Exhibit 99
DEARBORN BANCORP REPORTS FIRST QUARTER RESULTS
DEARBORN, Michigan, April 21, 2009... Dearborn Bancorp, Inc. (Nasdaq: DEAR), the Holding Company for Fidelity Bank, has reported a net loss of $2,949,000 or ($0.38) per fully diluted common share for the first quarter ended March 31, 2009. One year ago, the Company had net income of $676,000 or $0.08 per share for the same three-month period.
During the twelve months prior to the end of the quarter, the Company’s total assets increased 2.8 percent to $1,077,044,000, total deposits went up 18.0 percent to $907,579,000, and total loans declined 4.6 percent to $904,426,000. The Bank remains “Well Capitalized” according to the regulatory guidelines.
Michael J. Ross, President and Chief Executive Officer of both the Company and the Bank, issued his organization’s financial report and commented, “The decline in property values in Southeast Michigan coupled with record high unemployment continues to be of significant concern. During the first quarter, we added $5.7 million to the allowance for loan losses and recognized almost $2.2 million in charge-offs. We also wrote down the value of other real estate by $354,000 and, $100,000 on the sale of other real estate. Defaulted loan expenses such as taxes, insurance, maintenance, and legal fees totaled another $761,000.”
Ross went on, “We now have an allowance for loan losses of more than $18 million, which is 1.99 percent of total loans. We have a group of skilled workout professionals working on problem loans and liquidating our other real estate. There is no question that we are operating in a difficult environment, but we are confident that we have both the capital and the experienced people to persevere.”
Dearborn Bancorp, Inc. is a registered bank holding company. Its sole subsidiary is Fidelity Bank. The Bank operates 18 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) | ||
| 03/31/09 | 12/31/08 | 03/31/08 | ||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | ||||||||||||
| Cash and due from banks | $ | 11,881 | $ | 11,671 | $ | 12,736 | ||||||
| Federal funds sold | 6,841 | 4,455 | 1,958 | |||||||||
| Interest bearing deposits with banks | 53,262 | 36,876 | 105 | |||||||||
| Total cash and cash equivalents | 71,984 | 53,002 | 14,799 | |||||||||
| Mortgage loans held for sale | 3,009 | 1,834 | 282 | |||||||||
| Investment securities, available for sale | 45,368 | 84,148 | 8,921 | |||||||||
| Federal Home Loan Bank stock | 3,614 | 3,614 | 3,540 | |||||||||
| Loans | ||||||||||||
| Loans | 904,426 | 933,269 | 947,927 | |||||||||
| Allowance for loan losses | (18,003 | ) | (14,452 | ) | (10,749 | ) | ||||||
| Net loans | 886,423 | 918,817 | 937,178 | |||||||||
| Premises and equipment, net | 21,001 | 21,272 | 22,546 | |||||||||
| Other real estate | 14,624 | 9,657 | 6,183 | |||||||||
| Goodwill | 0 | 0 | 34,028 | |||||||||
| Other intangible assets | 4,394 | 4,592 | 10,810 | |||||||||
| Accrued interest receivable | 3,920 | 3,499 | 4,134 | |||||||||
| Other assets | 22,707 | 21,483 | 5,208 | |||||||||
