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

Exhibit 99.1

DEARBORN BANCORP, NOW A $1+ BILLION INSTITUTION,
REPORTS FIRST QUARTER 2007 EARNINGS.

     DEARBORN, Michigan, April 18, 2007 ... Dearborn Bancorp, Inc. (Nasdaq: DEAR), the Holding Company for Community Bank of Dearborn, today reported that earnings for the three months ended March 31, 2007, were $1,618,000 or $0.18 per fully diluted common share. During the same period one year ago, the Company reported earnings of $1,946,000 or $0.31 per diluted share.

     At the end of the First Quarter, the Company’s total assets were $1,045,985,000 while they had been $757,159,000 one year earlier. This growth was 38.15 percent. During the same 12-month period, the Company’s total deposits increased to $848,036,000 from $632,237,000, a 34.13 percent increase, and total loans grew to $938,510,000 from $676,233,000, a 38.79 percent increase. These increases in assets, deposits and loans reflect, in part, the acquisition on January 4, 2007, of Fidelity Financial Corporation of Michigan. Dearborn Bancorp’s previous financial statements have not been restated, as the transaction was accounted for as a purchase.

     Total stockholders’ equity went up 67.97 percent over the previous year to $145,076,000 while it had been $86,369,000 at the end of the First Quarter in 2006. Much of this increase was due to the successful offering of approximately 2,900,000 new shares of common stock at $20 per share during the Fourth Quarter of 2006. The proceeds of the offering were used along with other corporate resources to pay for the Fidelity purchase.

     Michael J. Ross, President and Chief Executive Officer of both the Holding Company and the Bank, issued his organization’s financial report. He commented, “Our growth represents, primarily, the Fidelity acquisition, the largest in our history. Our quarterly results were the consequence of three factors: the “disappearing” yield curve, economic weakness in our market area, and expenses associated with the Fidelity transaction.”

     Ross went on, “The difference between short-term and long-term interest rates has been an ongoing problem for all banks. The situation has been made more difficult for community banks because many deposits, whose rates are linked to short-term rates, have been repricing upward. On the other hand, the yields on loans and investments, which are based on long-term rates, have not gone up to a corresponding degree. Consequently, our interest expense has gone up 63.73 percent over the last year while our interest income has only gone up 42.69 percent.”

     Ross continued, “We also provided $617,000 for possible loan losses during the First Quarter. The economic weakness in Southeast Michigan has begun to affect some of our commercial and real estate loan customers. Prudence requires us to recognize the situation and deal with these problems as they become apparent. One of our principle objectives in the management of our business is the maintenance of strong asset quality. First Quarter, 2007, net charge-offs of $441,000 were primarily related to two loans where the value of the underlying collateral has decreased in a weakened real estate market.”

     “Finally, the Fidelity acquisition caused a sharp increase in other expenses. Some of these costs will be non-recurring or, at least, less in future periods. Banking systems consolidation between Community Bank of Dearborn and Fidelity Bank will be complete in the second quarter of 2007 with additional operating efficiencies expected.”

     Ross concluded, “This has been an exciting time for our Company. We have completed the largest expansion in our history and laid the foundation for substantial growth in the months and years ahead. We have dealt forthrightly with emerging problems in our loan portfolio. And we are finding ways to sustain our profitability in spite of a narrower yield curve. For these reasons, we look to the future with optimism.”

     Dearborn Bancorp, Inc., is a registered bank holding company. Its sole subsidiary is Community Bank of Dearborn. The Bank operates 19 banking offices in Wayne, Oakland, Macomb and Washtenaw Counties in the State of Michigan. The acquisition of Fidelity Bank gave the company seven of its offices in Oakland County. 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 outcomes 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.

