DEARBORN, Mich., April 15 /PRNewswire-FirstCall/ -- Dearborn Bancorp, Inc.
(Nasdaq: DEAR), the holding company for Fidelity Bank, today reported that it
had earnings of $676,000 or $0.08 per fully diluted common share for the First
Quarter ended March 31, 2008. One year earlier, the Company reported earnings
for the same quarter of $1,618,000 or $0.18 per diluted share.
During the twelve months prior to the end of the quarter, the Company's
total assets increased by 0.16 percent to $1,047,629,000, total deposits
declined 9.30 percent to $769,203,000 and total loans went up 1.00 percent to
stand at $947,927,000 at the end of March 2008. Stockholders' equity remains
strong at $137,311,000.
Michael J. Ross, President of both the Holding Company and the Bank,
issued his organization's earnings report and added, "These are difficult
times in Michigan and the nation and our earnings reflect that situation. The
combination of slow or no growth and the unprecedented downturn in the
residential real estate market in southeastern Michigan has certainly had an
effect on us."
Ross went on to say, "Our interest income is down primarily because of a
lower prime rate. Our interest expense went down by a comparable percentage
but not as much in dollar terms. In response to this situation, we have been
reducing our reliance on large, rate-sensitive deposits. In addition, for the
quarter, we recognized $754,000 in net charge-offs, $235,000 in losses on the
sale of repossessed real estate, wrote down the carrying value of other real
estate owned by $200,000 and incurred $435,000 in real estate tax and
insurance expenses associated with defaulted loans. The allowance for loan
losses increased slightly to 1.13 percent of loans. During the first quarter,
non-performing loans over 90 days delinquent increased from $0.9 million up to
$9.3 million. This increase was comprised primarily of three loans that we
deem to be well secured and in the process of collection. Non-accrual loans
decreased modestly from $18.1 million down to $17.4 million. Other real
estate owned remained relatively constant moving from $6.3 million down to
$6.2 million. Of note, the delinquencies in the 30-89 day past due category
increased from $5.1 million to $19.3 million as a result of general economic
conditions and loans which matured and are in the process of renewal."
Ross continued, "During the First Quarter of 2008, we also completed an
expanded review of loans that could be qualified as troubled debt
restructuring, which resulted in approximately $21.0 million of non-performing
loans as of December 31, 2007 and approximately $8.0 million as of March 31,
2008. These loans were qualified as troubled debt restructuring due to
changes from principal and interest payments to interest only payments,
restructuring of collateral, or renewals of interest reserves when current
loan to value ratios were outside of our normal loan policy. In all cases, no
additional valuation allowances were recorded against the loans since all of
the modifications related to terms other than interest rates or principal
balances. Virtually all of these loans are current according to their
renegotiated terms."
Ross concluded his report by saying, "In retrospect, it is fortuitous that
we limited our exposure to the residential real estate business to the extent
that we did, and, as such, we believe we have sufficient earnings to deal with
current problems and conditions."
