EXHIBIT 99
DEARBORN BANCORP REPORTS
FIRST QUARTER EARNINGS
FIRST QUARTER EARNINGS
DEARBORN, Michigan, April 15, 2008 ... 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.
Contact: Michael J. Ross, President & CEO at (313) 565-5700 or Jeffrey L. Karafa, CFO at (313) 381-3200.
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.
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, 8,106,413 shares at 3/31/08 and 8,876,368 shares at 3/31/07 | 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)
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| Three Months Ended | ||||||||
| (In thousands, except share and per share data) | 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
ASSET QUALITY DATA
| (Dollars, in thousands) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
| Troubled debt restructuring | $ | 8,711 | $ | 21,077 | $ | 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 | 35,375 | 40,078 | 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 | $ | 41,558 | $ | 46,397 | $ | 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
| 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | ||||||||||||||||
| Non-accrual loans to total loans | 1.84 | % | 1.90 | % | 1.83 | % | 1.58 | % | 0.99 | % | ||||||||||
| Non-performing loans to total loans | 3.73 | % | 4.21 | % | 2.11 | % | 1.81 | % | 1.40 | % | ||||||||||
| Non-performing assets to total assets | 3.97 | % | 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 | 30.39 | % | 26.49 | % | 51.62 | % | 57.98 | % | 73.46 | % | ||||||||||
| Allowance for loan losses to non-performing assets | 25.87 | % | 22.88 | % | 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
NON-GAAP OPERATING EARNINGS INFORMATION
| Quarter Ended | ||||||||||||||||||||
| (Dollars, in thousands except share and per share data) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
| 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 | ||||||||||||||||||||
| 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | ||||||||||||||||
| 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 | |||||||||
| Quarter Ended | ||||||||
| (Dollars, in thousands except share and per share data) | 3/31/2008 | 3/31/2007 | ||||||
| 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 | ||||||||
| 3/31/2008 | 3/31/2007 | |||||||
| 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 | ||||||||
| 3/31/2008 | 3/31/2007 | |||||||
| 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
TANGIBLE ASSETS & EQUITY
| Quarter Ended | ||||||||
| (Dollars, in thousands) | 3/31/2008 | 3/31/2007 | ||||||
| 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 | ||||||||
| 3/31/2008 | 3/31/2007 | |||||||
| 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
CONSOLIDATED BALANCE SHEETS
| Quarter Ended | ||||||||||||||||||||
| (Dollars, in thousands) | 3/31/08 | 12/31/07 | 9/30/07 | 6/30/07 | 3/31/07 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Cash and due from banks | $ | 12,736 | $ | 7,869 | $ | 14,929 | $ | 13,621 | $ | 15,720 | ||||||||||
| Federal funds sold | 1,958 | 1,495 | 7,031 | 3,392 | 8,956 | |||||||||||||||
| Interest bearing deposits with banks | 105 | 118 | 100 | 104 | 59 | |||||||||||||||
| Total cash and cash equivalents | 14,799 | 9,482 | 22,060 | 17,117 | 24,735 | |||||||||||||||
| Mortgage loans held for sale | 282 | 1,316 | 384 | 1,136 | 582 | |||||||||||||||
