Dearborn Bancorp Reports First Quarter Profit
20 Abril 2010 - 3:12PM
Dearborn Bancorp, Inc. (Nasdaq:DEAR), the Holding Company for
Fidelity Bank ("Bank"), today reported net income of $1,128,000 or
$0.15 per fully diluted common share for the three months ended
March 31, 2010 compared to a net loss of $6,249,000 or $(0.81) per
share for the three months ended March 31, 2009. The Company's
Shareholders' Equity of $43,180,000 equates to a book value of
$5.62 per share compared to the market closing price of $1.11 on
March 31, 2010. In accordance with regulatory capital
guidelines, the Bank remains "undercapitalized" at March 31, 2010.
At March 31, 2010, the Company's total assets were $970,669,000,
representing a decline of 9.60 percent over the preceding 12
months. Total deposits decreased 6.12 percent over the previous
year and stood at $852,017,000 when the first quarter
ended. Total loans were $813,961,000 on March 31, 2010, 9.57
percent less than they had been on the same date in
2009. Strong emphasis is being placed on collection and
maintenance of the existing loan portfolio and new lending has been
curtailed to conserve capital.
Michael J. Ross, President and Chief Executive Officer of both
the Company and the Bank, announced the financial results and
commented, "During the first quarter, charge-offs were $4.9
million, primarily due to the declines in the value of collateral
securing previously classified loans that were already reserved in
our Allowance for Loan Losses at December 31, 2009. Our
allowance for loan losses now stands at $30.3 million, or 3.72% of
loans. The carrying value of other real estate owned was
written down by $656,000 and defaulted loan expense including
taxes, insurance, maintenance and legal was $1.0 million during the
quarter."
Ross continued, "During the first quarter, $31.5 million of
trouble debt restructure returned to performing status, $11.1
million of performing loans were newly restructured, and $7.4
million of accruing restructured loans were placed on non-accrual
status to speed the recovery of outstanding principle
balances. Loans transferred from performing classified status
to non-accrual status grew by $32.6 million as borrowers continue
to struggle in the recession in Southeast Michigan."
Ross concluded, "The core operations of the Company continue to
produce income to offset the high cost of FDIC insurance and the
holding costs of other real estate owned. The level of
charge-offs remains the determining factor as to whether the
Company can maintain profitability in future quarters. Thus,
our primary concerns for 2010 remain the Michigan economy, credit
quality, and the stability or improvement of the underlying
collateral values in our loan portfolio."
Dearborn Bancorp, Inc. is a registered bank holding
company. Its sole banking subsidiary is Fidelity
Bank. The Bank operates 17 offices in Wayne, Oakland, Macomb
and Washtenaw Counties in the State of Michigan. Its common
shares trade on the Nasdaq Global Market under the symbol DEAR.
Forward-Looking Statements
This press release contains forward-looking statements (within
the meaning of the Private Securities Litigation Reform Act of
1995) that are based on current expectations. Words such as
"anticipates," "believes," "estimates," "expects," "forecasts,"
"intends," "is likely," "plans," "projects," variations of such
words and similar expressions are intended to identify such
forward-looking statements. These statements are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions ("Future Factors") that are difficult
to predict with regard to timing, extent, likelihood and degree of
occurrence. Actual results and outcomes may materially differ
from what is expressed in forward-looking statements. Dearborn
Bancorp undertakes no obligation to update, amend or clarify
forward-looking statements, whether as a result of new information,
future events (whether anticipated or unanticipated), or
otherwise.
Future Factors include changes in interest rates and interest
rate relationships; demand for products and services; the degree of
competition by traditional and non-traditional competitors; changes
in banking regulation; changes in tax laws; changes in prices,
levies and assessments; the impact of technological advances;
governmental and regulatory policy changes; the outcomes of
contingencies, trends in customer behavior as well as their ability
to repay loans; actions by bank regulators; availability of
capital; changes in local real estate values; changes in the
national and local economy; and other factors, including risk
factors disclosed from time to time in filings made by Dearborn
Bancorp with the Securities and Exchange Commission. These are
representative of the Future Factors and could cause a difference
between an ultimate actual outcome and a preceding forward-looking
statement.
