                 |   |                             | 18,880  |   |                             |   | 56     |                           |   |   | 1.19                           |   |   |   | 18,533 |   |   |   | 102 |   |   |   | 2.21 |   |   |   | 18,609 |   |   |   | 123 |   |   |   | 1.33 |   |   |   | 18,508 |   |   |   | 215 |   |   |   | 2.34 |   |
| Time deposits                                                    |   |                             | 220,207 |   |                             |   | 1,889  |                           |   |   | 3.44                           |   |   |   | 159,609 |   |   |   | 1,849 |   |   |   | 4.66 |   |   |   | 215,118 |   |   |   | 3,724 |   |   |   | 3.49 |   |   |   | 166,274 |   |   |   | 3,952 |   |   |   | 4.78 |   |
| Securities sold under agreements to repurchase                   |   |                             | 49,871  |   |                             |   | 17     |                           |   |   | 0.14                           |   |   |   | 30,211 |   |   |   | 99 |   |   |   | 1.32 |   |   |   | 49,089 |   |   |   | 38 |   |   |   | 0.16 |   |   |   | 25,960 |   |   |   | 207 |   |   |   | 1.60 |   |
| Federal Home Loan Bank advances                                  |   |                             | 48,494  |   |                             |   | 456    |                           |   |   | 3.77                           |   |   |   | 17,445 |   |   |   | 152 |   |   |   | 3.50 |   |   |   | 49,072 |   |   |   | 925 |   |   |   | 3.80 |   |   |   | 16,122 |   |   |   | 331 |   |   |   | 4.13 |   |
| Subordinated debentures                                          |   |                             | 3,902   |   |                             |   | 74     |                           |   |   | 7.61                           |   |   |   | 3,856 |   |   |   | 74 |   |   |   | 7.72 |   |   |   | 3,896 |   |   |   | 148 |   |   |   | 7.66 |   |   |   | 3,851 |   |   |   | 149 |   |   |   | 7.78 |   |
| Total interest-bearing liabilities                               |   |                             | 524,140 |   |                             |   | 3,256  |                           |   |   | 2.49                           |   |   |   | 320,246 |   |   |   | 2,894 |   |   |   | 3.63 |   |   |   | 533,673 |   |   |   | 6,412 |   |   |   | 2.42 |   |   |   | 314,829 |   |   |   | 6,057 |   |   |   | 3.87 |   |
| Non-interest-bearing liabilities                                 |   |                             | 32,185  |   |                             |   |   |                           |   |   |                           |   |   |   | 19,755 |   |   |   |   |   |   |   |   |   |   |   | 30,212 |   |   |   |   |   |   |   |   |   |   |   | 18,907 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                                |   |                             | 556,325 |   |                             |   |   |                           |   |   |                           |   |   |   | 340,001 |   |   |   |   |   |   |   |   |   |   |   | 563,885 |   |   |   |   |   |   |   |   |   |   |   | 333,736 |   |   |   |   |   |   |   |   |   |
| Stockholders’ equity                                       |   |                             | 90,851  |   |                             |   |   |                           |   |   |                           |   |   |   | 85,051 |   |   |   |   |   |   |   |   |   |   |   | 92,309 |   |   |   |   |   |   |   |   |   |   |   | 85,787 |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders’ equity                 |   | $                                | 647,176 |   |                             |   |   |                           |   |   |                           |   |   | $ | 425,052 |   |   |   |   |   |   |   |   |   |   | $ | 656,194 |   |   |   |   |   |   |   |   |   |   | $ | 419,523 |   |   |   |   |   |   |   |   |   |
|                                                             |   |                             |    |   |                             |   |   |                           |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income                                              |   |                             |    |   |                             | $      | 3,736  |                           |   |   |                           |   |   |   |   |   |   | $ | 2,757 |   |   |   |   |   |   |   |   |   |   | $ | 7,848 |   |   |   |   |   |   |   |   |   |   | $ | 5,451 |   |   |   |   |   |
| Net interest rate spread (1)                                     |   |                             |    |   |                             |   |   |                           |   |   | 2.22                           | %      |   |   |   |   |   |   |   |   |   |   | 2.09 | % |   |   |   |   |   |   |   |   |   |   | 2.35 | % |   |   |   |   |   |   |   |   |   |   | 2.03 | % |
| Net interest-earning assets (2)                                  |   | $                                | 71,527  |   |                             |   |   |                           |   |   |                           |   |   | $ | 76,667 |   |   |   |   |   |   |   |   |   |   | $ | 69,703 |   |   |   |   |   |   |   |   |   |   | $ | 77,275 |   |   |   |   |   |   |   |   |   |
| Net interest margin (3)                                          |   |                             |    |   |                             |   |   |                           |   |   | 2.52                           | %      |   |   |   |   |   |   |   |   |   |   | 2.79 | % |   |   |   |   |   |   |   |   |   |   | 2.62 | % |   |   |   |   |   |   |   |   |   |   | 2.80 | % |
| Ratio of interest-earning assets to interest-bearing liabilities |   |                             |    |   |                             |   |   |                           |   |   | 113.65                         | %      |   |   |   |   |   |   |   |   |   |   | 123.94 | % |   |   |   |   |   |   |   |   |   |   | 113.06 | % |   |   |   |   |   |   |   |   |   |   | 124.55 | % |