| Securities, available for sale | 8,921 | 8,902 | 10,640 | 11,039 | 10,554 | |||||||||||||||
| Federal Home Loan Bank stock | 3,540 | 2,072 | 1,927 | 1,927 | 1,927 | |||||||||||||||
| Loans | ||||||||||||||||||||
| Loans | 947,927 | 952,084 | 945,622 | 945,554 | 938,510 | |||||||||||||||
| Allowance for loan loss | (10,749 | ) | (10,617 | ) | (10,309 | ) | (9,949 | ) | (9,647 | ) | ||||||||||
| Net loans | 937,178 | 941,467 | 935,313 | 935,605 | 928,863 | |||||||||||||||
| Bank premises and equipment, net | 22,546 | 22,782 | 23,043 | 23,268 | 23,376 | |||||||||||||||
| Real estate owned | 6,183 | 6,319 | 3,338 | 3,008 | 3,157 | |||||||||||||||
| Goodwill | 34,047 | 34,028 | 34,029 | 32,110 | 32,133 | |||||||||||||||
| Other intangible assets | 10,810 | 11,133 | 11,550 | 13,697 | 14,033 | |||||||||||||||
| Accrued interest receivable | 4,134 | 3,816 | 4,258 | 3,833 | 4,019 | |||||||||||||||
| Other assets | 5,189 | 5,664 | 5,416 | 3,464 | 2,500 | |||||||||||||||
| Total assets | $ | 1,047,629 | $ | 1,046,981 | $ | 1,051,958 | $ | 1,046,204 | $ | 1,045,879 | ||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Non-interest bearing deposits | $ | 80,711 | $ | 83,594 | $ | 92,770 | $ | 103,641 | $ | 99,923 | ||||||||||
| Interest bearing deposits | 688,492 | 739,033 | 768,764 | 727,090 | 748,113 | |||||||||||||||
| Total deposits | 769,203 | 822,627 | 861,534 | 830,731 | 848,036 | |||||||||||||||
| Other liabilities | ||||||||||||||||||||
| Federal funds purchased | 56,480 | 30,100 | 0 | 21,200 | 0 | |||||||||||||||
| Securities sold under agreements to repurchase | 275 | 480 | 491 | 288 | 355 | |||||||||||||||
| Federal Home Loan Bank advances | 70,795 | 41,370 | 36,429 | 37,130 | 37,241 | |||||||||||||||
| Other liabilities | 1,017 | 1,688 | 619 | 757 | 650 | |||||||||||||||
| Accrued interest payable | 2,548 | 3,168 | 3,361 | 3,336 | 4,627 | |||||||||||||||
| Subordinated debentures | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
| Total liabilities | 910,318 | 909,433 | 912,434 | 903,442 | 900,909 | |||||||||||||||
| Total stockholders’ equity | 137,311 | 137,548 | 139,524 | 142,762 | 144,970 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,047,629 | $ | 1,046,981 | $ | 1,051,958 | $ | 1,046,204 | $ | 1,045,879 | ||||||||||
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT
| Quarter ended | ||||||||||||||||||||
| (Dollars, in thousands) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
| 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
CONSOLIDATED FINANCIAL DATA
| Quarter ended | ||||||||||||||||||||
| (Dollars in thousands, except share and per share data) | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 | |||||||||||||||
| EARNINGS SUMMARY | ||||||||||||||||||||
| Net interest income | $ | 8,053 | $ | 7,874 | $ | 8,501 | $ | 8,595 | $ | 8,649 | ||||||||||
| Provision for loan loss | $ | 886 | $ | 855 | $ | 4,060 | $ | 289 | $ | 617 | ||||||||||
| Total non-interest income | $ | 111 | $ | 322 | $ | (104 | ) | $ | 357 | $ | 445 | |||||||||
| Total non-interest expense | $ | 6,238 | $ | 6,739 | $ | 5,491 | $ | 5,579 | $ | 5,987 | ||||||||||
| Income taxes | $ | 364 | $ | 204 | $ | (299 | ) | $ | 1,079 | $ | 872 | |||||||||
| Net income (loss) | $ | 676 | $ | 398 | $ | (855 | ) | $ | 2,005 | $ | 1,618 | |||||||||