| Total assets | $ | 1,077,044 | $ | 1,121,918 | $ | 1,047,629 | ||||||
| LIABILITIES | ||||||||||||
| Deposits | ||||||||||||
| Non-interest bearing deposits | $ | 80,624 | $ | 81,317 | $ | 80,725 | ||||||
| Interest bearing deposits | 826,955 | 857,078 | 688,492 | |||||||||
| Total deposits | 907,579 | 938,395 | 769,217 | |||||||||
| Other liabilities | ||||||||||||
| Federal funds purchased | 0 | 0 | 56,480 | |||||||||
| Securities sold under agreements to repurchase | 2,268 | 2,461 | 275 | |||||||||
| Federal Home Loan Bank advances | 54,955 | 65,019 | 70,795 | |||||||||
| Accrued interest payable | 1,372 | 1,695 | 2,548 | |||||||||
| Other liabilities | 606 | 1,037 | 1,017 | |||||||||
| Subordinated debentures | 10,000 | 10,000 | 10,000 | |||||||||
| Total liabilities | 976,780 | 1,018,607 | 910,332 | |||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||||
| Common stock - 20,000,000 shares authorized, 7,696,204 shares at 03/31/09, 7,696,204 shares at 12/31/08; and 8,106,413 shares at 03/31/08 | 131,825 | 131,784 | 133,332 | |||||||||
| Retained earnings | (31,623 | ) | (28,675 | ) | 3,926 | |||||||
| Accumulated other comprehensive loss | 62 | 202 | 39 | |||||||||
| Total stockholders’ equity | 100,264 | 103,311 | 137,297 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,077,044 | $ | 1,121,918 | $ | 1,047,629 | ||||||
2
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share and per share data)
| Three Months Ended | Three Months Ended | |||||||
| 03/31/09 | 03/31/08 | |||||||
| Interest income | ||||||||
| Interest on loans | $ | 13,810 | $ | 16,174 | ||||
| Interest on securities, available for sale | 256 | 108 | ||||||
| Interest on federal funds | 6 | 16 | ||||||
| Interest on deposits with banks | 94 | 1 | ||||||
| Total interest income | 14,166 | 16,299 | ||||||
| Interest expense | ||||||||
| Interest on deposits | 5,998 | 7,028 | ||||||
| Interest on other borrowings | 546 | 993 | ||||||
| Interest on subordinated debentures | 105 | 225 | ||||||
| Total interest expense | 6,649 | 8,246 | ||||||
| Net interest income | 7,517 | 8,053 | ||||||
| Provision for loan losses | 5,727 | 886 | ||||||
| Net interest income after provision for loan losses | 1,790 | 7,167 | ||||||
| Non-interest income | ||||||||
| Service charges on deposit accounts | 355 | 380 | ||||||
| Fees for other services to customers | 25 | 39 | ||||||
| Gain on the sale of loans | 56 | 53 | ||||||
| Gain on the sale of securities, available for sale | 195 | — | ||||||
| Gain (loss) on the sale of real estate owned | 29 | (235 | ) | |||||
| Write-down on real estate owned | (354 | ) | (200 | ) | ||||
| Loss on the sale of real estate owned | (100 | ) | — | |||||
| Other income | 122 | 74 | ||||||
| Total non-interest income | 328 | 111 | ||||||
| Non-interest expenses | ||||||||
| Salaries and employee benefits | 3,290 | 3,209 | ||||||
| Occupancy and equipment expense | 934 | 913 | ||||||
| Intangible expense | 198 | 323 | ||||||
| FDIC assessment | 348 | 174 | ||||||
| Advertising and marketing | 70 | 123 | ||||||
| Stationery and supplies | 111 | 133 | ||||||