| (1) | Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
|-----|---------------------------------------------------------------------------------------------------------------|

| (3) | Net interest margin represents net interest income divided by average total interest-earning assets. |
|-----|------------------------------------------------------------------------------------------------------|

| (4) | Interest on loans includes loan fees collected in the amount of $67,463 and $62,467 for the three months ended June 30, 2009 and 2008, respectively and $119,361 and $115,496 for the six months ended June 30, 2009 and 2008, respectively. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Index

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Index

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Index

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Index

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Index

|                                      |   |                   |    |   |     |   |   | Minimum Required |   |
|-------------------------------------------|--------|------------------------|---------|--------|----------|--------|--------|------------------|--------|
|                                      |   |                   |    |   |     |   |   | for Capital      |   |   | to be "Well |   |
|                                      |   | Actual                 |    |   | Adequacy |   |   | Capitalized"     |   |
|                                      |   | Amount                 |    |   | Ratio    |   |   | Amount           |   |   | Ratio |   |   | Amount |   |   | Ratio |   |
|                                      |   | (Dollars in Thousands) |    |
| Stockholders' equity                      |   | $                      | 70,123  |   |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill and core deposit intangible      |   |                   | (13,072 | )      |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Disallowed servicing assets               |   |                   | (691    | )      |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized gain on securities AFS, net    |   |                   | (1,419  | )      |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Tangible capital to adjusted total assets |   | $                      | 54,941  |   |     |   | 9.4    | %                |   | $ | 8,800 |   |   |   | 1.5 | % |   |   | N/A |   |   |   | - |   |
| General valuation allowance               |   |                   | 4,297   |   |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deduction for low-level recourse          |   |                   | (1,607  | )      |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total capital to risk-weighted assets     |   | $                      | 57,631  |   |     |   | 13.5   | %                |   | $ | 34,067 |   |   |   | 8.0 | % |   | $ | 42,583 |   |   |   | 10.0 | % |
|                                      |   |                   |    |   |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital to risk-weighted assets    |   | $                      | 54,941  |   |     |   | 12.9   | %                |   | $ | N/A |   |   |   | - |   |   | $ | 25,550 |   |   |   | 6.0 | % |
|                                      |   |                   |    |   |     |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital to total assets            |   | $                      | 54,941  |   |     |   | 9.4    | %                |   | $ | 23,466 |   |   |   | 4.0 | % |   | $ | 29,332 |   |   |   | 5.0 | % |