| Basic earnings per share | $ | 0.08 | $ | 0.05 | $ | (0.10 | ) | $ | 0.23 | $ | 0.18 | |||||||||
| Diluted earnings per share | $ | 0.08 | $ | 0.05 | $ | (0.10 | ) | $ | 0.22 | $ | 0.18 | |||||||||
| MARKET DATA | ||||||||||||||||||||
| Book value per share | $ | 16.94 | $ | 16.70 | $ | 16.47 | $ | 16.57 | $ | 16.33 | ||||||||||
| Tangible book value per share | $ | 11.56 | $ | 11.58 | $ | 11.60 | $ | 11.35 | $ | 11.21 | ||||||||||
| Market value per share | $ | 7.60 | $ | 7.73 | $ | 12.91 | $ | 16.95 | $ | 17.49 | ||||||||||
| Average basic common shares | 8,139,721 | 8,357,909 | 8,510,207 | 8,769,939 | 8,898,058 | |||||||||||||||
| Average diluted common shares | 8,198,676 | 8,504,931 | 8,510,207 | 9,005,730 | 9,159,900 | |||||||||||||||
| Period end common shares | 8,106,413 | 8,247,413 | 8,471,913 | 8,614,819 | 8,876,368 | |||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | 0.26 | % | 0.15 | % | -0.32 | % | 0.77 | % | 0.63 | % | ||||||||||
| Return on average equity | 1.97 | % | 1.13 | % | -2.37 | % | 5.59 | % | 4.48 | % | ||||||||||
| Net interest margin (FTE) | 3.36 | % | 3.22 | % | 3.48 | % | 3.57 | % | 3.65 | % | ||||||||||
| Efficiency ratio | 72.54 | % | 80.93 | % | 61.75 | % | 61.63 | % | 65.83 | % | ||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Net charge-offs (YTD) | $ | 754 | $ | 4,683 | $ | 4,135 | $ | 435 | $ | 449 | ||||||||||
| Nonperforming loans | $ | 35,375 | $ | 40,078 | $ | 19,970 | $ | 17,158 | $ | 13,132 | ||||||||||
| Other real estate | $ | 6,183 | $ | 6,319 | $ | 3,338 | $ | 3,008 | $ | 3,157 | ||||||||||
| Nonperforming loans to total loans | 3.73 | % | 4.21 | % | 2.11 | % | 1.81 | % | 1.40 | % | ||||||||||
| Nonperforming assets to total assets | 3.97 | % | 4.43 | % | 2.22 | % | 1.93 | % | 1.56 | % | ||||||||||
| Allowance for loan loss to total loans | 1.13 | % | 1.12 | % | 1.09 | % | 1.05 | % | 1.03 | % | ||||||||||
| CAPITAL & LIQUIDITY | ||||||||||||||||||||
| Average equity to average assets | 13.22 | % | 13.27 | % | 13.60 | % | 13.70 | % | 14.06 | % | ||||||||||
| Tier 1 capital to risk weighted assets | 10.49 | % | 10.42 | % | 10.48 | % | 10.82 | % | 11.08 | % | ||||||||||
| Total capital to risk weighted assets | 11.59 | % | 11.51 | % | 11.52 | % | 11.83 | % | 12.06 | % | ||||||||||
| Loan to deposit ratio | 123.23 | % | 115.74 | % | 109.76 | % | 113.82 | % | 110.67 | % | ||||||||||
| Loan to funding ratio | 104.54 | % | 105.25 | % | 104.09 | % | 105.14 | % | 104.79 | % | ||||||||||
| END OF PERIOD BALANCES | ||||||||||||||||||||
| Total portfolio loans | $ | 947,927 | $ | 952,084 | $ | 945,622 | $ | 945,554 | $ | 938,510 | ||||||||||
| Earning assets | $ | 962,733 | $ | 965,987 | $ | 965,704 | $ | 963,152 | $ | 960,006 | ||||||||||
| Total assets | $ | 1,047,629 | $ | 1,046,981 | $ | 1,051,958 | $ | 1,046,204 | $ | 1,045,879 | ||||||||||
| Deposits | $ | 769,203 | $ | 822,627 | $ | 861,534 | $ | 830,731 | $ | 848,036 | ||||||||||
| Total shareholders’equity | $ | 137,311 | $ | 137,548 | $ | 139,524 | $ | 142,762 | $ | 144,970 | ||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Total portfolio loans | $ | 946,697 | $ | 950,169 | $ | 946,012 | $ | 941,259 | $ | 936,288 | ||||||||||
| Earning assets | $ | 961,549 | $ | 970,897 | $ | 969,940 | $ | 966,056 | $ | 961,384 | ||||||||||