2

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)

(Dollars, in thousands)	03/31/07			12/31/06			03/31/06
ASSETS
Cash and cash equivalents
Cash and due from banks	$	15,720		$	5,824		$	12,966
Federal funds sold		8,956			64,198			11,113
Interest bearing deposits with banks		59			8			23,991
Total cash and cash equivalents		24,735			70,030			48,070
Mortgage loans held for sale		582			1,823			545
Investment securities, available for sale		10,554			5,878			11,443
Federal Home Loan Bank stock		1,927			1,288			1,293
Loans
Loans		938,510			756,420			676,233
Allowance for loan loss		(9,647	)		(7,775	)		(6,965	)
Net loans		928,863			748,645			669,268
Premises and equipment, net		23,376			14,293			13,663
Real estate owned		3,157			52			177
Goodwill		32,242			5,473			5,473
Other intangible assets		14,033			2,041			2,229
Accrued interest receivable		4,019			3,337			2,455
Other assets		2,497			3,071			2,543
Total assets	$	1,045,985		$	855,931		$	757,159
LIABILITIES
Deposits
Non-interest bearing deposits	$	99,923		$	53,065		$	60,689
Interest bearing deposits		748,113			580,151			571,548
Total deposits		848,036			633,216			632,237
Other liabilities
Federal funds purchased		—			37,300			—
Securities sold under agreements to repurchase		355			619			457
Federal Home Loan Bank advances		37,241			25,561			25,588
Other liabilities		650			516			350
Accrued interest payable		4,627			3,734			2,158
Subordinated debentures		10,000			10,000			10,000
Total liabilities		900,909			710,946			670,790
STOCKHOLDERS’ EQUITY
Common stock — 10,000,000 shares authorized, 8,876,368 shares at 03/31/07, 8,975,085 shares at 12/31/06; and 5,991,662 shares at 03/31/06		137,542			144,907			83,887
Retained earnings		7,523			84			2,519
Accumulated other comprehensive loss		11			(6	)		(37	)
Total stockholders’ equity		145,076			144,985			86,369
Total liabilities and stockholders’ equity	$	1,045,985		$	855,931		$	757,159

3

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three Months Ended
	March 31,
(In thousands, except share and per share data)	03/31/07		03/31/06
Interest income
Interest on loans	$	17,125	$	11,946
Interest on securities, available for sale		178		163
Interest on federal funds		168		68
Interest on deposits with banks		0		67
Total interest income		17,471		12,244
Interest expense
Interest on deposits		7,778		4,873
Interest on other borrowings		804		320
Interest on subordinated debentures		240		195
Total interest expense		8,822		5,388
Net interest income		8,649		6,856
Provision for loan losses		617		157
Net interest income after provision for loan losses		8,032		6,699
Non-interest income
Service charges on deposit accounts		318		157
Fees for other services to customers		54		13
Gain on the sale of loans		54		42
Gain on the sale of other real estate owned		0		(54	)
Other income		19		11
Total non-interest income		445		169
Non-interest expenses
Salaries and employee benefits		3,552		2,432
Occupancy and equipment expense		958		630
Intangible expense		336		62
Advertising and marketing		77		88
Stationery and supplies		124		72
Professional services		264		183
Data processing		124		125
Other operating expenses		552		327
Total non-interest expenses		5,987		3,919
Income before income tax provision		2,490		2,949
Income tax provision		872		1,003
Net income	$	1,618	$	1,946
Per share data:
Net income — basic	$	0.18	$	0.33
Net income — diluted	$	0.18	$	0.31
Weighted average number of shares outstanding — basic		8,898,058		5,982,377
Weighted average number of shares outstanding — diluted		9,159,900		6,303,882

