DEARBORN, Mich., Oct. 20, 2009 (GLOBE NEWSWIRE) -- Dearborn Bancorp, Inc. (Nasdaq:DEAR), the Holding Company for Fidelity Bank, today reported a net loss of $40,045,000 or $(5.24) per fully diluted common share for the three months ended September 30, 2009 compared to net income of $1,420,000 or $0.18 per share for the three months ended September 30, 2008. For the nine months ended September 30, 2009, the Company had a net loss of $55,369,000 or $(7.24) per share compared to a net loss of $2,518,000 or $(0.31) per share for the same period in 2008. The third quarter of 2009 includes a one-time non-cash charge of $4,195,000, which writes off all remaining intangible assets related to prior acquisitions and a one-time non-cash charge of $26,976,000 which is included in federal income tax expense to establish a valuation allowance on the entire net deferred tax assets.
At the end of September, the Company's total assets were $1,042,337,000, representing a decline of 3.4 percent over the preceding 12 months. Total deposits increased 5.3 percent over the previous year and stood at $904,954,000 when the third quarter ended. Total loans were $862,664,000 on September 30, 2009, 8.2 percent less than they had been on the same date in 2008. Strong emphasis is being placed on collection of the existing loan portfolio and new lending has been substantially curtailed.
Michael J. Ross, President and Chief Executive Officer of both the Company and the Bank, announced the financial results and commented, "During the third quarter, we recognized charge-offs of approximately $8.2 million due to the declines in the value of collateral securing previously classified loans. For the nine months ended September 30, 2009, we have charged-off approximately $24.6 million related to declining collateral values. Our provision for loan losses was $14.2 million for the third quarter and our allowance for loan losses now stands at $28.4 million, or 3.29% of loans. The carrying value of other real estate owned was written down by $639,000 and defaulted loan expense including taxes, insurance, maintenance and legal was $1.8 million during the quarter."
Ross continued, "Similar to most banking companies, Dearborn Bancorp, Inc. has had net deferred tax assets on its books for potential future tax deductions. These deferred tax assets were primarily created from two tax deduction timing differences. First, provisions for loan losses that have increased the allowance for loan losses are not tax deductible until an actual loan charge-off has occurred. Second, goodwill and intangibles that we have written off in 2008 and 2009 for book purposes are only tax deductible on a straight line basis over 15 years. Statement of Financial Accounting Standards No. 109 - Accounting for Income Taxes requires a valuation allowance on such assets when there has been evidence of recent and current quarterly losses that have created a net operating loss that may not be deductible in future periods. It is important to note that the Company cannot receive any actual benefit from a net operating loss carryforward until it reports taxable income on its tax return and uses the carryforward to reduce its tax payments. The potential future benefit from a deferred tax asset therefore depends on generating sufficient future taxable income within the carryforward period to utilize the net operating loss carryforward and reverse the valuation allowance."
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; 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)
09/30/09 12/31/08 09/30/08
---------- ---------- ----------
ASSETS
Cash and cash equivalents
Cash and due from banks $ 17,330 $ 11,671 $ 15,744
Federal funds sold 6,206 4,455 14,281
Interest bearing deposits with
