* Q1 EPS $0.15 vs loss of $0.81
* Shares rise as much as 119 pct
April 21 Shares of Dearborn Bancorp Inc DEAR.O
more than in doubled Wednesday, a day after the company posted
its first quarterly profit in over a year as provision for bad
loans dropped sharply.
The bank holding company posted first-quarter earnings of
$1.1 million, or 15 cents a share, compared with a loss of $6.2
million, or 81 cents a share a year ago.
Provision for loan losses dropped to $100,000 from $10.7
million a year earlier.
"During the first quarter, $31.5 million of trouble debt
restructure returned to performing status," Chief Executive
Michael Ross said in a regulatory filing.
Shares of the company were trading up $1.49 at $2.99 in
morning trade Wednesday on Nasdaq.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Don