DEARBORN, Mich., March 22, 2010 (GLOBE NEWSWIRE) -- Dearborn Bancorp, Inc. (Nasdaq:DEAR), the Holding Company for Fidelity Bank (the "Bank"), today announces that it has revised its previously announced 2009 fourth quarter results due to an additional $10.0 million provision for loan losses.
Due to 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.
As a result of the additional provision, the Company revised earnings to a net loss for the fourth quarter of 2009 to $5.8 million, or $(0.76) per fully diluted common share, compared to earnings of $4.2 million, or $0.55 per share as previously reported. For the year ended December 31, 2009, the net loss was increased to $61.2 million, or $(8.00) per share, compared to a net loss of $51.2 million, or $(6.69) per share as previously reported.
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) | December 31, | |
| 2009 | 2008 | |
| ASSETS | ||
| Cash and cash equivalents | ||
| Cash and due from banks | $7,803 | $11,671 |
| Federal funds sold | 156 | 4,455 |
| Interest bearing deposits with banks | 69,538 | 36,876 |
| Total cash and cash equivalents | 77,497 | 53,002 |
| Mortgage loans held for sale | 1,129 | 1,834 |
| Securities available for sale | 45,964 | 84,148 |
| Securities held to maturity | 336 | 0 |
| Federal Home Loan Bank stock | 3,698 | 3,614 |
| Loans | ||
| Loans | 833,136 | 933,269 |
| Allowance for loan losses | (35,125) | (14,452) |
| Net loans | 798,011 | 918,817 |
| Premises and equipment, net | 20,194 | 21,272 |
| Real estate owned | 23,435 | 9,657 |
| Other intangible assets | -- | 4,592 |
| Accrued interest receivable | 3,562 | 3,499 |
| Other assets | 12,660 | 21,483 |
| Total assets | $986,486 | $1,121,918 |
| LIABILITIES | ||
| Deposits | ||
| Non-interest bearing deposits | $83,873 | $81,317 |
| Interest bearing deposits | 784,082 | 857,078 |
| Total deposits | 867,955 | 938,395 |
| Other liabilities | ||
| Securities sold under agreements to repurchase | -- | 2,461 |
| Federal Home Loan Bank advances | 63,855 | 65,019 |
| Accrued interest payable | 1,046 | 1,695 |
| Other liabilities | 1,685 | 1,037 |
| Subordinated debentures | 10,000 | 10,000 |
| Total liabilities | 944,541 | 1,018,607 |
| STOCKHOLDERS' EQUITY | ||
|
Common stock - no par value 20,000,000 shares authorized, 7,687,470 and 7,696,204 shares outstanding in 2009 and 2008, respectively |
131,929 | 131,784 |
| Retained earnings | (89,850) | (28,675) |
| Accumulated other comprehensive income (loss) | (134) | 202 |
| Total stockholders' equity | 41,945 | 103,311 |
| Total liabilities and stockholders' equity | $986,486 | $1,121,918 |
| DEARBORN BANCORP, INC. AND SUBSIDIARY | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||
| (In thousands, except share and per share data) | Three Months Ended | Twelve Months Ended | ||
| 12/31/09 | 12/31/08 | 12/31/09 | 12/31/08 | |
| Interest income | ||||
| Interest on loans, including fees | $13,042 | $14,623 | $53,273 | $60,533 |
| Interest on securities, available for sale | 122 | 149 | 589 | 464 |