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
|
|
|
(Dollars, in thousands)
|
|
|
|
|
|
3/31/2010
|
12/31/2009
|
3/31/2009
|
|
ASSETS
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
Cash and due from banks
|
$8,047
|
$7,803
|
$11,881
|
|
Federal funds sold
|
57
|
156
|
6,841
|
|
Interest bearing deposits with banks
|
70,898
|
69,538
|
53,262
|
|
Total cash and cash equivalents
|
79,002
|
77,497
|
71,984
|
|
|
|
|
|
|
Mortgage loans held for sale
|
758
|
1,129
|
3,009
|
|
Securities available for sale
|
45,931
|
45,964
|
45,368
|
|
Securities held to maturity
|
336
|
336
|
---
|
|
Federal Home Loan Bank stock
|
3,698
|
3,698
|
3,614
|
|
Loans
|
|
|
|
|
Loans
|
813,961
|
833,136
|
900,055
|
|
Allowance for loan losses
|
(30,288)
|
(35,125)
|
(18,632)
|
|
Net loans
|
783,673
|
798,011
|
881,423
|
|
|
|
|
|
|
Premises and equipment, net
|
19,973
|
20,194
|
21,001
|
|
Real estate owned
|
24,467
|
23,435
|
14,624
|
|
Other intangible assets
|
---
|
---
|
4,394
|
|
Accrued interest receivable
|
3,595
|
3,562
|
3,920
|
|
Other assets
|
9,266
|
12,660
|
24,407
|
|
|
|
|
|
|
Total assets
|
$970,699
|
$986,486
|
$1,073,744
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Deposits
|
|
|
|
|
Non-interest bearing deposits
|
$86,407
|
$83,873
|
$80,624
|
|
Interest bearing deposits
|
765,610
|
784,082
|
826,955
|
|
Total deposits
|
852,017
|
867,955
|
907,579
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
Securities sold under agreements to repurchase
|
---
|
---
|
2,268
|
|
Federal Home Loan Bank advances
|
63,799
|
63,855
|
54,955
|
|
Accrued interest payable
|
956
|
1,046
|
1,372
|
|
Other liabilities
|
747
|
1,685
|
606
|
|
Subordinated debentures
|
10,000
|
10,000
|
10,000
|
|
Total liabilities
|
927,519
|
944,541
|
976,780
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
Common stock - no par value 20,000,000 shares authorized,
7,687,470 at 3/31/10, 7,687,470 shares at 12/31/09 and
7,696, 294 shares at 3/31/09
|
131,960
|
131,929
|
131,825
|
|
Retained earnings (accumulated deficit)
|
(88,721)
|
(89,850)
|
(34,923)
|
|
Accumulated other comprehensive income (loss)
|
(59)
|
(134)
|
62
|
|
Total stockholders' equity
|
43,180
|
41,945
|
96,964
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
$970,699
|
$986,486
|
$1,073,744
|
|
|
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
|
(In thousands, except share data)
|
Three Months Ended
|
Three Months Ended
|
|
|
3/31/2010
|
3/31/2009
|
|
Interest income
|
|
|
|
Interest on loans
|
$11,778
|
$13,810
|
|
Interest on securities, available for sale
|
168
|
256
|
|
Interest on deposits with banks
|
37
|
94
|
|
Interest on federal funds
|
1
|
6
|
|
Total interest income
|
11,984
|
14,166
|
|
|
|
|
|
Interest expense
|
|
|
|
Interest on deposits
|
3,543
|
5,998
|
|
Interest on other liabilities
|
386
|
651
|
|
Total interest expense
|
3,929
|
6,649
|
|
|
|
|
|
Net interest income
|
8,055
|
7,517
|
|
Provision for loan losses
|
100
|
10,727
|
|
|
|
|
|
Net interest income (loss) after provision for loan losses
|
7,955
|
(3,210)
|
|
|
|
|
|
Non-interest income
|
|
|
|