banks 117,732 36,876 33,146
---------- ---------- ----------
Total cash and cash equivalents 141,268 53,002 63,171
Mortgage loans held for sale 1,449 1,834 281
Securities, available for sale 13,547 84,148 2,520
Securities, held to maturity 363 -- --
Federal Home Loan Bank stock 3,698 3,614 3,614
Loans
Loans 862,664 933,269 939,626
Allowance for loan loss (28,373) (14,452) (16,429)
---------- ---------- ----------
Net loans 834,291 918,817 923,197
Premises and equipment, net 20,477 21,272 21,491
Real estate owned 15,472 9,657 8,343
Goodwill -- -- 34,028
Other intangible assets -- 4,592 10,165
Accrued interest receivable 3,619 3,499 3,601
Other assets 8,153 21,483 8,110
---------- ---------- ----------
Total assets $1,042,337 $1,121,918 $1,078,521
========== ========== ==========
LIABILITIES
Deposits
Non-interest bearing deposits $89,329 $81,317 $84,073
Interest bearing deposits 815,625 857,078 775,196
---------- ---------- ----------
Total deposits 904,954 938,395 859,269
Other liabilities
Federal funds purchased -- -- --
Securities sold under agreements
to repurchase 2,302 2,461 222
Federal Home Loan Bank advances 73,855 65,019 72,283
Accrued interest payable 956 1,695 1,734
Other liabilities 2,380 1,037 1,173
Subordinated debentures 10,000 10,000 10,000
---------- ---------- ----------
Total liabilities 994,447 1,018,607 944,681
STOCKHOLDERS' EQUITY
Common stock - 20,000,000 shares
authorized, 7,687,470 shares
at 09/30/09, 7,696,204 shares at
12/31/08; and 8,098,557 shares
at 09/30/08 131,897 131,784 133,099
Accumulated deficit (84,042) (28,675) 732
Accumulated other comprehensive
income 35 202 9
---------- ---------- ----------
Total stockholders' equity 47,890 103,311 133,840
---------- ---------- ----------
Total liabilities and
stockholders' equity $1,042,337 $1,121,918 $1,078,521
========== ========== ==========
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except Three Months Ended Nine Months Ended
share and per share data) 09/30/09 09/30/08 09/30/09 09/30/08
--------- --------- --------- ---------
Interest income
Interest on loans,
including fees $13,135 $14,742 $40,231 $45,910
Interest on securities,
available for sale 33 97 467 315
Interest on federal funds 2 22 14 59
Interest on deposits
with banks 76 2 273 3
--------- --------- --------- ---------
Total interest income 13,246 14,863 40,985 46,287
Interest expense
Interest on deposits 4,806 5,764 16,262 18,666
Interest on other
borrowings 504 709 1,523 2,514
Interest on subordinated
debentures 110 140 320 520
--------- --------- --------- ---------
Total interest expense 5,420 6,613 18,105 21,700
Net interest income 7,826 8,250 22,880 24,587
Provision for loan losses 14,185 90 38,522 9,722
--------- --------- --------- ---------
Net interest income (loss)
after provision for
loan losses (6,359) 8,160 (15,642) 14,865
--------- --------- --------- ---------
Non-interest income
Service charges on
deposit accounts 388 403 1,118 1,146
Fees for other services
to customers 33 23 95 89
Gain on the sale of loans 37 61 253 165
Write-down of real estate (639) (209) (2,499) (509)
Gain (loss) on the sale
of real estate (154) (16) (157) (720)
Gain (loss) on the sale
of securities -- 9 465 9
Write-down of securities (387) -- (387) --
Write-down of other
assets -- -- (100) --
Other income 122 48 369 195
--------- --------- --------- ---------
Total non-interest
income (600) 319 (843) 375
Non-interest expenses
Salaries and employee
benefits 3,159 3,413 9,657 9,906
Occupancy and equipment
expense 903 908 2,753 2,771
Intangible expense 4,195 323 4,592 968
FDIC Assessment 672 174 1,853 522
Advertising and marketing 48 138 177 392
Stationery and supplies 120 103 340 407
Professional services 234 241 598 726
Data processing 219 145 685 602
Defaulted loan expense 1,827 483 3,514 1,429