| Interest on federal funds | 3 | 27 | 17 | 43 |
| Interest on deposits with banks | 101 | 40 | 374 | 86 |
| Total interest income | 13,268 | 14,839 | 54,253 | 61,126 |
| Interest expense | ||||
| Interest on deposits | 4,731 | 6,440 | 20,993 | 25,106 |
| Interest on other borrowings | 440 | 635 | 1,963 | 3,149 |
| Interest on subordinated debentures | 91 | 220 | 411 | 740 |
| Total interest expense | 5,262 | 7,295 | 23,367 | 28,995 |
| Net interest income | 8,006 | 7,544 | 30,886 | 32,131 |
| Provision for loan losses | 12,341 | 4,884 | 50,863 | 14,606 |
| Net interest income (loss) after provision for loan losses | (4,335) | 2,660 | (19,977) | 17,525 |
| Non-interest income | ||||
| Service charges on deposit accounts | 381 | 392 | 1,499 | 1,538 |
| Fees for other services to customers | 31 | 39 | 126 | 128 |
| Gain on the sale of loans | 99 | 0 | 352 | 165 |
| Write-down of real estate | (267) | (1,783) | (2,766) | (2,292) |
| Gain (loss) on the sale of real estate | 18 | (25) | (139) | (745) |
| Gain (loss) on the sale of securities | 25 | 8 | 490 | 17 |
| Write-down of securities | (26) | -- | (413) | -- |
| Write-down of other assets | -- | -- | (100) | -- |
| Other income | 113 | 64 | 482 | 259 |
| Total non-interest income | 374 | (1,305) | (469) | (930) |
| Non-interest expenses | ||||
| Salaries and employee benefits | 3,317 | 3,236 | 12,974 | 13,142 |
| Occupancy and equipment expense | 870 | 981 | 3,623 | 3,752 |
| Intangible expense | 0 | 39,601 | 4,592 | 40,569 |
| FDIC Assessment | 990 | 174 | 2,843 | 696 |
| Advertising and marketing | 60 | 158 | 237 | 550 |
| Stationery and supplies | 89 | 185 | 429 | 592 |
| Professional services | 209 | 337 | 807 | 1,063 |
| Data processing | 220 | 246 | 905 | 848 |
| Defaulted loan expense | 1,110 | 649 | 4,624 | 2,078 |
| Other operating expenses | 431 | 462 | 1,686 | 1,717 |
| Total non-interest expenses | 7,296 | 46,029 | 32,720 | 65,007 |
| Loss before income tax provision | (11,257) | (44,674) | (53,166) | (48,412) |
| Income tax expense (benefit) | (5,451) | (15,267) | 8,009 | (16,487) |
| Net loss | ($5,806) | ($29,407) | ($61,175) | ($31,925) |
| Per share data: | ||||
| Net loss - basic | ($0.76) | ($3.77) | ($8.00) | ($3.99) |
| Net loss - diluted | ($0.76) | ($3.77) | ($8.00) | ($3.99) |
| Weighted average number of shares outstanding - basic | 7,645,940 | 7,796,354 | 7,645,076 | 8,007,345 |
| Weighted average number of shares outstanding - diluted | 7,645,940 | 7,796,354 | 7,645,076 | 8,007,345 |
| DEARBORN BANCORP, INC. AND SUBSIDIARY | |||||
| ASSET QUALITY DATA | |||||
| (Dollars, in thousands) | |||||
| 12/31/2009 | 9/30/2009 | 6/30/2009 | 3/31/2009 | 12/31/2008 | |
| Troubled debt restructuring | $59,420 | $45,634 | $46,714 | $19,506 | $17,765 |
| Loans over 90 days past due and still accruing | -- | -- | -- | -- | 450 |
| Non-accrual loans | 49,341 | 58,866 | 57,610 | 55,148 | 51,708 |
| Total non-performing loans | 108,761 | 104,500 | 104,324 | 74,654 | 69,923 |
