April 21, 2010 / 2:47 PM / 8 years ago

UPDATE 1-Dearborn Bancorp shares more than double on Q1 profit

* Q1 EPS $0.15 vs loss of $0.81

* Shares rise as much as 119 pct April 21 (Reuters) - 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 Sebastian)

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