Other operating expenses 433 384 1,255 1,255
--------- --------- --------- ---------
Total non-interest
expenses 11,810 6,312 25,424 18,978
Loss before income tax
provision (18,769) 2,167 (41,909) (3,738)
Income tax expense
(benefit) 21,276 747 13,460 (1,220)
--------- --------- --------- ---------
Net income (loss) ($40,045) $1,420 ($55,369) ($2,518)
========= ========= ========= =========
Per share data:
Net loss - basic ($5.24) $0.18 ($7.24) ($0.31)
Net loss - diluted ($5.24) $0.18 ($7.24) ($0.31)
Weighted average number
of shares outstanding -
basic 7,645,940 8,044,180 7,644,785 8,078,188
Weighted average number
of shares outstanding -
diluted 7,645,940 8,082,263 7,644,785 8,078,188
DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA
(Dollars, in thousands)
------------------------------------------------------
9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008
---------- ---------- ---------- ---------- ----------
Troubled debt
restructuring $ 45,634 $ 46,714 $ 19,506 $ 17,765 $ 15,328
Loans over 90
days past due
and still
accruing -- -- -- 450 3,141
Non-accrual
loans 58,866 57,610 55,148 51,708 51,342
---------- ---------- ---------- ---------- ----------
Total non-
performing
loans 104,500 104,324 74,654 69,923 69,811
Other real
estate and
other repos-
sessed assets 15,472 17,434 14,624 9,657 8,343
---------- ---------- ---------- ---------- ----------
Total non-
performing
assets $119,972 $121,758 $ 89,278 $ 79,580 $ 78,154
========== ========== ========== ========== ==========
Net charge-offs
(year to date) $ 24,600 $ 16,367 $ 6,547 $ 10,771 $ 3,910
Allowance for
loan losses 28,373 22,422 18,632 14,452 16,429
ASSET QUALITY RATIOS
------------------------------------------------------
9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008
---------- ---------- ---------- ---------- ----------
Non-accrual
loans to
total loans 6.82% 6.53% 6.13% 5.54% 5.47%
Non-performing
loans to
total loans 12.11% 11.83% 8.29% 7.49% 7.43%
Non-performing
assets to
total assets 11.51% 12.30% 8.31% 7.09% 7.25%
Loans over
90 days past
due and still
accruing to
total loans --% --% --% 0.05% 0.33%
Net charge-offs
to average
loans 2.74% 1.80% 0.71% 1.14% 0.41%
Allowance for
loan losses to
non-performing
loans 27.15% 21.49% 24.96% 20.67% 23.53%
Allowance for
loan losses to
non-performing
assets 23.65% 18.42% 20.87% 18.16% 21.02%
Allowance for
loan losses to
total loans 3.29% 2.54% 2.07% 1.55% 1.75%
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA
(Dollars in
thousands,
except share
and per share
data) Quarter ended
------------------------------------------------------
9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008
---------- ---------- ---------- ---------- ----------
EARNINGS
SUMMARY
Net interest
income $7,826 $7,537 $7,517 $7,544 $8,250
Provision for
loan loss $14,185 $13,610 $10,727 $4,884 $90
Total
non-interest
income ($600) ($571) $328 ($1,305) $319
Total
non-interest
expense $11,810 $7,103 $6,511 $46,029 $6,312
Income taxes
(benefit) $21,276 ($4,672) ($3,144) ($15,267) $747
Net income
(loss) ($40,045) ($9,075) ($6,249) ($29,407) $1,420
Basic earnings
per share ($5.24) ($1.19) ($0.82) ($3.77) $0.18
Diluted
earnings per
share ($5.24) ($1.19) ($0.82) ($3.77) $0.18
MARKET DATA
Book value per
share $6.23 $11.43 $12.60 $13.42 $16.53
Tangible book
value per
share $6.23 $10.59 $12.26 $11.16 $11.07
Market value
per share $1.21 $1.80 $1.82 $1.66 $4.99
Average basic
common shares 7,645,940 7,644,207 7,644,188 7,796,354 8,044,180
Average diluted
common shares 7,645,940 7,644,207 7,644,188 7,796,354 8,082,263
Period end
common shares 7,687,470 7,687,470 7,696,204 7,696,204 8,098,557
PERFORMANCE
RATIOS
Return on
average assets -15.60% -3.41% -2.30% -10.72% 0.54%
Return on