| Professional services | 191 | 226 | ||||||
| Data processing | 228 | 225 | ||||||
| Defaulted loan expense | 761 | 435 | ||||||
| Other operating expenses | 380 | 477 | ||||||
| Total non-interest expenses | 6,511 | 6,238 | ||||||
| Income before income tax provision | (4,393 | ) | 1,040 | |||||
| Income tax provision | (1,444 | ) | 364 | |||||
| Net income | $ | (2,949 | ) | $ | 676 | |||
| Per share data: | ||||||||
| Net income — basic | $ | (0.38 | ) | $ | 0.08 | |||
| Net income — diluted | $ | (0.38 | ) | $ | 0.08 | |||
| Weighted average number of shares outstanding — basic | 7,696,204 | 8,139,721 | ||||||
| Weighted average number of shares outstanding — diluted | 7,696,204 | 8,198,676 | ||||||
3
DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA
ASSET QUALITY DATA
(Dollars, in thousands)
| 3/31/2009 | 12/31/2008 | 9/30/2008 | 6/30/2008 | 3/31/2008 | ||||||||||||||||
| Troubled debt restructuring | $ | 19,506 | $ | 17,765 | $ | 15,328 | $ | 13,145 | $ | 8,710 | ||||||||||
| Loans over 90 days past due and still accruing | 0 | 450 | 3,141 | 7,319 | 9,257 | |||||||||||||||
| Non-accrual loans | 56,338 | 51,708 | 51,342 | 36,195 | 17,406 | |||||||||||||||
| Total non-performing loans | 75,844 | 69,923 | 69,811 | 56,659 | 35,373 | |||||||||||||||
| Other real estate and other repossessed assets | 14,624 | 9,657 | 8,343 | 5,411 | 6,183 | |||||||||||||||
| Total non-performing assets | $ | 90,468 | $ | 79,580 | $ | 78,154 | $ | 62,070 | $ | 41,556 | ||||||||||
| Net charge-offs (Year to date) | $ | 2,176 | $ | 10,771 | $ | 3,910 | $ | 3,611 | $ | 754 | ||||||||||
| Allowance for loan losses | 18,003 | 14,452 | 16,429 | 16,638 | 10,749 | |||||||||||||||
ASSET QUALITY RATIOS
| 3/31/2009 | 12/31/2008 | 9/30/2008 | 6/30/2008 | 3/31/2008 | ||||||||||||||||
| Non-accrual loans to total loans | 6.23 | % | 5.54 | % | 5.47 | % | 3.83 | % | 1.84 | % | ||||||||||
| Non-performing loans to total loans | 8.39 | % | 7.49 | % | 7.43 | % | 6.00 | % | 3.73 | % | ||||||||||
| Non-performing assets to total assets | 8.40 | % | 7.09 | % | 7.25 | % | 5.98 | % | 3.97 | % | ||||||||||
| Loans over 90 days past due and still accruing to total loans | 0.00 | % | 0.05 | % | 0.33 | % | 0.78 | % | 0.98 | % | ||||||||||
| Net charge-offs to average loans | 0.24 | % | 1.14 | % | 0.41 | % | 0.38 | % | 0.08 | % | ||||||||||
| Allowance for loan losses to non-performing loans | 23.74 | % | 20.67 | % | 23.53 | % | 29.37 | % | 30.39 | % | ||||||||||
| Allowance for loan losses to non-performing assets | 19.90 | % | 18.16 | % | 21.02 | % | 26.81 | % | 25.87 | % | ||||||||||
| Allowance for loan losses to total loans | 1.99 | % | 1.55 | % | 1.75 | % | 1.76 | % | 1.13 | % | ||||||||||
4
DEARBORN BANCORP, INC. AND SUBSIDIARY
NON-GAAP OPERATING EARNINGS INFORMATION
NON-GAAP OPERATING EARNINGS INFORMATION
(Dollars, in thousands except share and per share data)
| Quarter Ended | ||||||||||||||||||||
| 3/31/2009 | 12/31/2008 | 9/30/2008 | 6/30/2008 | 3/31/2008 | ||||||||||||||||
| Income (loss) from continuing operations | $ | (2,949 | ) | $ | (29,407 | ) | $ | 1,420 | $ | (4,614 | ) | $ | 676 | |||||||