Dearborn Bancorp, Inc., is a registered bank holding company. Its sole
subsidiary is Fidelity Bank. The bank operates 19 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 that are based on
management's beliefs, assumptions, current expectations, estimates and
projections about the financial services industry, the economy and about the
Corporation and the Bank. 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. Therefore, actual results and
outcomes may materially differ from what may be expressed or forecasted in
such forward-looking statements. The Corporation 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 out-
comes of contingencies, trends in customer behavior as well as their ability
to repay loans; and changes in the national and local economy. 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
CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars, in thousands)
3/31/08 3/31/07
ASSETS
Cash and cash equivalents
Cash and due from banks $12,736 $15,720
Federal funds sold 1,958 8,956
Interest bearing deposits
with banks 105 59
Total cash and
cash equivalents 14,799 24,735
Mortgage loans held for sale 282 582
Securities, available for sale 8,921 10,554
Federal Home Loan Bank stock 3,540 1,927
Loans
Loans 947,927 938,510
Allowance for loan loss (10,749) (9,647)
Net loans 937,178 928,863
Premises and equipment, net 22,546 23,376
Real estate owned 6,183 3,157
Goodwill 34,047 32,133
Other intangible assets 10,810 14,033
Accrued interest receivable 4,134 4,019
Other assets 5,189 2,500
Total assets $1,047,629 $1,045,879
LIABILITIES
Deposits
Non-interest bearing deposits $80,711 $99,923
Interest bearing deposits 688,492 748,113
Total deposits 769,203 848,036
Other liabilities
Federal funds purchased 56,480 ---
Securities sold under
agreements to repurchase 275 355
Federal Home Loan Bank
advances 70,795 37,241
Other liabilities 1,017 650
Accrued interest payable 2,548 4,627
Subordinated debentures 10,000 10,000
Total liabilities 910,318 900,909
STOCKHOLDERS' EQUITY
Common stock - 20,000,000
shares authorized, 8,222,413
shares at 12/31/07 and
8,975,085 shares at 12/31/06 135,524 143,263
Retained earnings 1,748 1,702
Accumulated other
comprehensive income (loss) 39 5
Total stockholders'
equity 137,311 144,970
Total liabilities
and stockholders'
equity $1,047,629 $1,045,879
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per
share data) Three Months Ended
3/31/08 3/31/07
Interest income
Interest on loans,
including fees $16,174 $17,125
Interest on securities,
available for sale 108 178
Interest on federal funds 16 168
Interest on deposits with
banks 1 ---
Total interest income 16,299 17,471
Interest expense
Interest on deposits 7,028 7,778
Interest on other borrowings 993 804
Interest on subordinated
debentures 225 240
Total interest expense 8,246 8,822
Net interest income 8,053 8,649
Provision for loan losses 886 617
Net interest income after provision
for loan losses 7,167 8,032
Non-interest income
Service charges on deposit accounts 380 318
Fees for other services to customers 39 54
Gain on the sale of loans 53 54
Write-down of real estate (200) ---
Gain (loss) on the sale of
real estate (235) ---
Gain (loss) on the sale of securities --- ---
Other income 74 19
Total non-interest income 111 445
Non-interest expenses
Salaries and employee benefits 3,209 3,552
Occupancy and equipment expense 913 958
Intangible expense 323 336
Advertising and marketing 123 77
Stationery and supplies 133 124
Professional services 226 264
Data processing 225 124
Defaulted loan expense 435 130
Other operating expenses 651 422
Total non-interest expenses 6,238 5,987
Income before income tax provision 1,040 2,490
Income tax provision 364 872
Net income (loss) $676 $1,618
Per share data:
Net income - basic $0.08 $0.18
Net income - diluted $0.08 $0.18
Weighted average number of shares
outstanding - basic 8,139,721 8,898,058
Weighted average number of shares