average equity -179.39% -37.35% -24.30% -87.91% 4.22%
Net interest
margin (FTE) 3.24% 3.01% 2.93% 2.96% 3.41%
Efficiency
ratio 147.28% 83.53% 79.69% 572.00% 71.78%
ASSET QUALITY
Net charge-offs
(YTD) $24,600 $16,367 $6,547 $10,771 $3,910
Nonperforming
loans $104,500 $104,324 $74,654 $69,923 $69,811
Other real
estate $15,472 $17,434 $14,624 $9,657 $8,343
Nonperforming
loans to
total loans 12.11% 11.83% 8.29% 7.49% 7.43%
Nonperforming
assets to
total assets 11.51% 12.30% 8.31% 7.09% 7.25%
Allowance for
loan loss to
total loans 3.29% 2.54% 2.07% 1.55% 1.75%
CAPITAL &
LIQUIDITY
Average equity
to average
assets 8.70% 9.13% 9.49% 12.20% 12.85%
Tier 1 capital
to risk
weighted
assets 6.40% 7.32% 9.51% 9.11% 10.23%
Total capital
to risk
weighted
assets 7.65% 8.59% 10.76% 10.37% 11.48%
Loan to deposit
ratio 95.33% 108.44% 99.17% 99.45% 109.36%
Loan to funding
ratio 87.04% 98.05% 92.33% 91.87% 99.77%
END OF PERIOD
BALANCES
Total portfolio
loans $862,664 $881,818 $900,055 $933,269 $939,109
Earning assets
$1,005,659 $909,462 $1,012,149 $1,064,196 $992,951
Total assets $1,042,337 $989,800 $1,073,744 $1,121,918 $1,077,979
Deposits $904,954 $813,167 $907,579 $938,395 $858,751
Total
shareholders'
equity $47,890 $87,877 $96,964 $103,311 $133,840
AVERAGE
BALANCES
Total portfolio
loans $875,545 $897,978 $919,705 $940,195 $944,262
Earning assets $958,383 $1,004,914 $1,039,618 $1,010,304 $961,935
Total assets $1,018,320 $1,066,951 $1,099,573 $1,091,120 $1,042,152
Deposits $841,447 $898,387 $920,113 $876,569 $822,424
Total
shareholders'
equity $88,565 $97,454 $104,298 $133,081 $133,949
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars, in thousands)
Quarter Ended
------------------------------------------------------
9/30/09 6/30/09 3/31/09 12/31/08 9/30/08
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and cash
equivalents
Cash and due
from banks $ 17,330 $ 25,475 $ 11,881 $ 11,671 $ 15,719
Federal
funds sold 6,206 1,425 6,841 4,455 14,281
Interest
bearing
deposits
with banks 117,732 18,454 53,262 36,876 33,146
---------- ---------- ---------- ---------- ----------
Total cash
and cash
equiva-
lents 141,268 45,354 71,984 53,002 63,146
Mortgage
loans held
for sale 1,449 60 3,009 1,834 281
Securities 13,910 4,007 45,368 84,148 2,520
Federal Home
Loan Bank
stock 3,698 3,698 3,614 3,614 3,614
Loans
Loans 862,664 881,818 900,055 933,269 939,109
Allowance
for loan
loss (28,373) (22,422) (18,632) (14,452) (16,429)
---------- ---------- ---------- ---------- ----------
Net loans 834,291 859,396 881,423 918,817 922,680
Bank premises
and equip-
ment, net 20,477 20,784 21,001 21,272 21,491
Other real
estate 15,472 17,434 14,624 9,657 8,343
Goodwill -- -- -- -- 34,028
Other
intangible
assets -- 4,195 4,394 4,592 10,165
Accrued
interest
receivable 3,619 3,512 3,920 3,499 3,601
Other assets 8,153 31,360 24,407 21,483 8,110
---------- ---------- ---------- ---------- ----------
Total
assets $1,042,337 $ 989,800 $1,073,744 $1,121,918 $1,077,979
========== ========== ========== ========== ==========
LIABILITIES
Deposits
Non-interest
bearing
deposits $ 89,329 $ 83,752 $ 80,624 $ 81,317 $ 83,555
Interest
bearing
deposits 815,625 729,415 826,955 857,078 775,196
---------- ---------- ---------- ---------- ----------
Total
deposits 904,954 813,167 907,579 938,395 858,751
Other
liabilities
Federal
funds
purchased -- -- -- -- --
Securities
sold under
agreements
to repur-
chase 2,302 2,206 2,268 2,461 222
Federal Home
Loan Bank
advances 73,855 73,955 54,955 65,019 72,283
Other
liabilities 2,380 1,104 606 1,037 1,735
Accrued
interest
payable 956 1,491 1,372 1,695 1,148
Subordinated
debentures 10,000 10,000 10,000 10,000 10,000
---------- ---------- ---------- ---------- ----------
Total
liabil-
ities 994,447 901,923 976,780 1,018,607 944,139