| Add: Non-recurring merger expenses | 16 | 28 | 13 | 49 | 55 | |||||||||||||||
| Tax effect | (5 | ) | (10 | ) | (4 | ) | (17 | ) | (19 | ) | ||||||||||
| After-tax non operating items | 11 | 18 | 9 | 32 | 36 | |||||||||||||||
| Core operating income (loss) | $ | (2,938 | ) | $ | (29,389 | ) | $ | 1,429 | $ | (4,582 | ) | $ | 712 | |||||||
| Quarter Ended | ||||||||||||||||||||
| 3/31/2009 | 12/31/2008 | 9/30/2008 | 6/30/2008 | 3/31/2008 | ||||||||||||||||
| Core operating income (loss) | $ | (2,938 | ) | $ | (29,389 | ) | $ | 1,429 | $ | (4,582 | ) | $ | 712 | |||||||
| Add: Amortization of intangible assets | 198 | 0 | 323 | 322 | 323 | |||||||||||||||
| Add: Impairment of goodwill and intangible assets | 0 | 39,601 | 0 | 0 | 0 | |||||||||||||||
| Tax effect | (67 | ) | (13,464 | ) | (110 | ) | (109 | ) | (110 | ) | ||||||||||
| After-tax non operating items | 131 | 26,137 | 213 | 213 | 213 | |||||||||||||||
| Cash operating income (loss) | $ | (2,808 | ) | $ | (3,252 | ) | $ | 1,642 | $ | (4,369 | ) | $ | 925 | |||||||
(Dollars, in thousands except share and per share data)
| Quarter Ended | ||||||||
| 3/31/2009 | 3/31/2008 | |||||||
| Income (loss) from continuing operations | $ | (2,949 | ) | $ | 676 | |||
| After-tax non-recurring merger expenses | 11 | 36 | ||||||
| Core operating income (loss) | (2,938 | ) | 712 | |||||
| After tax amortization of intangible assets | 131 | 213 | ||||||
| Cash operating income (loss) | $ | (2,808 | ) | $ | 925 | |||
Basic EPS
| Quarter Ended | ||||||||
| 3/31/2009 | 3/31/2008 | |||||||
| Income (loss) from continuing operations | $ | (0.38 | ) | $ | 0.08 | |||
| After-tax non-recurring merger expenses | $ | 0.00 | $ | 0.00 | ||||
| Core operating income (loss) | $ | (0.38 | ) | $ | 0.09 | |||
| After tax amortization of intangible assets | $ | 0.02 | $ | 0.03 | ||||
| Cash operating income (loss) | $ | (0.36 | ) | $ | 0.11 | |||
Diluted EPS
| Quarter Ended | ||||||||
| 3/31/2009 | 3/31/2008 | |||||||
| Income (loss) from continuing operations | $ | (0.38 | ) | $ | 0.08 | |||
| After-tax non-recurring merger expenses | $ | 0.00 | $ | 0.00 | ||||
| Core operating income (loss) | $ | (0.38 | ) | $ | 0.09 | |||
| After tax amortization of intangible assets | $ | 0.02 | $ | 0.03 | ||||
| Cash operating income (loss) | $ | (0.36 | ) | $ | 0.11 | |||
| Weighted average shares outstanding — basic | 7,696,204 | 8,139,721 | ||||||
| Weighted average shares outstanding — diluted | 7,696,204 | 8,198,676 | ||||||
5
DEARBORN BANCORP, INC. AND SUBSIDIARY
TANGIBLE ASSETS & EQUITY
TANGIBLE ASSETS & EQUITY
(Dollars, in thousands)
| Quarter Ended | ||||||||
| 3/31/2009 | 3/31/2008 | |||||||
| Average GAAP equity | $ | 104,218 | $ | 137,990 | ||||
| Goodwill | 0 | 34,041 | ||||||
| Other intangible assets | 4,508 | 11,006 | ||||||
| Deferred taxes | 12,030 | (792 | ) | |||||
| 16,538 | 44,255 | |||||||
| Average tangible equity | $ | 87,680 | $ | 93,735 | ||||
| Quarter Ended | ||||||||
| 3/31/2009 | 3/31/2008 | |||||||
| Average GAAP assets | $ | 1,099,559 | $ | 1,044,159 | ||||