4

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS

	Quarter Ended
(Dollars, in thousands)	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
ASSETS
Cash and cash equivalents
Cash and due from banks	$	15,720		$	5,824		$	8,975		$	8,091		$	12,966
Federal funds sold		8,956			64,198			9,093			8,520			11,113
Interest bearing deposits with banks		59			8			52			107			23,991
Total cash and cash equivalents		24,735			70,030			18,120			16,718			48,070
Mortgage loans held for sale		582			1,823			1,096			1,174			545
Securities, available for sale		10,554			5,878			5,837			27,038			11,443
Federal Home Loan Bank stock		1,927			1,288			1,290			1,293			1,293
Loans		0
Loans		938,510			756,420			741,030			696,052			676,233
Allowance for loan loss		(9,647	)		(7,775	)		(7,615	)		(7,154	)		(6,965	)
Net loans		928,863			748,645			733,415			688,898			669,268
Bank premises and equipment, net		23,376			14,293			14,173			14,092			13,663
Real estate owned		3,157			52			52			0			177
Goodwill		32,242			5,473			5,473			5,473			5,473
Other intangible assets		14,033			2,041			2,103			2,166			2,229
Accrued interest receivable		4,019			3,337			2,868			2,652			2,455
Other assets		2,497			3,071			3,372			2,986			2,543
Total assets	$	1,045,985		$	855,931		$	787,799		$	762,490		$	757,159
LIABILITIES
Deposits
Non-interest bearing deposits	$	99,923		$	53,065		$	54,292		$	59,976		$	60,689
Interest bearing deposits		748,113			580,151			596,819			552,294			571,548
Total deposits		848,036			633,216			651,111			612,270			632,237
Other liabilities
Federal funds purchased		0			37,300			10,200			24,500			0
Securities sold under agreements to repurchase		355			619			631			310			457
Federal Home Loan Bank advances		37,241			25,561			25,561			25,588			25,588
Other liabilities		650			516			421			260			350
Accrued interest payable		4,627			3,734			2,508			1,912			2,158
Subordinated debentures		10,000			10,000			10,000			10,000			10,000
Total liabilities		900,909			710,946			700,432			674,840			670,790
Total stockholders’ equity		145,076			144,985			87,367			87,650			86,369
Total liabilities and stockholders’ equity	$	1,045,985		$	855,931		$	787,799		$	762,490		$	757,159

5

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENT

	Quarter ended
(Dollars, in thousands)	3/31/2007		12/31/2006		9/30/2006			6/30/2006			3/31/2006
INTEREST INCOME
Interest on loans, including fees	$	17,125	$	14,192	$	13,505		$	12,678		$	11,946
Interest on other earning assets		346		518		365			384			298
Total interest income		17,471		14,710		13,870			13,062			12,244
INTEREST EXPENSE
Interest on deposits		7,778		6,664		6,332			5,578			4,873
Interest on other liabilities		1,044		702		692			528			515
Total interest expense		8,822		7,366		7,024			6,106			5,388
Net interest income		8,649		7,344		6,846			6,956			6,856
Provision for loan loss		617		161		470			155			157
Net interest income after provision for loan loss		8,032		7,183		6,376			6,801			6,699
NON-INTEREST EXPENSE
Deposit service charges		372		202		196			179			170
Gain on the sale of loans		54		43		(8	)		68			42
Other		19		95		22			(41	)		(43	)
Total non-interest income		445		340		210			206			169
NON-INTEREST EXPENSE
Salaries and employee benefits		3,552		2,774		2,637			2,445			2,432
Occupancy and equipment expense		958		593		602			595			630
Other expense		1,477		833		975			852			857
Total non-interest expense		5,987		4,200		4,214			3,892			3,919
Income before income tax provision		2,490		3,323		2,372			3,115			2,949
Income tax provision		872		1,071		807			1,059			1,003
Net Income	$	1,618	$	2,252	$	1,565		$	2,056		$	1,946