----

Index

|                         |                   | Variable Rate Commitments |   |   | Fixed Rate Commitments |   |   | Total Commitments |   |   | Range of Rates on Fixed Rate Commitments |   |
|------------------------------|------------------------|---------------------------|--------|--------|------------------------|--------|--------|-------------------|--------|--------|------------------------------------------|--------|
|                         | (Dollars in thousands) |                      |   |   |                   |
|                         |                   |                      |   |   |                   |   |   |              |   |   |                                     |   |
| Commitments to extend credit |                   | $                         | 26,444 |   |                   | $      | 8,268  |              |   | $      | 34,712                                   |   |   |   | 2.75%-18.00 | % |
| Standby letters of credit    |                   | $                         | 1,897  |   |                   | $      | 4,217  |              |   | $      | 6,114                                    |   |   |   | 3.25%-7.75 | % |

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Index

Item 3.

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Index

| March 31, 2009           |   |
|--------------------------|--------|
|                     |   |   | NPV |   |   | Net Portfolio Value as a Percentage of Present Value of Assets |   |
|                     |   |   |   |   |   | Estimated Increase (Decrease) in NPV |   |   |   |   |   |   |   |
| Change in Interest Rates |   |   | Estimated NPV |   |   | Amount |   |   | Percent |   |   | NPV Ratio |   |   | Change |   |
| (Dollars in thousands)   |   |   |   |   |   |   |   |
|                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     | +300   | bp |   | $ | 66,731 |   |   | $ | (6,475 | ) |   |   | (9 | )% |   |   | 10.69 | % |   |   | -73 | bp |
|                     | +200   | bp |   |   | 70,428 |   |   |   | (2,778 | ) |   |   | (4 | ) |   |   | 11.16 |   |   |   | -27 | bp |
|                     | +100   | bp |   |   | 72,649 |   |   |   | (557 | ) |   |   | (1 | ) |   |   | 11.41 |   |   |   | -1 | bp |
|                     | +50    | bp |   |   | 72,869 |   |   |   | (337 | ) |   |   | — |   |   |   | 11.41 |   |   |   | -1 | bp |
|                     | 0      | bp |   |   | 73,207 |   |   |   | — |   |   |   | — |   |   |   | 11.43 |   |   |   | 0 | bp |
|                     | -50    | bp |   |   | 72,778 |   |   |   | (428 | ) |   |   | (1 | ) |   |   | 11.33 |   |   |   | -9 | bp |
|                     | -100   | bp |   |   | 71,138 |   |   |   | (2,068 | ) |   |   | (3 | ) |   |   | 11.08 |   |   |   | -35 | bp |

| December 31, 2008        |   |
|--------------------------|--------|
|                     |   |   | NPV |   |   | Net Portfolio Value as a Percentage of Present Value of Assets |   |
|                     |   |   |   |   |   | Estimated Increase (Decrease) in NPV |   |   |   |   |   |   |   |
| Change in Interest Rates |   |   | Estimated NPV |   |   | Amount |   |   | Percent |   |   | NPV Ratio |   |   | Change |   |
| (Dollars in thousands)   |   |   |   |   |   |   |   |
|                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     | +300   | bp |   | $ | 57,120 |   |   | $ | (9,578 | ) |   |   | (14 | )% |   |   | 9.05 | % |   |   | -121 | bp |
|                     | +200   | bp |   |   | 61,568 |   |   |   | (5,130 | ) |   |   | (8 | ) |   |   | 9.64 |   |   |   | -62 | bp |
|                     | +100   | bp |   |   | 65,158 |   |   |   | (1,541 | ) |   |   | (2 | ) |   |   | 10.10 |   |   |   | -16 | bp |
|                     | +50    | bp |   |   | 65,955 |   |   |   | (743 | ) |   |   | (1 | ) |   |   | 10.18 |   |   |   | -8 | bp |
|                     | 0      | bp |   |   | 66,698 |   |   |   | — |   |   |   | — |   |   |   | 10.26 |   |   |   | 0 | bp |
|                     | -50    | bp |   |   | 66,721 |   |   |   | 23 |   |   |   | — |   |   |   | 10.24 |   |   |   | -2 | bp |
|                     | -100   | bp |   |   | 65,417 |   |   |   | (1,281 | ) |   |   | (2 | ) |   |   | 10.04 |   |   |   | -22 | bp |