---------- ---------- ---------- ---------- ----------
Total
stock-
holders'
equity 47,890 87,877 96,964 103,311 133,840
---------- ---------- ---------- ---------- ----------
Total
liabil-
ities and
stock-
holders'
equity $1,042,337 $ 989,800 $1,073,744 $1,121,918 $1,077,979
========== ========== ========== ========== ==========
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENT
(Dollars, in thousands)
Quarter Ended
---------- ---------- ---------- ---------- ----------
9/30/09 6/30/09 3/31/09 12/31/08 9/30/08
---------- ---------- ---------- ---------- ----------
INTEREST
INCOME
Interest on
loans,
including
fees $13,135 $13,286 $13,810 $14,623 $14,742
Interest on
other earning
assets 111 287 356 216 121
---------- ---------- ---------- ---------- ----------
Total
interest
income 13,246 13,573 14,166 14,839 14,863
INTEREST
EXPENSE
Interest on
deposits 4,806 5,458 5,998 6,440 5,764
Interest on
other
liabilities 614 578 651 855 849
---------- ---------- ---------- ---------- ----------
Total
interest
expense 5,420 6,036 6,649 7,295 6,613
Net
interest
income 7,826 7,537 7,517 7,544 8,250
Provision for
loan loss 14,185 13,610 10,727 4,884 90
---------- ---------- ---------- ---------- ----------
Net interest
income
(loss)
after
provision
for loan
loss (6,359) (6,073) (3,210) 2,660 8,160
NON-INTEREST
INCOME
Deposit
service
charges 421 412 380 431 426
Gain on the
sale of loans 37 160 56 -- 61
Loss on the
sale or
write-down of
real estate (793) (1,538) (325) (1,808) (225)
Other (265) 395 217 72 57
---------- ---------- ---------- ---------- ----------
Total non-
interest
income
(loss) (600) (571) 328 (1,305) 319
NON-INTEREST
EXPENSE
Salaries and
employee
benefits 3,159 3,208 3,290 3,236 3,413
Occupancy and
equipment
expense 903 916 934 981 908
Impairment of
goodwill and
other
intangible
assets 3,997 -- -- 39,601 --
Other expense 3,751 2,979 2,287 2,211 1,991
---------- ---------- ---------- ---------- ----------
Total non-
interest
expense 11,810 7,103 6,511 46,029 6,312
Income (loss)
before income
tax provision (18,769) (13,747) (9,393) (44,674) 2,167
Income tax
provision
(benefit) 21,276 (4,672) (3,144) (15,267) 747
---------- ---------- ---------- ---------- ----------
Net income
(loss) ($40,045) ($9,075) ($6,249) ($29,407) $1,420
========== ========== ========== ========== ==========
DEARBORN BANCORP, INC. AND SUBSIDIARY
TANGIBLE ASSETS & EQUITY
------------------------------
(Dollars, in thousands) Quarter Ended
------------------------------
9/30/2009 9/30/2008
------------- -------------
Average GAAP equity $ 88,565 $ 133,935
------------- -------------
Goodwill -- 34,028
Other intangible assets -- 10,331
Deferred taxes -- (785)
------------- -------------
0 43,574
------------- -------------
Average tangible equity $ 88,565 $ 90,361
============= =============
------------------------------
Quarter Ended
------------------------------
9/30/2009 9/30/2008
------------- -------------
Average GAAP assets $1,018,320 $1,042,152
------------- -------------
Goodwill -- 34,028
Other intangible assets -- 10,331
Deferred taxes -- (785)
------------- -------------
0 43,574
------------- -------------
Average tangible assets $1,018,320 $ 998,578
============= =============
DEARBORN BANCORP, INC. AND SUBSIDIARY
DEPOSIT INFORMATION
(In thousands)
September 30
Category 2009 2008
---------------------------------- ------------- --------------
Non-interest bearing
Demand $89,329 $84,073
------------- -------------
Interest bearing
Interest Checking $88,820 $91,122
Money market 75,962 81,274
Savings 45,665 60,893
Time, under $100,000 291,314 194,530
Time, $100,000 and over 313,864 347,377
------------- -------------
815,625 775,196
------------- -------------
$ 904,954 $ 859,269
============= =============
Dearborn Bancorp, Inc.
