Dearborn Bancorp (DEAR) 8-K/A Results of Operations and Financial Condition

DEARBORN BANCORP, INC.

(In thousands, except share and per share data)	Three months ended						Twelve months ended
	December 31						December 31
Condensed Statement of Income:	2006			2005			2006			2005
Interest income	$	14,710		$	11,991		$	53,886		$	43,855
Interest expense		7,366			4,837			25,884			16,403
Net interest income		7,344			7,154			28,002			27,452
Provision for loan losses		161			90			943			1,081
Net interest income after provision		7,183			7,064			27,059			26,371
Non-interest income		375			310			1,112			722
Non-interest expense		4,235			3,958			16,412			15,716
Net income before taxes		3,323			3,416			11,759			11,377
Income tax provision		1,071			1,162			3,940			3,867
Net income	$	2,252		$	2,254		$	7,819		$	7,510
Share Data:
Weighted avg no. of shares outstanding — basic		7,579,147			5,957,074			6,372,471			5,899,281
Weighted avg no. of shares outstanding — diluted		7,867,739			6,299,472			6,672,319			6,274,404
Period end shares outstanding								8,975,085			5,967,190
Per Common Share Data:
Net income, basic	$	0.30		$	0.38		$	1.23		$	1.27
Net income, diluted	$	0.29		$	0.36		$	1.17		$	1.20
Closing Stock Price							$	19.00		$	22.45
Book Value							$	16.15		$	14.11
Selected Financial Ratios
Return on average stockholders’ equity		7.49	%		10.83	%		8.20	%		9.44	%
Return on average total assets		1.10	%		1.27	%		1.02	%		1.08	%
Average equity to average total assets		14.64	%		11.73	%		12.43	%		11.49	%

Condensed Balance Sheet:	Dec. 31			Dec. 31
	2006			2005
Assets
Cash and equivalents	$	70,030		$	9,455
Mortgage loans held for sale		1,823			1,041
Investment securities, available for sale		7,166			18,446
Loans		756,420			657,037
Allowance for loan losses		(7,775	)		(6,808	)
Premises and equipment		14,293			13,792
Goodwill and intangible assets		7,514			7,764
Other assets		6,460			5,770
Total assets	$	855,931		$	706,497
Liabilities and stockholders’ equity
Deposits	$	633,216		$	582,438
Federal Home Loan Bank advances		25,561			25,588
Securities sold under agreements to repurchase		619			1,615
Federal funds purchased		37,300			—
Other liabilities		4,250			2,643
Subordinated debentures		10,000			10,000
Stockholders’ equity		144,985			84,213
Total liabilities and stockholders’ equity	$	855,931		$	706,497
Other Data:
Nonperforming loans to total loans		1.01	%		0.18	%
Net charge-offs to average loans		0.00	%		0.02	%
Net interest margin for the quarter		3.69	%		4.17	%
Net interest margin for the year		3.80	%		4.14	%