Service charges on deposit accounts
|
343
|
355
|
|
Fees for other services to customers
|
36
|
25
|
|
Gain on the sale of loans
|
58
|
56
|
|
Gain (loss) on the sale of securities
|
69
|
195
|
|
Gain (loss) on the sale of real estate owned
|
(11)
|
29
|
|
Loss on the write-down of real estate owned
|
(656)
|
(354)
|
|
Other income
|
102
|
22
|
|
Total non-interest income
|
(59)
|
328
|
|
|
|
|
|
Non-interest expense
|
|
|
|
Salaries and employee benefits
|
3,119
|
3,290
|
|
Occupancy and equipment expense
|
854
|
934
|
|
Amortization of intangible expense
|
---
|
198
|
|
FDIC assessment
|
950
|
348
|
|
Advertising and marketing
|
27
|
70
|
|
Stationery and supplies
|
72
|
111
|
|
Professional services
|
166
|
191
|
|
Data processing
|
186
|
228
|
|
Defaulted loan expense
|
1,035
|
761
|
|
Other operating expenses
|
359
|
380
|
|
Total non-interest expense
|
6,768
|
6,511
|
|
|
|
|
|
Income before federal income tax expense
|
1,128
|
(9,393)
|
|
Income tax expense (benefit)
|
---
|
(3,144)
|
|
|
|
|
|
Net income (loss)
|
$1,128
|
($6,249)
|
|
|
|
|
|
Per share data:
|
|
|
|
Net loss - basic
|
$0.15
|
($0.81)
|
|
Net loss - diluted
|
$0.15
|
($0.81)
|
|
|
|
|
|
Weighted average number of shares outstanding - basic
|
7,687,470
|
7,696,204
|
|
Weighted average number of shares outstanding - diluted
|
7,687,470
|
7,696,204
|
|
|
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
ASSET QUALITY DATA
|
|
(Dollars, in thousands)
|
|
|
|
|
|
|
|
3/31/2010
|
12/31/2009
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
|
|
|
|
|
|
|
|
Troubled debt restructuring
|
$31,737
|
$59,420
|
$45,634
|
$46,714
|
$19,506
|
|
Loans over 90 days past due and still accruing
|
1,127
|
---
|
---
|
---
|
---
|
|
Non-accrual loans
|
81,163
|
49,341
|
58,866
|
57,610
|
55,148
|
|
Total non-performing loans
|
114,027
|
108,761
|
104,500
|
104,324
|
74,654
|
|
Other real estate and other repossessed assets
|
24,467
|
23,435
|
15,472
|
17,434
|
14,624
|
|
Total non-performing assets
|
$138,494
|
$132,196
|
$119,972
|
$121,758
|
$89,278
|
|
|
|
|
|
|
|
|
Net charge-offs (year to date)
|
$4,938
|
$30,190
|
$24,600
|
$16,367
|
$6,547
|
|
Allowance for loan losses
|
30,288
|
35,125
|
28,373
|
22,422
|
18,632
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|
3/31/2010
|
12/31/2009
|
9/30/2009
|
3/31/2009
|
12/31/2008
|
|
|
|
|
|
|
|
|
Non-accrual loans to total loans
|
9.97%
|
5.72%
|
6.68%
|
6.40%
|
5.91%
|
|
Non-performing loans to total loans
|
14.01%
|
12.61%
|
11.85%
|
11.59%
|
8.00%
|
|
Non-performing assets to total assets
|
14.27%
|
12.68%
|
12.12%
|
11.34%
|
7.96%
|
|
Loans over 90 days past due and still accruing to total
loans
|
0.14%
|
---%
|
---%
|
---%
|
---%
|
|
Net charge-offs to average loans
|
0.60%
|
3.37%
|
2.71%
|
1.78%
|
0.69%
|
|
Allowance for loan losses to non-performing loans
|
26.56%
|
32.30%
|
27.15%
|
21.49%
|
24.96%
|
|
Allowance for loan losses to non-performing assets
|
21.87%
|
26.57%
|
23.65%
|
18.42%
|
20.87%
|
|
Allowance for loan losses to total loans
|
3.72%
|
4.07%
|
3.22%
|
2.49%
|
2.00%
|
|
|
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
