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 ========= ========= =========