| Total assets | $ | 1,044,159 | $ | 1,053,498 | $ | 1,052,185 | $ | 1,049,655 | $ | 1,040,779 | ||||||||||
| Deposits | $ | 789,076 | $ | 855,931 | $ | 854,959 | $ | 849,221 | $ | 817,483 | ||||||||||
| Total shareholders’equity | $ | 137,990 | $ | 139,845 | $ | 143,104 | $ | 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
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| (In thousands) | 3/31/08 | Current | Trbl Debt Restr | 30 to 89 past due | Over 90 days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |||||||||||||||||||||||||||
| Consumer Loans | $ | 34,494 | $ | 33,484 | $ | 0 | $ | 395 | $ | 453 | $ | 162 | $ | 410 | $ | 93 | $ | 70 | ||||||||||||||||||
| Commercial Loans | 169,659 | 163,648 | 917 | 2,834 | 711 | 1,549 | 1,479 | 630 | 530 | |||||||||||||||||||||||||||
| Land Development — Residential | 61,638 | 48,316 | 2,576 | 2,490 | 0 | 8,256 | 2,040 | 0 | 422 | |||||||||||||||||||||||||||
| Land Development — Non Residential | 16,372 | 12,422 | 0 | 0 | 3,950 | 0 | 229 | 0 | 343 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Residential | 26,004 | 20,701 | 1,535 | 988 | 130 | 2,650 | 562 | 6 | 2,334 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Non Residential | 38,885 | 32,420 | 3,259 | 3,206 | 0 | 0 | 546 | 0 | 0 | |||||||||||||||||||||||||||
| Commercial Mortgage Loans | 543,778 | 527,502 | 424 | 8,446 | 4,014 | 3,392 | 4,804 | (1 | ) | 2,484 | ||||||||||||||||||||||||||
| Residential Mortgages Loans | 57,097 | 54,731 | 0 | 969 | 0 | 1,397 | 630 | 26 | 0 | |||||||||||||||||||||||||||
| Totals | $ | 947,927 | $ | 893,224 | $ | 8,711 | $ | 19,328 | $ | 9,258 | $ | 17,406 | 10,700 | $ | 754 | $ | 6,183 | |||||||||||||||||||
| Unallocated | 49 | |||||||||||||||||||||||||||||||||||
| Total | $ | 10,749 | ||||||||||||||||||||||||||||||||||
Loan Information at December 31, 2007
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| (In thousands) | 12/31/07 | Current | Trbl Debt Restr | 30 to 89 past due | Over 90 days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |||||||||||||||||||||||||||
| Consumer Loans | $ | 35,833 | $ | 34,349 | $ | 0 | $ | 1,023 | $ | 31 | $ | 430 | $ | 451 | $ | 201 | $ | 0 | ||||||||||||||||||
| Commercial Loans | 174,958 | $ | 170,026 | 944 | 2,865 | 62 | 1,061 | 1,400 | 690 | 1,724 | ||||||||||||||||||||||||||
| Land Development — Residential | 63,639 | $ | 53,753 | 1,260 | 0 | 0 | 8,626 | 2,209 | 1,665 | 219 | ||||||||||||||||||||||||||
| Land Development — Non Residential | 10,156 | $ | 10,156 | 0 | 0 | 0 | 0 | 117 | 0 | 343 | ||||||||||||||||||||||||||
| Commercial Construction Loans — Residential | 33,768 | $ | 29,586 | 0 | 0 | 0 | 4,182 | 712 | 1,285 | 759 | ||||||||||||||||||||||||||
| Commercial Construction Loans — Non Residential | 40,187 | $ | 40,187 | 0 | 0 | 0 | 0 | 551 | 0 | 0 | ||||||||||||||||||||||||||
| Commercial Mortgage Loans | 539,306 | $ | 516,404 | 18,873 | 700 | 0 | 3,329 | 4,555 | 522 | 3,274 | ||||||||||||||||||||||||||
| Residential Mortgages Loans | 54,237 | $ | 52,475 | 0 | 482 | 791 | 489 | 488 | 320 | 0 | ||||||||||||||||||||||||||
| Totals | $ | 952,084 | $ | 906,936 | $ | 21,077 | $ | 5,070 | $ | 884 | $ | 18,117 | 10,483 | $ | 4,683 | $ | 6,319 | |||||||||||||||||||
| Unallocated | 134 | |||||||||||||||||||||||||||||||||||
| Total | $ | 10,617 | ||||||||||||||||||||||||||||||||||