(Dollars, in thousands)
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
3/31/10
|
12/31/09
|
9/30/09
|
6/30/09
|
3/31/09
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
Cash and due from banks
|
$8,047
|
$7,803
|
$17,330
|
$25,475
|
$11,881
|
|
Federal funds sold
|
57
|
156
|
6,206
|
1,425
|
6,841
|
|
Interest bearing deposits with banks
|
70,898
|
69,538
|
117,732
|
18,454
|
53,262
|
|
Total cash and cash equivalents
|
79,002
|
77,497
|
141,268
|
45,354
|
71,984
|
|
|
|
|
|
|
|
|
Mortgage loans held for sale
|
758
|
1,129
|
1,449
|
60
|
3,009
|
|
Securities
|
46,267
|
46,300
|
13,910
|
4,007
|
45,368
|
|
Federal Home Loan Bank stock
|
3,698
|
3,698
|
3,698
|
3,698
|
3,614
|
|
Loans
|
|
|
|
|
|
|
Loans
|
813,961
|
833,136
|
862,664
|
881,818
|
900,055
|
|
Allowance for loan loss
|
(30,288)
|
(35,125)
|
(28,373)
|
(22,422)
|
(18,632)
|
|
Net loans
|
783,673
|
798,011
|
834,291
|
859,396
|
881,423
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net
|
19,973
|
20,194
|
20,477
|
20,784
|
21,001
|
|
Other real estate
|
24,467
|
23,435
|
15,472
|
17,434
|
14,624
|
|
Other intangible assets
|
---
|
---
|
---
|
4,195
|
4,394
|
|
Accrued interest receivable
|
3,595
|
3,562
|
3,619
|
3,512
|
3,920
|
|
Other assets
|
9,266
|
12,660
|
8,153
|
31,360
|
24,407
|
|
|
|
|
|
|
|
|
Total assets
|
$970,699
|
$986,486
|
$1,042,337
|
$989,800
|
$1,073,744
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Non-interest bearing deposits
|
$86,407
|
$83,873
|
$89,329
|
$83,752
|
$80,624
|
|
Interest bearing deposits
|
765,610
|
784,082
|
815,625
|
729,415
|
826,955
|
|
Total deposits
|
852,017
|
867,955
|
904,954
|
813,167
|
907,579
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
|
|
Securities sold under agreements to repurchase
|
---
|
---
|
2,302
|
2,206
|
2,268
|
|
Federal Home Loan Bank advances
|
63,799
|
63,855
|
73,855
|
73,955
|
54,955
|
|
Other liabilities
|
956
|
1,685
|
2,380
|
1,104
|
606
|
|
Accrued interest payable
|
747
|
1,046
|
956
|
1,491
|
1,372
|
|
Subordinated debentures
|
10,000
|
10,000
|
10,000
|
10,000
|
10,000
|
|
Total liabilities
|
927,519
|
944,541
|
994,447
|
901,923
|
976,780
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
43,180
|
41,945
|
47,890
|
87,877
|
96,964
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
$970,699
|
$986,486
|
$1,042,337
|
$989,800
|
$1,073,744
|
|
|
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED INCOME STATEMENT
|
|
|
|
|
|
|
|
|
(Dollars, in thousands)
|
Quarter ended
|
|
|
3/31/2010
|
12/31/2009
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
|
|
|
|
|
|
|
|
INTEREST INCOME
|
|
|
|
|
|
|
Interest on loans, including fees
|
$11,778
|
$13,042
|
$13,135
|
$13,286
|
$13,810
|
|
Interest on other earning assets
|
206
|
226
|
111
|
287
|
356
|
|
Total interest income
|
11,984
|
13,268
|
13,246
|
13,573
|
14,166
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Interest on deposits
|
3,543
|
4,731
|
4,806
|
5,458
|
5,998
|
|
Interest on other liabilities
|
386
|
531
|
614
|
578
|
651
|
|
Total interest expense
|
3,929
|
5,262
|
5,420
|
6,036
|
6,649