| Goodwill | 0 | 34,041 | ||||||
| Other intangible assets | 4,508 | 11,006 | ||||||
| Deferred taxes | 12,030 | (792 | ) | |||||
| 16,538 | 44,255 | |||||||
| Average tangible assets | $ | 1,083,021 | $ | 999,904 | ||||
DEARBORN BANCORP, INC. AND SUBSIDIARY
DEPOSIT INFORMATION
DEPOSIT INFORMATION
(In thousands)
| March 31, | ||||||||
| Category | 2009 | 2008 | ||||||
| Non-interest bearing | ||||||||
| Demand | $ | 80,624 | $ | 80,725 | ||||
| Interest bearing | ||||||||
| Checking | $ | 96,491 | $ | 66,782 | ||||
| Money market | 171,426 | 98,733 | ||||||
| Savings | 56,389 | 53,986 | ||||||
| Time, under $100,000 | 215,508 | 165,840 | ||||||
| Time, $100,000 and over | 287,141 | 303,151 | ||||||
| 826,955 | 688,492 | |||||||
| $ | 907,579 | $ | 769,217 | |||||
6
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
(Dollars, in thousands)
| Quarter Ended | ||||||||||||||||||||
| 3/31/09 | 12/31/08 | 9/30/08 | 6/30/08 | 3/31/08 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Cash and due from banks | $ | 11,881 | $ | 11,671 | $ | 15,719 | $ | 12,779 | $ | 12,736 | ||||||||||
| Federal funds sold | 6,841 | 4,455 | 14,281 | 1,301 | 1,958 | |||||||||||||||
| Interest bearing deposits with banks | 53,262 | 36,876 | 33,146 | 147 | 105 | |||||||||||||||
| Total cash and cash equivalents | 71,984 | 53,002 | 63,146 | 14,227 | 14,799 | |||||||||||||||
| Mortgage loans held for sale | 3,009 | 1,834 | 281 | 755 | 282 | |||||||||||||||
| Securities, available for sale | 45,368 | 84,148 | 2,520 | 9,381 | 8,921 | |||||||||||||||
| Federal Home Loan Bank stock | 3,614 | 3,614 | 3,614 | 3,540 | 3,540 | |||||||||||||||
| Loans | ||||||||||||||||||||
| Loans | 904,426 | 933,269 | 939,109 | 943,635 | 947,927 | |||||||||||||||
| Allowance for loan loss | (18,003 | ) | (14,452 | ) | (16,429 | ) | (16,638 | ) | (10,749 | ) | ||||||||||
| Net loans | 886,423 | 918,817 | 922,680 | 926,997 | 937,178 | |||||||||||||||
| Bank premises and equipment, net | 21,001 | 21,272 | 21,491 | 21,630 | 22,546 | |||||||||||||||
| Other real estate | 14,624 | 9,657 | 8,343 | 5,411 | 6,183 | |||||||||||||||
| Goodwill | 0 | 0 | 34,028 | 34,028 | 34,047 | |||||||||||||||
| Other intangible assets | 4,394 | 4,592 | 10,165 | 10,487 | 10,810 | |||||||||||||||
| Accrued interest receivable | 3,920 | 3,499 | 3,601 | 3,757 | 4,134 | |||||||||||||||
| Other assets | 22,707 | 21,483 | 8,110 | 7,880 | 5,189 | |||||||||||||||
| Total assets | $ | 1,077,044 | $ | 1,121,918 | $ | 1,077,979 | $ | 1,038,093 | $ | 1,047,629 | ||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Non-interest bearing deposits | $ | 80,624 | $ | 81,317 | $ | 83,555 | $ | 82,353 | $ | 80,725 | ||||||||||
| Interest bearing deposits | 826,955 | 857,078 | 775,196 | 741,124 | 688,492 | |||||||||||||||
| Total deposits | 907,579 | 938,395 | 858,751 | 823,477 | 769,217 | |||||||||||||||
| Other liabilities | ||||||||||||||||||||
| Federal funds purchased | 0 | 0 | 0 | 3,600 | 56,480 | |||||||||||||||
| Securities sold under agreements to repurchase | 2,268 | 2,461 | 222 | 171 | 275 | |||||||||||||||