----

Index

----

Index

Item 4.  Co

----

Index

Item 1 

Item 1A –

----

Index

 2 

| (a) | No equity securities were sold during the quarter that were not registered under the Securities Exchange Act. |
|-----|---------------------------------------------------------------------------------------------------------------|

| (b) | Not applicable. |
|-----|-----------------|

| (c) | The following table presents for the periods indicated a summary of the purchases made by or on behalf of the Company of shares of its common stock. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| Period             |   | Total Number of Shares Purchased |    |   | Average Price Paid per Share |   |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs(1) |   |
|--------------------|--------|----------------------------------|---------|--------|------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|
|               |   |                             |    |   |                         |   |   |                                                                             |   |   |                                                                              |   |
| April 1 - 30, 2009 |   |                             | 302,866 |   |                         | $      | 8.18   |                                                                             |   |   | 302,866                                                                           |   |   |   | 316,397 |   |
| May 1 - 31, 2009   |   |                             | 8,930   |   |                         | $      | 8.25   |                                                                             |   |   | 8,930                                                                             |   |   |   | 307,467 |   |
| June 1 - 30, 2009  |   |                             | 95,193  |   |                         | $      | 8.05   |                                                                             |   |   | 95,193                                                                            |   |   |   | 212,274 |   |
| Total              |   |                             | 406,989 |   |                         |   |   |                                                                             |   |   | 406,989                                                                           |   |   |   |   |   |

|   | (1) | The Company’s board of directors approved a stock repurchase program on November 12, 2008 for the repurchase of up to 924,480 shares of common stock, and on December 11, 2008, they increased the number of shares that may be repurchased pursuant to that plan by an additional 382,641 shares.  The plan has no expiration date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 3 - 

----

Index

4 - 

|   | (i) | The election of the following directors of the Company: |
|--------|-----|---------------------------------------------------------|

| DIRECTOR:             | FOR       | WITHHELD |
|-----------------------|-----------|----------|
|                  |      |     |
| Gerard Schuetzenhofer | 6,610,417 | 64,281   |
|                  |      |     |
| Joseph Stevens        | 6,615,721 | 58,977   |
|                  |      |     |
| Dennis Terry          | 6,614,776 | 59,922   |
|                  |      |     |
| Dennis Ulrich         | 6,597,819 | 76,879   |

|   | (ii) | The ratification of the appointment of McGladrey & Pullen, LLP as independent registered public accounting firm for the Company for the year ending December 31, 2009: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| VOTES     |   | FOR       |   | AGAINST |   | ABSTENTIONS |   | BROKER NON-VOTES |
|-----------|--------|-----------|--------|---------|--------|-------------|--------|------------------|
|      |   |      |   |    |   |        |   |             |
| 6,674,698 |   | 6,635,207 |   | 38,391  |   | 1,100       |   | 0                |

 5 - 

6 –

| (a) | Exhibits. |
|-----|-----------|

|   | 31.1: | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|-------|-----------------------------------------------------------------------------------------------------|

|   | 31.2: | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|-------|-----------------------------------------------------------------------------------------------------|

|   | 32: | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|-----|--------------------------------------------------------------------------|

----

Index

FIRST 

|                                   | FIRST CLOVER LEAF FINANCIAL CORP.                                                                                                                                         |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                   |                            (Registrant) |
|                                   |                                                                                                                                                                      |   |
| DATE:   August 10, 2009 | BY:                                                                                                                                                                       | /s/ Dennis M. Terry |
|                                   |                                                                                                                                                                      | Dennis M. Terry, President and Chief Executive Officer |
|                                   |                                                                                                                                                                      |   |
|                                   | BY:                                                                                                                                                                       | /s/ Darlene F. McDonald |
|                                   |                                                                                                                                                                      | Darlene F. McDonald, Senior Vice-President and Chief Financial Officer |

----