| Other real estate and other repossessed assets | 23,435 | 15,472 | 17,434 | 14,624 | 9,657 |
| Total non-performing assets | $132,196 | $119,972 | $121,758 | $89,278 | $79,580 |
| Net charge-offs (year to date) | $30,190 | $24,600 | $16,367 | $6,547 | $10,771 |
| Allowance for loan losses | 35,125 | 28,373 | 22,422 | 18,632 | 14,452 |
| ASSET QUALITY RATIOS | |||||
| 12/31/2009 | 9/30/2009 | 6/30/2009 | 3/31/2009 | 12/31/2008 | |
| Non-accrual loans to total loans | 5.92% | 6.82% | 6.53% | 6.13% | 5.54% |
| Non-performing loans to total loans | 13.05% | 12.11% | 11.83% | 8.29% | 7.49% |
| Non-performing assets to total assets | 13.27% | 11.51% | 12.30% | 8.31% | 7.09% |
| Loans over 90 days past due and still accruing to total loans | --% | --% | --% | --% | 0.05% |
| Net charge-offs to average loans | 3.55% | 2.74% | 1.80% | 0.71% | 1.14% |
| Allowance for loan losses to non-performing loans | 32.30% | 27.15% | 21.49% | 24.96% | 20.67% |
| Allowance for loan losses to non-performing assets | 26.57% | 23.65% | 18.42% | 20.87% | 18.16% |
| Allowance for loan losses to total loans | 4.22% | 3.29% | 2.54% | 2.07% | 1.55% |
| DEARBORN BANCORP, INC. AND SUBSIDIARY | |||||
| CONSOLIDATED BALANCE SHEETS | |||||
| (Dollars, in thousands) | |||||
| Quarter Ended | |||||
| 12/31/09 | 9/30/09 | 6/30/09 | 3/31/09 | 12/31/08 | |
| ASSETS | |||||
| Cash and cash equivalents | |||||
| Cash and due from banks | $7,803 | $17,330 | $25,475 | $11,881 | $11,671 |
| Federal funds sold | 156 | 6,206 | 1,425 | 6,841 | 4,455 |
| Interest bearing deposits with banks | 69,538 | 117,732 | 18,454 | 53,262 | 36,876 |
| Total cash and cash equivalents | 77,497 | 141,268 | 45,354 | 71,984 | 53,002 |
| Mortgage loans held for sale | 1,129 | 1,449 | 60 | 3,009 | 1,834 |
| Securities | 46,300 | 13,910 | 4,007 | 45,368 | 84,148 |
| Federal Home Loan Bank stock | 3,698 | 3,698 | 3,698 | 3,614 | 3,614 |
| Loans | |||||
| Loans | 833,136 | 862,664 | 881,818 | 900,055 | 933,269 |
| Allowance for loan loss | (35,125) | (28,373) | (22,422) | (18,632) | (14,452) |
| Net loans | 798,011 | 834,291 | 859,396 | 881,423 | 918,817 |
| Bank premises and equipment, net | 20,194 | 20,477 | 20,784 | 21,001 | 21,272 |
| Other real estate | 23,435 | 15,472 | 17,434 | 14,624 | 9,657 |
| Goodwill | -- | -- | -- | -- | -- |
| Other intangible assets | -- | -- | 4,195 | 4,394 | 4,592 |
| Accrued interest receivable | 3,562 | 3,619 | 3,512 | 3,920 | 3,499 |
| Other assets | 12,660 | 8,153 | 31,360 | 24,407 | 21,483 |
| Total assets | $986,486 | $1,042,337 | $989,800 | $1,073,744 | $1,121,918 |
| LIABILITIES | |||||
| Deposits | |||||
| Non-interest bearing deposits | $83,873 | $89,329 | $83,752 | $80,624 | $81,317 |
| Interest bearing deposits | 784,082 | 815,625 | 729,415 | 826,955 | 857,078 |
| Total deposits | 867,955 | 904,954 | 813,167 | 907,579 | 938,395 |
| Other liabilities | |||||
| Federal funds purchased | -- | -- | -- | -- | -- |
| Securities sold under agreements to repurchase | 0 | 2,302 | 2,206 | 2,268 | 2,461 |