outstanding - diluted 8,198,676 9,159,855
DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA
(Dollars, in thousands)
03/31/ 12/31/ 09/30/ 06/30/ 03/31/
2008 2007 2007 2007 2007
Troubled debt restructuring $7,995 $21,047 $0 $0 $0
Loans over 90 days past due
and still accruing 9,258 884 2,673 2,217 3,858
Non-accrual loans 17,406 18,117 17,297 14,941 9,274
Total non-performing loans 34,659 40,048 19,970 17,158 13,132
Real estate owned and
other repossessed assets 6,183 6,319 3,338 3,008 3,157
Total non-performing assets $40,842 $46,367 $23,308 $20,166 $16,289
Net charge-offs (Year to
date) $754 $4,683 $4,135 $435 $449
Allowance for loan losses 10,749 10,617 10,309 9,949 9,647
ASSET QUALITY RATIOS
03/31/ 12/31/ 09/30/ 06/30/ 03/31/
2008 2007 2007 2007 2007
Non-accrual loans to total
loans 1.84% 1.90% 1.83% 1.58% 0.99%
Non-performing loans to total
loans 3.66% 4.21% 2.11% 1.81% 1.40%
Non-performing assets to
total assets 3.90% 4.43% 2.22% 1.93% 1.56%
Loans over 90 days past due
and still accruing to total
loans 0.98% 0.09% 0.28% 0.23% 0.41%
Net charge-offs to average
loans 0.08% 0.50% 0.44% 0.05% 0.05%
Allowance for loan losses
to non-performing loans 31.01% 26.51% 51.62% 57.98% 73.46%
Allowance for loan losses
to non-performing assets 26.32% 22.90% 44.23% 49.34% 59.22%
Allowance for loan losses
to total loans 1.13% 1.12% 1.09% 1.05% 1.03%
DEARBORN BANCORP, INC. AND SUBSIDIARY
NON-GAAP OPERATING EARNINGS INFORMATION
(Dollars, in thousands except share and
per share data) Quarter Ended
03/31/ 12/31/ 09/30/ 06/30/ 03/31/
2008 2007 2007 2007 2007
Income (loss) from continuing
operations $676 $398 ($855) $2,005 $1,618
Add: Non-recurring merger expenses 55 121 99 131 222
Tax effect (19) (41) (34) (45) (75)
After-tax non operating items 36 80 65 86 147
Core operating income (loss) $712 $478 ($790) $2,091 $1,765
Quarter Ended
03/31/ 12/31/ 09/30/ 06/30/ 03/31/
2008 2007 2007 2007 2007
Core operating income (loss) $712 $478 ($790) $2,091 $1,765
Add: Amortization of intangible
assets 323 416 240 336 336
Tax effect (110) (141) (82) (114) (114)
After-tax non operating items 213 275 158 222 222
Cash operating income (loss) $925 $751 ($632) $2,312 $1,987
(Dollars, in thousands except share and per share data)
Quarter Ended
03/31/2008 03/31/2007
Income (loss) from continuing operations $676 $1,618
After-tax non-recurring merger expenses 36 147
Core operating income (loss) 712 1,765
After tax amortization of intangible assets 213 222
Cash operating income (loss) $925 $1,987
Basic EPS
Quarter Ended
03/31/2008 03/31/2007
Income (loss) from continuing operations $0.08 $0.18
After-tax non-recurring merger expenses $0.01 $0.02
Core operating income (loss) $0.09 $0.20
After tax amortization of intangible assets $0.02 $0.02
Cash operating income (loss) $0.11 $0.22
Diluted EPS
Quarter Ended
03/31/2008 03/31/2007
Income (loss) from continuing operations $0.08 $0.18
After-tax non-recurring merger expenses $0.01 $0.02
Core operating income (loss) $0.09 $0.19
After tax amortization of intangible assets $0.02 $0.02
Cash operating income (loss) $0.11 $0.22
Weighted average shares outstanding -
basic 8,139,721 8,898,058
Weighted average shares outstanding -
diluted 8,198,676 9,159,855
DEARBORN BANCORP, INC. AND SUBSIDIARY
TANGIBLE ASSETS & EQUITY
(Dollars, in thousands) Quarter Ended
03/31/2008 03/31/2007
Average GAAP equity $137,990 $146,325
Goodwill 34,041 41,823
Other intangible assets 11,006 4,538
Deferred taxes (792) (587)
44,255 45,774
Average tangible equity $93,735 $100,551
Quarter Ended
03/31/2008 03/31/2007
Average GAAP assets $1,044,159 $1,040,703
Goodwill 34,041 41,823
Other intangible assets 11,006 4,538
Deferred taxes (792) (587)
44,255 45,774
Average tangible assets $999,904 $994,929
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars, in thousands)
Quarter Ended
3/31/08 12/31/07 9/30/07
ASSETS
Cash and cash equivalents
Cash and due from banks $12,736 $7,869 $14,929