6

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA

	Quarter ended
(Dollars in thousands, except share and per share data)	3/31/2007			12/31/2006			9/30/2006			6/30/2006			3/31/2006
EARNINGS SUMMARY
Net interest income	$	8,649		$	7,344		$	6,846		$	6,956		$	6,856
Provision for loan loss	$	617		$	161		$	470		$	155		$	157
Total non-interest income	$	445		$	340		$	210		$	206		$	169
Total non-interest expense	$	5,987		$	4,200		$	4,214		$	3,892		$	3,919
Income taxes	$	872		$	1,071		$	807		$	1,059		$	1,003
Net income	$	1,618		$	2,252		$	1,565		$	2,056		$	1,946
Basic earnings per share	$	0.18		$	0.30		$	0.26		$	0.34		$	0.33
Diluted earnings per share	$	0.18		$	0.29		$	0.25		$	0.33		$	0.31
MARKET DATA
Book value per share	$	16.34		$	16.15		$	14.81		$	14.70		$	14.41
Market value per share	$	17.49		$	19.00		$	22.65		$	21.14		$	20.41
Average basic common shares		8,898,058			7,579,147			5,927,333			5,989,232			5,982,377
Average diluted common shares		9,159,900			7,867,739			6,238,365			6,292,544			6,303,882
Period end common shares		8,876,368			8,975,085			5,898,420			5,961,795			5,991,662
PERFORMANCE RATIOS
Return on average assets		0.63	%		1.10	%		0.80	%		1.10	%		1.09	%
Return on average equity		4.48	%		7.51	%		7.09	%		9.39	%		9.20	%
Net interest margin (FTE)		3.65	%		3.70	%		3.65	%		3.88	%		4.02	%
Efficiency ratio		65.83	%		54.66	%		59.72	%		54.34	%		55.79	%
ASSET QUALITY
Net charge-offs	$	448		$	1		$	9			($34	)	$	0
Nonperforming loans	$	13,122		$	7,661		$	4,791		$	4,964		$	1,198
Other real estate	$	3,157		$	54		$	52		$	0		$	177
Nonperforming loans to total loans		1.40	%		1.01	%		0.65	%		0.71	%		0.18	%
Nonperforming assets to total assets		1.73	%		1.02	%		0.65	%		0.71	%		0.20	%
Allowance for loan loss to total loans		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
CAPITAL & LIQUIDITY
Average equity to average assets		14.06	%		14.64	%		11.30	%		11.71	%		11.87	%
Tier 1 capital to risk weighted assets		11.08	%		18.71	%		11.69	%		12.33	%		12.38	%
Total capital to risk weighted assets		12.06	%		19.69	%		12.69	%		13.31	%		13.35	%
Loan to deposit ratio		110.67	%		119.46	%		113.81	%		113.68	%		106.96	%
Loan to funding ratio		104.79	%		107.04	%		106.24	%		103.48	%		101.19	%
END OF PERIOD BALANCES
Total portfolio loans	$	938,510		$	756,420		$	741,030		$	696,052		$	676,233
Earning assets	$	960,006		$	827,792		$	757,302		$	733,010		$	724,073
Total assets	$	1,045,985		$	855,931		$	787,799		$	762,490		$	757,159
Deposits	$	848,036		$	633,216		$	651,111		$	612,270		$	632,237
Total shareholders’equity	$	145,076		$	144,985		$	87,367		$	87,650		$	86,369
AVERAGE BALANCES
Total portfolio loans	$	936,288		$	746,845		$	715,783		$	686,235		$	663,597
Earning assets	$	961,384		$	794,448		$	745,017		$	719,146		$	692,079
Total assets	$	1,040,779		$	821,381		$	774,729		$	749,955		$	722,151
Deposits	$	817,483		$	649,220		$	636,074		$	621,730		$	595,231
Total shareholders’equity	$	146,370		$	120,243		$	87,548		$	87,823		$	85,743

7

DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA

(Dollars, in thousands)	3/31/2007		12/31/2006			9/30/2006			6/30/2006			3/31/2006
Loans over 90 days past due and still accruing	$	3,858	$	2,101		$	189		$	982		$	29
Non-accrual loans		9,264		5,560			4,602			3,982			1,169
Total non-performing loans		13,122		7,661			4,791			4,964			1,198
Real estate owned and other repossessed assets		3,157		54			52			0			177
Total non-performing assets	$	16,279	$	7,715		$	4,843		$	4,964		$	1,375
Net charge-offs (Year to date)	$	441		($24	)		($25	)		($34	)	$	0
Allowance for loan losses		9,647		7,775			7,615			7,154			6,965