| Federal Home Loan Bank advances | 63,855 | 73,855 | 73,955 | 54,955 | 65,019 |
| Other liabilities | 1,685 | 2,380 | 1,104 | 606 | 1,037 |
| Accrued interest payable | 1,046 | 956 | 1,491 | 1,372 | 1,695 |
| Subordinated debentures | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
| Total liabilities | 944,541 | 994,447 | 901,923 | 976,780 | 1,018,607 |
| Total stockholders' equity | 41,945 | 47,890 | 87,877 | 96,964 | 103,311 |
| Total liabilities and stockholders' equity | $986,486 | $1,042,337 | $989,800 | $1,073,744 | $1,121,918 |
| DEARBORN BANCORP, INC. AND SUBSIDIARY | |||||
| CONSOLIDATED INCOME STATEMENT | |||||
| (Dollars, in thousands) | Quarter ended | ||||
| 12/31/2009 | 9/30/2009 | 6/30/2009 | 3/31/2009 | 12/31/2008 | |
| INTEREST INCOME | |||||
| Interest on loans, including fees | $13,042 | $13,135 | $13,286 | $13,810 | $14,623 |
| Interest on other earning assets | 226 | 111 | 287 | 356 | 216 |
| Total interest income | 13,268 | 13,246 | 13,573 | 14,166 | 14,839 |
| INTEREST EXPENSE | |||||
| Interest on deposits | 4,731 | 4,806 | 5,458 | 5,998 | 6,440 |
| Interest on other liabilities | 531 | 614 | 578 | 651 | 855 |
| Total interest expense | 5,262 | 5,420 | 6,036 | 6,649 | 7,295 |
| Net interest income | 8,006 | 7,826 | 7,537 | 7,517 | 7,544 |
| Provision for loan loss | 12,341 | 14,185 | 13,610 | 10,727 | 4,884 |
| Net interest income (loss) after provision for loan loss | (4,335) | (6,359) | (6,073) | (3,210) | 2,660 |
| NON-INTEREST INCOME | |||||
| Deposit service charges | 412 | 421 | 412 | 380 | 431 |
| Gain on the sale of loans | 99 | 37 | 160 | 56 | -- |
| Loss on the sale or write-down of real estate | (249) | (793) | (1,538) | (325) | (1,808) |
| Other | 112 | (265) | 395 | 217 | 72 |
| Total non-interest income (loss) | 374 | (600) | (571) | 328 | (1,305) |
| NON-INTEREST EXPENSE | |||||
| Salaries and employee benefits | 3,317 | 3,159 | 3,208 | 3,290 | 3,236 |
| Occupancy and equipment expense | 870 | 903 | 916 | 934 | 981 |
| Impairment of goodwill and other intangible assets | -- | 3,997 | -- | -- | 39,601 |
| Other expense | 3,109 | 3,751 | 2,979 | 2,287 | 2,211 |
| Total non-interest expense | 7,296 | 11,810 | 7,103 | 6,511 | 46,029 |
| Income (loss) before income tax provision | (11,257) | (18,769) | (13,747) | (9,393) | (44,674) |
| Income tax provision (benefit) | (5,451) | 21,276 | (4,672) | (3,144) | (15,267) |
| Net income (loss) | ($5,806) | ($40,045) | ($9,075) | ($6,249) | ($29,407) |
| DEARBORN BANCORP, INC. AND SUBSIDIARY | |||||
| CONSOLIDATED FINANCIAL DATA | |||||
|
(Dollars in thousands, except share and per share data) |
Quarter ended | ||||
| 12/31/2009 | 9/30/2009 | 6/30/2009 | 3/31/2009 | 12/31/2008 | |
| EARNINGS SUMMARY | |||||
| Net interest income | $8,006 | $7,826 | $7,537 | $7,517 | $7,544 |
| Provision for loan loss | $12,341 | $14,185 | $13,610 | $10,727 | $4,884 |
| Total non-interest income | $374 | ($600) | ($571) | $328 | ($1,305) |
| Total non-interest expense | $7,296 | $11,810 | $7,103 | $6,511 | $46,029 |