Federal funds sold 1,958 1,495 7,031
Interest bearing deposits
with banks 105 118 100
Total cash and
cash equivalents 14,799 9,482 22,060
Mortgage loans held for sale 282 1,316 384
Securities, available for sale 8,921 8,902 10,640
Federal Home Loan Bank stock 3,540 2,072 1,927
Loans
Loans 947,927 952,084 945,622
Allowance for loan loss (10,749) (10,617) (10,309)
Net loans 937,178 941,467 935,313
Bank premises and equipment, net 22,546 22,782 23,043
Real estate owned 6,183 6,319 3,338
Goodwill 34,047 34,028 34,029
Other intangible assets 10,810 11,133 11,550
Accrued interest receivable 4,134 3,816 4,258
Other assets 5,189 5,664 5,416
Total assets $1,047,629 $1,046,981 $1,051,958
LIABILITIES
Deposits
Non-interest bearing
deposits $80,711 $83,594 $92,770
Interest bearing deposits 688,492 739,033 768,764
Total deposits 769,203 822,627 861,534
Other liabilities
Federal funds purchased 56,480 30,100 0
Securities sold under
agreements to repurchase 275 480 491
Federal Home Loan Bank
advances 70,795 41,370 36,429
Other liabilities 1,017 1,688 619
Accrued interest payable 2,548 3,168 3,361
Subordinated debentures 10,000 10,000 10,000
Total liabilities 910,318 909,433 912,434
Total stockholders'
equity 137,311 137,548 139,524
Total liabilities
and stockholders'
equity $1,047,629 $1,046,981 $1,051,958
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars, in thousands)
Quarter Ended
6/30/07 3/31/07
ASSETS
Cash and cash equivalents
Cash and due from banks $13,621 $15,720
Federal funds sold 3,392 8,956
Interest bearing deposits
with banks 104 59
Total cash and
cash equivalents 17,117 24,735
Mortgage loans held for sale 1,136 582
Securities, available for sale 11,039 10,554
Federal Home Loan Bank stock 1,927 1,927
Loans
Loans 945,554 938,510
Allowance for loan loss (9,949) (9,647)
Net loans 935,605 928,863
Bank premises and equipment, net 23,268 23,376
Real estate owned 3,008 3,157
Goodwill 32,110 32,133
Other intangible assets 13,697 14,033
Accrued interest receivable 3,833 4,019
Other assets 3,464 2,500
Total assets $1,046,204 $1,045,879
LIABILITIES
Deposits
Non-interest bearing
deposits $103,641 $99,923
Interest bearing deposits 727,090 748,113
Total deposits 830,731 848,036
Other liabilities
Federal funds purchased 21,200 0
Securities sold under
agreements to repurchase 288 355
Federal Home Loan Bank
advances 37,130 37,241
Other liabilities 757 650
Accrued interest payable 3,336 4,627
Subordinated debentures 10,000 10,000
Total liabilities 903,442 900,909
Total stockholders'
equity 142,762 144,970
Total liabilities
and stockholders'
equity $1,046,204 $1,045,879
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENT
(Dollars, in thousands) Quarter ended
03/31/ 12/31/ 09/30/ 06/30/ 03/31/
2008 2007 2007 2007 2007
INTEREST INCOME
Interest on loans,
including fees $16,174 $16,998 $17,565 $17,259 $17,125
Interest on other
earning assets 125 217 286 314 346
Total interest
income 16,299 17,215 17,851 17,573 17,471
INTEREST EXPENSE
Interest on deposits 7,028 8,616 8,663 8,246 7,778
Interest on other
liabilities 1,218 725 687 732 1,044
Total interest
expense 8,246 9,341 9,350 8,978 8,822
Net interest income 8,053 7,874 8,501 8,595 8,649
Provision for loan loss 886 855 4,060 289 617
Net interest income
after provision for
loan loss 7,167 7,019 4,441 8,306 8,032
NON-INTEREST EXPENSE
Deposit service charges 419 371 319 346 372
Gain on the sale of
loans 53 28 34 47 54
Loss on the sale or
write-down of real
estate (435) (131) (496) (100) 0
Other 74 54 39 64 19
Total non-interest
income 111 322 (104) 357 445
NON-INTEREST EXPENSE
Salaries and employee
benefits 3,209 3,318 3,137 3,102 3,552
Occupancy and equipment
expense 913 915 903 887 958
Other expense 2,116 2,506 1,451 1,590 1,477
Total non-interest
expense 6,238 6,739 5,491 5,579 5,987
Income (loss) before
income tax provision 1,040 602 (1,154) 3,084 2,490
Income tax provision
(benefit) 364 204 (299) 1,079 872
