DALLAS, April 27, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring Dearborn Bancorp Inc. (Nasdaq:DEAR). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
The full report is available at: www.microstockprofit.com/ads/DEAR
Dearborn Bancorp Inc. (DEAR) is a bank holding company owning all the common stock of Fidelity Bank ("Bank"). The Bank is the only commercial bank headquartered in Dearborn, Michigan and conducts business primarily in Wayne, Macomb, Oakland and Washtenaw Counties, Michigan. The Bank offers a range of financial products and services. These include checking accounts, savings accounts, money market accounts, certificates of deposit, business checking, direct deposit, loan services, travelers' checks, cashiers' checks, wire transfers, safety deposit boxes, online banking, telephone banking and more.
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In the report, the analyst notes:
"Due to a continuous and ongoing diligent loan review, the allowance for loan losses and provision for loan losses have been increased by $10 million from amounts previously reported on its press release dated January 19, 2010. During the period between January 19, 2010, and March 22, 2010, the Bank received updated financial statements and collateral evaluations on several of its problem loan customers requiring the further down-grading of credits, the application of higher historical loss factors, and larger valuation allowances for the Bank's calculation of its Allowance for Loan Losses as of December 31, 2009.
"DEAR, the Holding Company for Fidelity Bank ("Bank"), recently 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."
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