| Income taxes (benefit) | ($5,451) | $21,276 | ($4,672) | ($3,144) | ($15,267) |
| Net income (loss) | ($5,806) | ($40,045) | ($9,075) | ($6,249) | ($29,407) |
| Basic earnings per share | ($0.76) | ($5.24) | ($1.19) | ($0.82) | ($3.77) |
| Diluted earnings per share | ($0.76) | ($5.24) | ($1.19) | ($0.82) | ($3.77) |
| MARKET DATA | |||||
| Book value per share | $5.46 | $6.23 | $11.43 | $12.60 | $13.42 |
| Tangible book value per share | $5.46 | $6.23 | $10.59 | $12.26 | $11.16 |
| Market value per share | $0.46 | $1.21 | $1.80 | $1.82 | $1.66 |
| Average basic common shares | 7,645,940 | 7,645,940 | 7,644,207 | 7,644,188 | 7,796,354 |
| Average diluted common shares | 7,645,940 | 7,645,940 | 7,644,207 | 7,644,188 | 7,796,354 |
| Period end common shares | 7,687,470 | 7,687,470 | 7,687,470 | 7,696,204 | 7,696,204 |
| PERFORMANCE RATIOS | |||||
| Return on average assets | -2.20% | -15.60% | -3.41% | -2.30% | -10.72% |
| Return on average equity | -45.21% | -179.39% | -37.35% | -24.30% | -87.91% |
| Net interest margin (FTE) | 3.14% | 3.24% | 3.01% | 2.93% | 2.96% |
| Efficiency ratio | 84.55% | 147.28% | 83.53% | 79.69% | 572.00% |
| ASSET QUALITY | |||||
| Net charge-offs (YTD) | $30,190 | $24,600 | $16,367 | $6,547 | $10,771 |
| Nonperforming loans | $108,761 | $104,500 | $104,324 | $74,654 | $69,923 |
| Other real estate | $23,435 | $15,472 | $17,434 | $14,624 | $9,657 |
| Nonperforming loans to total loans | 13.05% | 12.11% | 11.83% | 8.29% | 7.49% |
| Nonperforming assets to total assets | 13.27% | 11.51% | 12.30% | 8.31% | 7.09% |
| Allowance for loan loss to total loans | 4.22% | 3.29% | 2.54% | 2.07% | 1.55% |
| CAPITAL & LIQUIDITY | |||||
| Average equity to average assets | 4.87% | 8.70% | 9.13% | 9.49% | 12.20% |
| Tier 1 capital to risk weighted assets | 6.10% | 6.40% | 7.32% | 9.51% | 9.11% |
| Total capital to risk weighted assets | 7.39% | 7.65% | 8.59% | 10.76% | 10.37% |
| Loan to deposit ratio | 95.99% | 95.33% | 108.44% | 99.17% | 99.45% |
| Loan to funding ratio | 88.46% | 87.04% | 98.05% | 92.33% | 91.87% |
| END OF PERIOD BALANCES | |||||
| Total portfolio loans | $833,136 | $862,664 | $881,818 | $900,055 | $933,269 |
| Earning assets | $953,957 | $1,005,659 | $909,462 | $1,012,149 | $1,064,196 |
| Total assets | $986,486 | $1,042,337 | $989,800 | $1,073,744 | $1,121,918 |
| Deposits | $867,955 | $904,954 | $813,167 | $907,579 | $938,395 |
| Total shareholders' equity | $41,945 | $47,890 | $87,877 | $96,964 | $103,311 |
| AVERAGE BALANCES | |||||
| Total portfolio loans | $851,447 | $875,545 | $897,978 | $919,705 | $940,195 |
| Earning assets | $1,013,062 | $958,383 | $1,004,914 | $1,039,618 | $1,010,304 |
| Total assets | $1,045,938 | $1,018,320 | $1,066,951 | $1,099,573 | $1,091,120 |
| Deposits | $912,691 | $841,447 | $898,387 | $920,113 | $876,569 |
| Total shareholders' equity | $50,956 | $88,565 | $97,454 | $104,298 | $133,081 |
| DEARBORN BANCORP, INC. AND SUBSIDIARY | ||
| TANGIBLE ASSETS & EQUITY | ||