|
|
|
|
|
|
|
|
|
Net interest income
|
8,055
|
8,006
|
7,826
|
7,537
|
7,517
|
|
Provision for loan loss
|
100
|
12,341
|
14,185
|
13,610
|
10,727
|
|
|
|
|
|
|
|
|
Net interest income (loss) after provision for loan loss
|
7,955
|
(4,335)
|
(6,359)
|
(6,073)
|
(3,210)
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
Deposit service charges
|
379
|
412
|
421
|
412
|
380
|
|
Gain on the sale of loans
|
58
|
99
|
37
|
160
|
56
|
|
Loss on the sale or write-down of real estate
|
(667)
|
(249)
|
(793)
|
(1,538)
|
(325)
|
|
Other
|
171
|
112
|
(265)
|
395
|
217
|
|
Total non-interest income (loss)
|
(59)
|
374
|
(600)
|
(571)
|
328
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
Salaries and employee benefits
|
3,119
|
3,317
|
3,159
|
3,208
|
3,290
|
|
Occupancy and equipment expense
|
854
|
870
|
903
|
916
|
934
|
|
Impairment of goodwill and other intangible assets
|
---
|
---
|
3,997
|
---
|
---
|
|
Other expense
|
2,795
|
3,109
|
3,751
|
2,979
|
2,287
|
|
Total non-interest expense
|
6,768
|
7,296
|
11,810
|
7,103
|
6,511
|
|
|
|
|
|
|
|
|
Income (loss) before income tax provision
|
1,128
|
(11,257)
|
(18,769)
|
(13,747)
|
(9,393)
|
|
Income tax provision (benefit)
|
---
|
(5,451)
|
21,276
|
(4,672)
|
(3,144)
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$1,128
|
($5,806)
|
($40,045)
|
($9,075)
|
($6,249)
|
|
|
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED FINANCIAL DATA
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except share and per share data)
|
Quarter ended
|
|
|
3/31/2010
|
12/31/2009
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
|
|
|
|
|
|
|
|
EARNINGS SUMMARY
|
|
|
|
|
|
|
Net interest income
|
$8,055
|
$8,006
|
$7,826
|
$7,537
|
$7,517
|
|
Provision for loan loss
|
$100
|
$12,341
|
$14,185
|
$13,610
|
$10,727
|
|
Total non-interest income
|
($59)
|
$374
|
($600)
|
($571)
|
$328
|
|
Total non-interest expense
|
$6,768
|
$7,296
|
$11,810
|
$7,103
|
$6,511
|
|
Income taxes (benefit)
|
---
|
($5,451)
|
$21,276
|
($4,672)
|
($3,144)
|
|
Net income (loss)
|
$1,128
|
($5,806)
|
($40,045)
|
($9,075)
|
($6,249)
|
|
Basic earnings per share
|
$0.15
|
($0.76)
|
($5.24)
|
($1.19)
|
($0.82)
|
|
Diluted earnings per share
|
$0.15
|
($0.76)
|
($5.24)
|
($1.19)
|
($0.82)
|
|
|
|
|
|
|
|
|
MARKET DATA
|
|
|
|
|
|
|
Book value per share
|
$5.62
|
$5.46
|
$6.23
|
$11.43
|
$12.60
|
|
Tangible book value per share
|
$5.62
|
$5.46
|
$10.59
|
$12.26
|
$11.16
|
|
Market value per share
|
$1.11
|
$0.46
|
$1.21
|
$1.80
|
$1.82
|
|
Average basic common shares
|
7,687,470
|
7,645,940
|
7,645,940
|
7,644,207
|
7,644,188
|
|
Average diluted common shares
|
7,687,470
|
7,645,940
|
7,645,940
|
7,644,207
|
7,644,188
|
|
Period end common shares
|
7,687,470
|
7,687,470
|
7,687,470
|
7,687,470
|
7,696,204
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
Return on average assets
|
0.44%
|
-2.20%
|
-15.77%
|
-3.45%
|
-2.26%
|
|
Return on average equity
|
10.50%
|
-45.21%
|
-181.36%
|
-37.77%
|
-23.84%
|
|
Net interest margin (FTE)
|
3.47%
|
3.14%
|
3.24%
|
3.01%
|
2.93%
|
|
Efficiency ratio
|
78.13%
|
84.55%
|
147.28%