ASSET QUALITY RATIOS

	3/31/2007			12/31/2006			9/30/2006			6/30/2006			3/31/2006
Non-accrual loans to total loans		0.99	%		0.74	%		0.62	%		0.57	%		0.17	%
Non-performing loans to total loans		1.40	%		1.01	%		0.65	%		0.71	%		0.18	%
Non-performing assets to total assets		1.56	%		0.90	%		0.61	%		0.65	%		0.18	%
Loans over 90 days past due and still accruing to total loans		0.41	%		0.28	%		0.03	%		0.14	%		0.00	%
Net charge-offs to average loans		0.05	%		0.00	%		0.00	%		-0.01	%		0.00	%
Allowance for loan losses to non-performing loans		73.52	%		101.49	%		158.94	%		144.12	%		581.39	%
Allowance for loan losses to non-performing assets		59.26	%		100.78	%		157.24	%		144.12	%		506.55	%
Allowance for loan losses to total loans		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%

8

DEARBORN BANCORP, INC. AND SUBSIDIARY
NON-GAAP OPERATING EARNINGS INFORMATION

	Quarter Ended
(Dollars, in thousands except share and per share data)	3/31/2007			12/31/2006		9/30/2006		6/30/2006		3/31/2006
Income from continuing operations	$	1,618		$	2,252	$	1,565	$	2,056	$	1,946
Add: Non-recurring merger expenses		222			0		0		0		0
Tax effect		(78	)		0		0		0		0
After-tax non operating items		144			0		0		0		0
Core operating earnings	$	1,762		$	2,252	$	1,565	$	2,056	$	1,946

	Quarter Ended
	3/31/2007			12/31/2006			9/30/2006			6/30/2006			3/31/2006
Core operating earnings	$	1,762		$	2,252		$	1,565		$	2,056		$	1,946
Add: Amortization of intangible assets		336			63			63			62			62
Tax effect		(118	)		(22	)		(22	)		(22	)		(22	)
After-tax non operating items		218			41			41			40			40
Cash operating earnings	$	1,980		$	2,293		$	1,606		$	2,096		$	1,986

	Quarter Ended
Dollars	3/31/2007		3/31/2006
Income from continuing operations	$	1,618	$	1,946
After-tax non-recurring merger expenses		144		0
Core operating earnings		1,762		1,946
After tax amortization of intangible assets		218		40
Cash operating earnings	$	1,980	$	1,986

	Quarter Ended
Basic EPS	3/31/2007		3/31/2006
Income from continuing operations	$	0.18	$	0.33
After-tax non-recurring merger expenses	$	0.02	$	0.00
Core operating earnings	$	0.20	$	0.33
After tax amortization of intangible assets	$	0.02	$	0.01
Cash operating earnings	$	0.22	$	0.33

	Quarter Ended
Diluted EPS	3/31/2007		3/31/2006
Income from continuing operations	$	0.18	$	0.31
After-tax non-recurring merger expenses	$	0.02	$	0.00
Core operating earnings	$	0.19	$	0.31
After tax amortization of intangible assets	$	0.02	$	0.01
Cash operating earnings	$	0.22	$	0.32
Weighted average shares outstanding — basic		8,898,058		5,982,377
Weighted average shares outstanding — diluted		9,159,900		6,303,882

9

DEARBORN BANCORP, INC. AND SUBSIDIARY
TANGIBLE ASSETS & EQUITY

	Quarter Ended
(Dollars, in thousands)	3/31/2007			3/31/2006
Average GAAP equity	$	146,370		$	85,743
Goodwill		32,242			5,473
Other intangible assets		14,033			2,229
Deferred taxes		(604	)		(481	)
		45,671			7,221
Average tangible equity	$	100,699		$	78,522

	Quarter Ended
	3/31/2007			3/31/2006
Average GAAP assets	$	1,040,779		$	722,151
Goodwill		32,242			5,473
Other intangible assets		14,033			2,229
Deferred taxes		(604	)		(481	)
		45,671			7,221
Average tangible assets	$	995,108		$	714,930

10