Dearborn Bancorp Reports First Quarter Profit


DEARBORN, Mich., April 20, 2010 (GLOBE NEWSWIRE) -- 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

            

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