| Federal Home Loan Bank advances | 54,955 | 65,019 | 72,283 | 65,401 | 70,795 | |||||||||||||||
| Other liabilities | 606 | 1,037 | 1,735 | 1,026 | 1,017 | |||||||||||||||
| Accrued interest payable | 1,372 | 1,695 | 1,148 | 2,047 | 2,548 | |||||||||||||||
| Subordinated debentures | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
| Total liabilities | 976,780 | 1,018,607 | 944,139 | 905,722 | 910,332 | |||||||||||||||
| Total stockholders’ equity | 100,264 | 103,311 | 133,840 | 132,371 | 137,297 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,077,044 | $ | 1,121,918 | $ | 1,077,979 | $ | 1,038,093 | $ | 1,047,629 | ||||||||||
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT
(Dollars, in thousands)
| Quarter ended | ||||||||||||||||||||
| 3/31/2009 | 12/31/2008 | 9/30/2008 | 6/30/2008 | 3/31/2008 | ||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Interest on loans, including fees | $ | 13,810 | $ | 14,623 | $ | 14,742 | $ | 14,994 | $ | 16,174 | ||||||||||
| Interest on other earning assets | 356 | 216 | 121 | 131 | 125 | |||||||||||||||
| Total interest income | 14,166 | 14,839 | 14,863 | 15,125 | 16,299 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Interest on deposits | 5,998 | 6,440 | 5,764 | 5,874 | 7,028 | |||||||||||||||
| Interest on other liabilities | 651 | 855 | 849 | 967 | 1,218 | |||||||||||||||
| Total interest expense | 6,649 | 7,295 | 6,613 | 6,841 | 8,246 | |||||||||||||||
| Net interest income | 7,517 | 7,544 | 8,250 | 8,284 | 8,053 | |||||||||||||||
| Provision for loan loss | 5,727 | 4,884 | 90 | 8,746 | 886 | |||||||||||||||
| Net interest income after provision for loan loss | 1,790 | 2,660 | 8,160 | (462 | ) | 7,167 | ||||||||||||||
| NON-INTEREST INCOME | ||||||||||||||||||||
| Deposit service charges | 380 | 431 | 426 | 390 | 419 | |||||||||||||||
| Gain on the sale of loans | 56 | 0 | 61 | 51 | 53 | |||||||||||||||
| Loss on the sale or write-down of real estate | (325 | ) | (1,808 | ) | (225 | ) | (569 | ) | (435 | ) | ||||||||||
| Other | 217 | 72 | 57 | 73 | 74 | |||||||||||||||
| Total non-interest income | 328 | (1,305 | ) | 319 | (55 | ) | 111 | |||||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits | 3,290 | 3,236 | 3,413 | 3,284 | 3,209 | |||||||||||||||
| Occupancy and equipment expense | 934 | 981 | 908 | 950 | 913 | |||||||||||||||
| Impairment of goodwill and other intangible assets | 0 | 39,601 | 0 | 0 | 0 | |||||||||||||||
| Other expense | 2,287 | 2,211 | 1,991 | 2,194 | 2,116 | |||||||||||||||
| Total non-interest expense | 6,511 | 46,029 | 6,312 | 6,428 | 6,238 | |||||||||||||||
| Income (loss) before income tax provision | (4,393 | ) | (44,674 | ) | 2,167 | (6,945 | ) | 1,040 | ||||||||||||
| Income tax provision (benefit) | (1,444 | ) | (15,267 | ) | 747 | (2,331 | ) | 364 | ||||||||||||
| Net income (loss) | $ | (2,949 | ) | $ | (29,407 | ) | $ | 1,420 | $ | (4,614 | ) | $ | 676 | |||||||
7
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA
CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share and per share data)
| Quarter ended | ||||||||||||||||||||