|
83.53%
|
79.69%
|
|
|
|
|
|
|
|
|
ASSET QUALITY
|
|
|
|
|
|
|
Net charge-offs (YTD)
|
$4,938
|
$30,190
|
$24,600
|
$16,367
|
$6,547
|
|
Nonperforming loans
|
$114,027
|
$108,761
|
$104,500
|
$104,324
|
$74,654
|
|
Other real estate
|
$24,467
|
$23,435
|
$15,472
|
$17,434
|
$14,624
|
|
Nonperforming loans to total loans
|
14.01%
|
12.61%
|
11.85%
|
11.59%
|
8.00%
|
|
Nonperforming assets to total assets
|
14.27%
|
12.68%
|
12.12%
|
11.34%
|
7.96%
|
|
Allowance for loan loss to total loans
|
3.72%
|
4.07%
|
3.22%
|
2.49%
|
2.00%
|
|
|
|
|
|
|
|
|
CAPITAL & LIQUIDITY
|
|
|
|
|
|
|
Average equity to average assets
|
4.17%
|
4.87%
|
8.70%
|
9.13%
|
9.49%
|
|
Tier 1 capital to risk weighted assets
|
6.25%
|
6.10%
|
6.40%
|
7.32%
|
9.51%
|
|
Total capital to risk weighted assets
|
7.50%
|
7.39%
|
7.65%
|
8.59%
|
10.76%
|
|
Loan to deposit ratio
|
95.53%
|
95.99%
|
95.33%
|
108.44%
|
99.17%
|
|
Loan to funding ratio
|
87.92%
|
88.46%
|
87.04%
|
98.05%
|
92.33%
|
|
|
|
|
|
|
|
|
END OF PERIOD BALANCES
|
|
|
|
|
|
|
Total portfolio loans
|
$813,961
|
$833,136
|
$862,664
|
$881,818
|
$900,055
|
|
Earning assets
|
$935,639
|
$953,957
|
$1,005,659
|
$909,462
|
$1,012,149
|
|
Total assets
|
$970,699
|
$986,486
|
$1,042,337
|
$989,800
|
$1,073,744
|
|
Deposits
|
$852,017
|
$867,955
|
$904,954
|
$813,167
|
$907,579
|
|
Total shareholders' equity
|
$43,180
|
$41,945
|
$47,890
|
$87,877
|
$96,964
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
|
|
|
|
|
|
Total portfolio loans
|
$826,188
|
$851,447
|
$875,545
|
$897,978
|
$919,705
|
|
Earning assets
|
$941,959
|
$1,013,062
|
$958,383
|
$1,004,914
|
$1,039,618
|
|
Total assets
|
$1,045,938
|
$1,045,938
|
$1,018,320
|
$1,066,951
|
$1,099,573
|
|
Deposits
|
$854,071
|
$912,691
|
$841,447
|
$898,387
|
$920,113
|
|
Total shareholders' equity
|
$43,567
|
$50,956
|
$88,565
|
$97,454
|
$104,298
|
|
|
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
TANGIBLE ASSETS & EQUITY
|
|
|
|
|
|
|
|
|
|
(Dollars, in thousands)
|
Quarter Ended
|
|
|
3/31/2010
|
3/31/2009
|
|
|
|
|
|
Average GAAP equity
|
$43,567
|
$104,218
|
|
|
|
|
|
Goodwill
|
---
|
0
|
|
Other intangible assets
|
---
|
4,508
|
|
Deferred taxes
|
---
|
12,030
|
|
|
0
|
16,538
|
|
|
|
|
|
Average tangible equity
|
$43,567
|
$87,680
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
3/31/2010
|
3/31/2009
|
|
|
|
|
|
Average GAAP assets
|
$973,908
|
$1,099,559
|
|
|
|
|
|
Goodwill
|
---
|
0
|
|
Other intangible assets
|
---
|
4,508
|
|
Deferred taxes
|
---
|
12,030
|
|
|
0
|
16,538
|
|
|
|
|
|
Average tangible assets
|
$973,908
|
$1,083,021
|
|
DEARBORN BANCORP, INC. AND SUBSIDIARY
|
|
DEPOSIT INFORMATION
|
|
(In thousands)
|
|
|
|
|
March 31
|
|
Category
|
2010
|
2009
|
|
|
|
|
|
Non-interest bearing
|
|
|
|
Demand
|
$86,407
|
$80,624
|
|
|
|
|
|
Interest bearing
|
|
|
|
Interest Checking
|
$79,566
|
$96,491
|
|
Money market
|
57,864
|
171,426
|
|
Savings
|
44,992
|
56,389
|
|
Time, under $100,000
|
296,370
|
215,508
|
|
Time, $100,000 and over
|
286,818
|
287,141
|
|
|
765,610
|
826,955
|
|
|
|
|
|
|
$852,017
|
$907,579
|
|
Dearborn Bancorp, Inc.