Net income (loss) $676 $398 ($855) $2,005 $1,618
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except
share and per share data) Quarter ended
03/31/2008 12/31/2007 09/30/2007
EARNINGS SUMMARY
Net interest income $8,053 $7,874 $8,501
Provision for loan loss $886 $855 $4,060
Total non-interest income $111 $322 ($104)
Total non-interest expense $6,238 $6,739 $5,491
Income taxes $364 $204 ($299)
Net income (loss) $676 $398 ($855)
Basic earnings per share $0.08 $0.05 ($0.10)
Diluted earnings per share $0.08 $0.05 ($0.10)
MARKET DATA
Book value per share $16.94 $16.68 $16.47
Tangible book value per share $11.56 $12.19 $11.60
Market value per share $7.60 $7.73 $12.91
Average basic common shares 8,139,721 8,357,909 8,510,207
Average diluted common shares 8,198,676 8,504,931 8,510,207
Period end common shares 8,106,413 8,247,413 8,471,913
PERFORMANCE RATIOS
Return on average assets 0.26% 0.15% -0.32%
Return on average equity 1.97% 1.13% -2.37%
Net interest margin (FTE) 3.36% 3.22% 3.48%
Efficiency ratio 72.54% 80.93% 61.75%
ASSET QUALITY
Net charge-offs (YTD) $754 $4,683 $4,135
Nonperforming loans $34,659 $40,048 $19,970
Other real estate $6,183 $6,319 $3,338
Nonperforming loans to total loans 3.66% 4.21% 2.11%
Nonperforming assets to total assets 3.90% 4.43% 2.22%
Allowance for loan loss to total loans 1.13% 1.12% 1.09%
CAPITAL & LIQUIDITY
Average equity to average assets 13.22% 13.27% 13.60%
Tier 1 capital to risk weighted assets 10.49% 10.42% 10.48%
Total capital to risk weighted assets 11.59% 11.51% 11.52%
Loan to deposit ratio 123.23% 115.74% 109.76%
Loan to funding ratio 104.54% 105.25% 104.09%
END OF PERIOD BALANCES
Total portfolio loans $947,927 $952,084 $945,622
Earning assets $962,733 $965,987 $965,704
Total assets $1,047,629 $1,046,981 $1,051,958
Deposits $769,203 $822,627 $861,534
Total shareholders' equity $137,311 $137,548 $139,524
AVERAGE BALANCES
Total portfolio loans $946,697 $950,169 $946,012
Earning assets $961,549 $970,897 $969,940
Total assets $1,044,159 $1,053,498 $1,052,185
Deposits $789,076 $855,931 $854,959
Total shareholders' equity $137,990 $139,845 $143,104
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except
share and per share data) Quarter ended
06/30/2007 03/31/2007
EARNINGS SUMMARY
Net interest income $8,595 $8,649
Provision for loan loss $289 $617
Total non-interest income $357 $445
Total non-interest expense $5,579 $5,987
Income taxes $1,079 $872
Net income (loss) $2,005 $1,618
Basic earnings per share $0.23 $0.18
Diluted earnings per share $0.22 $0.18
MARKET DATA
Book value per share $16.57 $16.33
Tangible book value per share $11.35 $11.21
Market value per share $16.95 $17.49
Average basic common shares 8,769,939 8,898,058
Average diluted common shares 9,005,730 9,159,900
Period end common shares 8,614,819 8,876,368
PERFORMANCE RATIOS
Return on average assets 0.77% 0.63%
Return on average equity 5.59% 4.48%
Net interest margin (FTE) 3.57% 3.65%
Efficiency ratio 61.63% 65.83%
ASSET QUALITY
Net charge-offs (YTD) $435 $449
Nonperforming loans $17,158 $13,132
Other real estate $3,008 $3,157
Nonperforming loans to total loans 1.81% 1.40%
Nonperforming assets to total assets 1.93% 1.56%
Allowance for loan loss to total loans 1.05% 1.03%
CAPITAL & LIQUIDITY
Average equity to average assets 13.70% 14.06%
Tier 1 capital to risk weighted
assets 10.82% 11.08%
Total capital to risk weighted assets 11.83% 12.06%
Loan to deposit ratio 113.82% 110.67%
Loan to funding ratio 105.14% 104.79%
END OF PERIOD BALANCES
Total portfolio loans $945,554 $938,510
Earning assets $963,152 $960,006
Total assets $1,046,204 $1,045,879
Deposits $830,731 $848,036
Total shareholders' equity $142,762 $144,970
AVERAGE BALANCES
Total portfolio loans $941,259 $936,288
Earning assets $966,056 $961,384
Total assets $1,049,655 $1,040,779
Deposits $849,221 $817,483
Total shareholders' equity $143,825 $146,370
Dearborn Bancorp, Inc.