| (Dollars, in thousands) | Quarter Ended | |
| 12/31/2009 | 12/31/2008 | |
| Average GAAP equity | $50,956 | $133,081 |
| Goodwill | -- | 33,288 |
| Other intangible assets | -- | 9,929 |
| Deferred taxes | -- | 5,872 |
| 0 | 49,089 | |
| Average tangible equity | $50,956 | $83,992 |
| Quarter Ended | ||
| 12/31/2009 | 12/31/2008 | |
| Average GAAP assets | $1,045,938 | $1,091,120 |
| Goodwill | -- | 33,288 |
| Other intangible assets | -- | 9,929 |
| Deferred taxes | -- | 5,872 |
| 0 | 49,089 | |
| Average tangible assets | $1,045,938 | $1,042,031 |
| DEARBORN BANCORP, INC. AND SUBSIDIARY | ||
| DEPOSIT INFORMATION | ||
| (In thousands) | ||
| December 31 | ||
| Category | 2009 | 2008 |
| Non-interest bearing | ||
| Demand | $83,873 | $81,317 |
| Interest bearing | ||
| Interest Checking | $83,087 | $103,774 |
| Money market | 52,412 | 163,611 |
| Savings | 43,342 | 54,164 |
| Time, under $100,000 | 301,830 | 211,109 |
| Time, $100,000 and over | 303,411 | 324,420 |
| 784,082 | 857,078 | |
| $867,955 | $938,395 | |
| Dearborn Bancorp, Inc. | |||||||||
| Loan Information at December 31, 2009 | |||||||||
| (In thousands) | Loan Detail | Other Related Data | |||||||
| Accruing Loans | Allowance | Year to Date | Other Real | ||||||
| 12/31/09 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | 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 | Allowance | Year to Date | Other Real | ||||||
| 9/30/09 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | 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 | Allowance | Year to Date | Other Real | ||||||
| 6/30/09 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | 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 | Allowance | Year to Date | Other Real | ||||||
| 3/31/09 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | 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 |
| Dearborn Bancorp, Inc. | |||||||||
| Loan Information at December 31, 2008 | |||||||||
| (In thousands) | Loan Detail | Other Related Data | |||||||
| Accruing Loans | Allowance | Year to Date | Other Real | ||||||
| 12/31/08 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |
| Consumer Loans | $31,864 | $30,652 | $0 | $127 | $0 | $1,085 | $163 | $299 | $0 |
| Commercial Loans | 164,740 | 156,135 | 1,985 | 1,053 | 254 | 5,313 | 1,532 | 4,187 | 1,586 |
| Land Development - Residential | 54,323 | 37,044 | 3,843 | 0 | 0 | 13,436 | 3,663 | 2,636 | 4,089 |
| Land Development - Non Residential | 16,094 | 12,026 | 0 | 0 | 0 | 4,068 | 1,922 | 0 | 282 |
| Commercial Construction Loans - Residential | 17,296 | 12,524 | 0 | 0 | 0 | 4,772 | 1,316 | 801 | 1,975 |
| Commercial Construction Loans - Non Residential | 25,322 | 23,706 | 0 | 0 | 0 | 1,616 | 1,149 | 131 | 0 |
| Commercial Mortgage Loans | 571,204 | 532,977 | 11,937 | 5,583 | 196 | 20,511 | 4,509 | 2,425 | 1,003 |
| Residential Mortgage Loans | 52,426 | 51,233 | 0 | 286 | 0 | 907 | 198 | 292 | 722 |
| Totals | $933,269 | $856,297 | $17,765 | $7,049 | $450 | $51,708 | $14,452 | $10,771 | $9,657 |