|
|
Loan Information at March 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Loan Detail
|
Other Related Data
|
|
|
|
Accruing Loans
|
|
|
|
|
|
|
3/31/10
|
Current
|
TDR
|
30 to 89 past due
|
90+ days past due
|
Non-Accrual
|
Allowance For Loan Losses
|
Year to Date Net Charge-Offs
|
Other Real Estate Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans
|
$28,623
|
$27,578
|
$0
|
$121
|
$0
|
$924
|
$1,041
|
$319
|
$127
|
|
Commercial Loans
|
141,338
|
113,803
|
7,412
|
7,374
|
0
|
12,749
|
3,663
|
1,506
|
2,441
|
|
Land Development - Residential
|
36,089
|
10,701
|
1,628
|
500
|
0
|
23,260
|
3,883
|
1,283
|
8,286
|
|
Land Development - Non Residential
|
9,711
|
7,026
|
0
|
0
|
1,127
|
1,558
|
1,055
|
229
|
1,802
|
|
Commercial Construction Loans - Residential
|
12,164
|
(1,217)
|
1,904
|
1,904
|
0
|
9,573
|
2,534
|
905
|
1,636
|
|
Commercial Construction Loans - Non
Residential
|
20,813
|
17,943
|
0
|
0
|
0
|
2,870
|
4,246
|
36
|
0
|
|
Commercial Mortgage Loans
|
521,701
|
464,202
|
20,793
|
8,843
|
0
|
27,863
|
13,354
|
550
|
9,458
|
|
Residential Mortgage Loans
|
43,522
|
40,388
|
0
|
768
|
0
|
2,366
|
512
|
109
|
718
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
$813,961
|
$680,424
|
$31,737
|
$19,510
|
$1,127
|
$81,163
|
$30,288
|
$4,937
|
$24,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Information at December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Loan Detail
|
Other Related Data
|
|
|
|
Accruing Loans
|
|
|
|
|
|
|
12/31/09
|
Current
|
TDR
|
30 to 89 past due
|
90+ days past due
|
Non-Accrual
|
Allowance For Loan Losses
|
Year to Date Net Charge-Offs
|
Other Real Estate Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans
|
$29,386
|
$27,877
|
$0
|
$270
|
$0
|
$1,239
|
$819
|
$978
|
$127
|
|
Commercial Loans
|
144,630
|
113,361
|
20,162
|
2,019
|
0
|
9,088
|
6,498
|
4,539
|
2,456
|
|
Land Development - Residential
|
38,472
|
26,557
|
1,980
|
0
|
0
|
9,935
|
5,909
|
9,334
|
7,853
|
|
Land Development - Non Residential
|
11,644
|
8,346
|
306
|
0
|
0
|
2,992
|
807
|
4,364
|
384
|
|
Commercial Construction Loans - Residential
|
13,287
|
4,983
|
1,784
|
596
|
0
|
5,924
|
2,003
|
1,471
|
2,177
|
|
Commercial Construction Loans - Non
Residential
|
20,061
|
16,502
|
0
|
0
|
0
|
3,559
|
3,450
|
1,981
|
0
|
|
Commercial Mortgage Loans
|
531,156
|
474,938
|
35,188
|
6,449
|
0
|
14,581
|
15,286
|
6,858
|
9,469
|
|
Residential Mortgage Loans
|
44,500
|
42,098
|
0
|
379
|
0
|
2,023
|
353
|
665
|
969
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
$833,136
|
$714,662
|
$59,420
|
$9,713
|
$0
|
$49,341
|
$35,125
|
$30,190
|
$23,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Information at September 30, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Loan Detail
|
Other Related Data
|
|
|
|
Accruing Loans
|
|
|
|
|
|
|
9/30/09
|
Current
|
TDR
|
30 to 89 past due
|
90+ days past due
|
Non-Accrual
|
Allowance For Loan Losses
|
Year to Date Net Charge-Offs
|
Other Real Estate Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans
|
$30,028
|
$28,383
|
$0
|
$410
|
$0
|
$1,235
|
$623
|
$547
|
$18
|
|
Commercial Loans
|
154,358
|
131,518
|
13,010
|
1,192
|
0
|
8,638
|
4,784
|
3,368
|
2,588
|
|
Land Development - Residential
|
44,997
|
29,203
|
1,309
|
0
|
0
|
14,485
|
5,849
|
7,008
|
4,380
|
|
Land Development - Non Residential
|
11,604
|
8,244
|
0
|
231
|
0
|
3,129
|
778
|
3,999
|
384
|
|
Commercial Construction Loans - Residential