Loan Information at September 30, 2009
(In thousands) Loan Detail
---------------------------------------------
Accruing Loans
-----------------------------------
30 to 90+ days
89 past past Non-
9/30/09 Current TDR due due Accrual
-------- ----------------------------------- --------
Consumer Loans $30,028 $28,383 $0 $410 $0 $1,235
Commercial
Loans 154,358 131,518 13,010 1,192 0 8,638
Land
Development -
Residential 44,997 29,203 1,309 0 0 14,485
Land
Development -
Non
Residential 11,604 8,244 0 231 0 3,129
Commercial
Construction
Loans -
Residential 15,042 9,389 98 0 0 5,555
Commercial
Construction
Loans - Non
Residential 20,445 17,378 0 0 0 3,067
Commercial
Mortgage
Loans 539,200 481,151 31,217 6,365 0 20,467
Residential
Mortgage
Loans 46,990 42,877 0 1,823 0 2,290
-------- ----------------------------------- --------
Totals $862,664 $748,143 $45,634 $10,021 $0 $58,866
======== =================================== ========
(In thousands) Other Related Data
---------------------------------
Year to Other
Allowance Date Net Real
For Loan Charge Estate
Losses -Offs Owned
--------- --------- ---------
Consumer Loans $623 $547 $18
Commercial Loans 4,784 3,368 2,588
Land Development - Residential 5,849 7,008 4,380
Land Development - Non Residential 778 3,999 384
Commercial Construction Loans
- Residential 3,485 1,270 2,002
Commercial Construction Loans
- Non Residential 1,196 1,981 0
Commercial Mortgage Loans 10,775 5,743 5,340
Residential Mortgage Loans 883 684 760
--------- --------- ---------
Totals $28,373 $24,600 $15,472
========= ========= =========
Loan Information at June 30, 2009
(In thousands) Loan Detail
---------------------------------------------
Accruing Loans
-----------------------------------
30 to 90+ days
89 past past Non-
6/30/09 Current TDR due due Accrual
-------- ----------------------------------- --------
Consumer Loans $30,270 $29,017 $0 $214 $0 $1,039
Commercial
Loans 156,688 131,630 14,346 3,791 0 6,921
Land
Development -
Residential 48,454 31,199 1,309 240 0 15,706
Land
Development -
Non
Residential 13,405 7,483 0 1,150 0 4,772
Commercial
Construction
Loans -
Residential 13,125 7,846 99 103 0 5,077
Commercial
Construction
Loans - Non
Residential 22,518 16,336 0 0 0 6,182
Commercial
Mortgage
Loans 549,275 486,038 30,960 15,969 0 16,308
Residential
Mortgage
Loans 48,083 46,258 0 220 0 1,605
-------- ----------------------------------- --------
Totals $881,818 $755,807 $46,714 $21,687 $0 $57,610
======== =================================== ========
(In thousands) Other Related Data
---------------------------------
Year to Other
Allowance Date Net Real
For Loan Charge Estate
Losses -Offs Owned
--------- --------- ---------
Consumer Loans $359 $528 $18
Commercial Loans 4,025 2,301 1,913
Land Development - Residential 6,114 5,280 4,103
Land Development - Non Residential 1,448 2,356 384
Commercial Construction Loans -
Residential 2,345 1,176 2,495
Commercial Construction Loans -
Non Residential 869 430 0
Commercial Mortgage Loans 6,623 3,682 7,789
Residential Mortgage Loans 639 614 732
--------- --------- ---------
Totals $22,422 $16,367 $17,434
========= ========= =========
Loan Information at March 31, 2009
(In thousands) Loan Detail
---------------------------------------------
Accruing Loans
-----------------------------------
30 to 90+ days
89 past past Non-
3/31/09 Current TDR due due Accrual
-------- ----------------------------------- --------
Consumer Loans $31,000 $29,664 $0 $208 $0 $1,128
Commercial
Loans 161,138 143,349 9,490 2,630 0 5,669
Land
Development -
Residential 50,028 35,850 0 2,637 0 11,541
Land
Development -
Non
Residential 15,914 8,873 0 0 0 7,041
Commercial
Construction
Loans -
Residential 15,687 11,730 0 0 0 3,957
Commercial
Construction
Loans - Non
Residential 25,716 18,997 0 0 0 6,719
Commercial
Mortgage
Loans 548,692 511,915 10,016 8,649 0 18,112
Residential
Mortgage
Loans 51,880 49,761 0 1,138 0 981
-------- ----------------------------------- --------
Totals $900,055 $810,139 $19,506 $15,262 $0 $55,148
======== =================================== ========
(In thousands) Other Related Data
---------------------------------
Year to Other
Allowance Date Net Real
For Loan Charge Estate
Losses -Offs Owned
--------- --------- ---------
Consumer Loans $314 $113 $18
Commercial Loans 2,712 1,003 2,499
Land Development - Residential 6,113 2,881 4,431
Land Development - Non Residential 4,203 197 282
Commercial Construction Loans -
Residential 2,237 64 2,785
Commercial Construction Loans -
Non Residential 1,494 176 0
Commercial Mortgage Loans 1,008 2,088 3,708
Residential Mortgage Loans 551 25 901
--------- --------- ---------
Totals $18,632 $6,547 $14,624
========= ========= =========
Dearborn Bancorp, Inc.