Deposit Information
(In thousands)
March 31,
Category 2008 2007
Non-interest bearing
Demand $80,711 $99,923
Interest bearing
Checking $66,782 $78,825
Money market 98,733 106,119
Savings 53,986 35,495
Time, under $100,000 165,840 152,678
Time, $100,000 and over 303,151 374,996
688,492 748,113
$769,203 $848,036
Dearborn Bancorp, Inc.
Loan Information at March 31, 2008
(In thousands) Loan Detail
------------------------------------------
Accruing Loans
----------------------------------
Trbl Over 90
Debt 30 to 89 days Non-
3/31/08 Current Restr past due past due Accrual
Consumer Loans $34,494 $33,484 $0 $395 $453 $162
Commercial Loans 169,659 164,364 201 2,834 711 1,549
Land Development -
Residential 61,638 48,316 2,576 2,490 0 8,256
Land Development -
Non Residential 16,372 12,422 0 0 3,950 0
Commercial
Construction Loans
- Residential 26,004 20,701 1,535 988 130 2,650
Commercial
Construction Loans
- Non Residential 38,885 32,420 3,259 3,206 0 0
Commercial Mortgage
Loans 543,778 527,502 424 8,446 4,014 3,392
Residential
Mortgages Loans 57,097 54,731 0 969 0 1,397
Totals $947,927 $893,940 $7,995 $19,328 $9,258 $17,406
Dearborn Bancorp, Inc.
Loan Information at March 31, 2008
(In thousands) Other Related Data
---------------------------------
Year to
Allowance Date Net
For Loan Charge- Other Real
Losses Offs Estate Owned
Consumer Loans $410 $93 $70
Commercial Loans 1,479 630 530
Land Development - Residential 2,040 0 422
Land Development - Non Residential 229 0 343
Commercial Construction Loans -
Residential 562 6 2,334
Commercial Construction Loans - Non
Residential 546 0 0
Commercial Mortgage Loans 4,804 (1) 2,484
Residential Mortgages Loans 630 26 0
Totals 10,700 $754 $6,183
Unallocated 49
Total $10,749
Loan Information at December 31, 2007
(In thousands) Loan Detail
----------------------------------------
Accruing Loans
--------------------------------
Over
90
Trbl days
Debt 30 to 89 past Non-
12/31/07 Current Restr past due due Accrual
Consumer Loans $35,833 $34,349 $0 $1,023 $31 $430
Commercial Loans 174,958 $170,026 944 2,865 62 1,061
Land Development -
Residential 63,639 $53,777 1,236 0 0 8,626
Land Development - Non
Residential 10,156 $10,156 0 0 0 0
Commercial
Construction Loans -
Residential 33,768 $29,586 0 0 0 4,182
Commercial
Construction Loans -
Non Residential 40,187 $40,187 0 0 0 0
Commercial Mortgage
Loans 539,306 $516,410 18,867 700 0 3,329
Residential Mortgages
Loans 54,237 $52,475 0 482 791 489
Totals $952,084 $906,966 $21,047 $5,070 $884 $18,117
Loan Information at December 31, 2007
(In thousands) Other Related Data
-----------------------------------
Allowance Year to Date
For Loan Net Charge- Other Real
Losses Offs Estate Owned
Consumer Loans $451 $201 $0
Commercial Loans 1,400 690 1,724
Land Development - Residential 2,209 1,665 219
Land Development - Non Residential 117 0 343
Commercial Construction Loans -
Residential 712 1,285 759
Commercial Construction Loans - Non
Residential 551 0 0
Commercial Mortgage Loans 4,555 522 3,274
Residential Mortgages Loans 488 320 0
Totals 10,483 $4,683 $6,319
Unallocated 134
Total $10,617
SOURCE Dearborn Bancorp, Inc.
Michael J. Ross, President & CEO, +1-313-565-5700, or Jeffrey L. Karafa, CFO,
+1-313-381-3200, both of Dearborn Bancorp, Inc.