|
15,042
|
9,389
|
98
|
0
|
0
|
5,555
|
3,485
|
1,270
|
2,002
|
|
Commercial Construction Loans - Non
Residential
|
20,445
|
17,378
|
0
|
0
|
0
|
3,067
|
1,196
|
1,981
|
0
|
|
Commercial Mortgage Loans
|
539,200
|
481,151
|
31,217
|
6,365
|
0
|
20,467
|
10,775
|
5,743
|
5,340
|
|
Residential Mortgage Loans
|
46,990
|
42,877
|
0
|
1,823
|
0
|
2,290
|
883
|
684
|
760
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
$862,664
|
$748,143
|
$45,634
|
$10,021
|
$0
|
$58,866
|
$28,373
|
$24,600
|
$15,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Information at June 30, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Loan Detail
|
Other Related Data
|
|
|
|
Accruing Loans
|
|
|
|
|
|
|
6/30/09
|
Current
|
TDR
|
30 to 89 past due
|
90+ days past due
|
Non-Accrual
|
Allowance For Loan Losses
|
Year to Date Net Charge-Offs
|
Other Real Estate Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans
|
$30,270
|
$29,017
|
$0
|
$214
|
$0
|
$1,039
|
$359
|
$528
|
$18
|
|
Commercial Loans
|
156,688
|
131,630
|
14,346
|
3,791
|
0
|
6,921
|
4,025
|
2,301
|
1,913
|
|
Land Development - Residential
|
48,454
|
31,199
|
1,309
|
240
|
0
|
15,706
|
6,114
|
5,280
|
4,103
|
|
Land Development - Non Residential
|
13,405
|
7,483
|
0
|
1,150
|
0
|
4,772
|
1,448
|
2,356
|
384
|
|
Commercial Construction Loans - Residential
|
13,125
|
7,846
|
99
|
103
|
0
|
5,077
|
2,345
|
1,176
|
2,495
|
|
Commercial Construction Loans - Non
Residential
|
22,518
|
16,336
|
0
|
0
|
0
|
6,182
|
869
|
430
|
0
|
|
Commercial Mortgage Loans
|
549,275
|
486,038
|
30,960
|
15,969
|
0
|
16,308
|
6,623
|
3,682
|
7,789
|
|
Residential Mortgage Loans
|
48,083
|
46,258
|
0
|
220
|
0
|
1,605
|
639
|
614
|
732
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
$881,818
|
$755,807
|
$46,714
|
$21,687
|
$0
|
$57,610
|
$22,422
|
$16,367
|
$17,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Information at March 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Loan Detail
|
Other Related Data
|
|
|
|
Accruing Loans
|
|
|
|
|
|
|
3/31/09
|
Current
|
TDR
|
30 to 89 past due
|
90+ days past due
|
Non-Accrual
|
Allowance For Loan Losses
|
Year to Date Net Charge-Offs
|
Other Real Estate Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans
|
$31,000
|
$29,664
|
$0
|
$208
|
$0
|
$1,128
|
$314
|
$113
|
$18
|
|
Commercial Loans
|
161,138
|
143,349
|
9,490
|
2,630
|
0
|
5,669
|
2,712
|
1,003
|
2,499
|
|
Land Development - Residential
|
50,028
|
35,850
|
0
|
2,637
|
0
|
11,541
|
6,113
|
2,881
|
4,431
|
|
Land Development - Non Residential
|
15,914
|
8,873
|
0
|
0
|
0
|
7,041
|
4,203
|
197
|
282
|
|
Commercial Construction Loans - Residential
|
15,687
|
11,730
|
0
|
0
|
0
|
3,957
|
2,237
|
64
|
2,785
|
|
Commercial Construction Loans - Non
Residential
|
25,716
|
18,997
|
0
|
0
|
0
|
6,719
|
1,494
|
176
|
0
|
|
Commercial Mortgage Loans
|
548,692
|
511,915
|
10,016
|
8,649
|
0
|
18,112
|
1,008
|
2,088
|
3,708
|
|
Residential Mortgage Loans
|
51,880
|
49,761
|
0
|
1,138
|
0
|
981
|
551
|
25
|
901
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
$900,055
|
$810,139
|
$19,506
|
$15,262
|
$0
|
$55,148
|
$18,632
|
$6,547
|
$14,624
|
CONTACT: Dearborn Bancorp, Inc.
Michael J. Ross, President & CEO
(313) 565-5700
Jeffrey L. Karafa, CFO
(313) 381-3200
Dearborn Bancorp (NASDAQ:DEAR)
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Dearborn Bancorp (NASDAQ:DEAR)
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