Loan Information at December 31, 2008
(In thousands) Loan Detail
---------------------------------------------
Accruing Loans
-----------------------------------
30 to 90+ days
89 past past Non-
12/31/08 Current TDR due due Accrual
-------- ----------------------------------- --------
Consumer Loans $31,864 $30,652 $0 $127 $0 $1,085
Commercial
Loans 164,740 156,135 1,985 1,053 254 5,313
Land
Development -
Residential 54,323 37,044 3,843 0 0 13,436
Land
Development -
Non
Residential 16,094 12,026 0 0 0 4,068
Commercial
Construction
Loans -
Residential 17,296 12,524 0 0 0 4,772
Commercial
Construction
Loans - Non
Residential 25,322 23,706 0 0 0 1,616
Commercial
Mortgage
Loans 571,204 532,977 11,937 5,583 196 20,511
Residential
Mortgage
Loans 52,426 51,233 0 286 0 907
-------- ----------------------------------- --------
Totals $933,269 $856,297 $17,765 $7,049 $450 $51,708
======== =================================== ========
(In thousands) Other Related Data
---------------------------------
Year to Other
Allowance Date Net Real
For Loan Charge Estate
Losses -Offs Owned
--------- --------- ---------
Consumer Loans $163 $299 $0
Commercial Loans 1,532 4,187 1,586
Land Development - Residential 3,663 2,636 4,089
Land Development - Non Residential 1,922 0 282
Commercial Construction Loans -
Residential 1,316 801 1,975
Commercial Construction Loans -
Non Residential 1,149 131 0
Commercial Mortgage Loans 4,509 2,425 1,003
Residential Mortgage Loans 198 292 722
--------- --------- ---------
Totals $14,452 $10,771 $9,657
========= ========= =========
Loan Information at September 30, 2008
(In thousands) Loan Detail
---------------------------------------------
Accruing Loans
-----------------------------------
30 to 90+ days
89 past past Non-
9/30/08 Current TDR due due Accrual
-------- ----------------------------------- --------
Consumer Loans $32,472 $30,993 $0 $333 $128 $1,018
Commercial
Loans 162,311 152,665 1,934 1,972 93 5,647
Land
Development -
Residential 56,878 42,352 4,381 820 0 9,325
Land
Development -
Non
Residential 17,894 12,295 671 860 0 4,068
Commercial
Construction
Loans -
Residential 20,573 12,909 1,168 0 0 6,496
Commercial
Construction
Loans - Non
Residential 30,145 23,901 2,558 492 0 3,194
Commercial
Mortgage
Loans 565,365 533,592 4,616 3,494 2,810 20,853
Residential
Mortgage
Loans 53,471 52,172 0 448 110 741
-------- ----------------------------------- --------
Totals $939,109 $860,879 $15,328 $8,419 $3,141 $51,342
======== =================================== ========
(In thousands) Other Related Data
---------------------------------
Year to Other
Allowance Date Net Real
For Loan Charge Estate
Losses -Offs Owned
--------- --------- ---------
Consumer Loans $367 $160 $0
Commercial Loans 1,076 3,094 125
Land Development - Residential 4,072 229 4,425
Land Development - Non Residential 1,791 0 343
Commercial Construction Loans -
Residential 3,069 0 729
Commercial Construction Loans -
Non Residential 843 58 0
Commercial Mortgage Loans 4,672 185 2,049
Residential Mortgage Loans 539 184 672
--------- --------- ---------
Totals $16,429 $3,910 $8,343
========= ========= =========