| 3/31/2009 | 12/31/2008 | 9/30/2008 | 6/30/2008 | 3/31/2008 | ||||||||||||||||
| EARNINGS SUMMARY | ||||||||||||||||||||
| Net interest income | $ | 7,517 | $ | 7,544 | $ | 8,250 | $ | 8,284 | $ | 8,053 | ||||||||||
| Provision for loan loss | $ | 5,727 | $ | 4,884 | $ | 90 | $ | 8,746 | $ | 886 | ||||||||||
| Total non-interest income | $ | 328 | $ | (1,305 | ) | $ | 319 | $ | (55 | ) | $ | 111 | ||||||||
| Total non-interest expense | $ | 6,511 | $ | 46,029 | $ | 6,312 | $ | 6,428 | $ | 6,238 | ||||||||||
| Income taxes | $ | (1,444 | ) | $ | (15,267 | ) | $ | 747 | $ | (2,331 | ) | $ | 364 | |||||||
| Net income (loss) | $ | (2,949 | ) | $ | (29,407 | ) | $ | 1,420 | $ | (4,614 | ) | $ | 676 | |||||||
| Basic earnings per share | $ | (0.38 | ) | $ | (3.77 | ) | $ | 0.18 | $ | (0.57 | ) | $ | 0.08 | |||||||
| Diluted earnings per share | $ | (0.38 | ) | $ | (3.77 | ) | $ | 0.18 | $ | (0.57 | ) | $ | 0.08 | |||||||
| MARKET DATA | ||||||||||||||||||||
| Book value per share | $ | 13.03 | $ | 13.42 | $ | 16.53 | $ | 16.43 | $ | 16.94 | ||||||||||
| Tangible book value per share | $ | 11.39 | $ | 11.16 | $ | 11.07 | $ | 11.04 | $ | 11.56 | ||||||||||
| Market value per share | $ | 1.82 | $ | 1.66 | $ | 4.99 | $ | 4.86 | $ | 7.60 | ||||||||||
| Average basic common shares | 7,696,204 | 7,796,354 | 8,044,180 | 8,051,037 | 8,139,721 | |||||||||||||||
| Average diluted common shares | 7,696,204 | 7,796,354 | 8,082,263 | 8,051,037 | 8,198,676 | |||||||||||||||
| Period end common shares | 7,696,204 | 7,696,204 | 8,098,557 | 8,055,698 | 8,106,413 | |||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | -1.09 | % | -10.72 | % | 0.54 | % | -1.77 | % | 0.26 | % | ||||||||||
| Return on average equity | -11.47 | % | -87.91 | % | 4.22 | % | -13.45 | % | 1.97 | % | ||||||||||
| Net interest margin (FTE) | 2.93 | % | 2.96 | % | 3.41 | % | 3.45 | % | 3.36 | % | ||||||||||
| Efficiency ratio | 79.69 | % | 572.00 | % | 71.78 | % | 73.06 | % | 72.54 | % | ||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Net charge-offs (YTD) | $ | 2,176 | $ | 10,771 | $ | 3,910 | $ | 3,611 | $ | 754 | ||||||||||
| Nonperforming loans | $ | 75,844 | $ | 69,923 | $ | 69,811 | $ | 56,659 | $ | 35,373 | ||||||||||
| Other real estate | $ | 14,624 | $ | 9,657 | $ | 8,343 | $ | 5,411 | $ | 6,183 | ||||||||||
| Nonperforming loans to total loans | 8.39 | % | 7.49 | % | 7.43 | % | 6.00 | % | 3.73 | % | ||||||||||
| Nonperforming assets to total assets | 8.40 | % | 7.09 | % | 7.25 | % | 5.98 | % | 3.97 | % | ||||||||||
| Allowance for loan loss to total loans | 1.99 | % | 1.55 | % | 1.75 | % | 1.76 | % | 1.13 | % | ||||||||||
| CAPITAL & LIQUIDITY | ||||||||||||||||||||
| Average equity to average assets | 9.49 | % | 12.20 | % | 12.85 | % | 13.16 | % | 13.22 | % | ||||||||||
| Tier 1 capital to risk weighted assets | 9.51 | % | 9.11 | % | 10.23 | % | 10.21 | % | 10.49 | % | ||||||||||
| Total capital to risk weighted assets | 10.76 | % | 10.37 | % | 11.48 | % | 11.46 | % | 11.59 | % | ||||||||||
| Loan to deposit ratio | 99.65 | % | 99.45 | % | 109.36 | % | 114.59 | % | 123.23 | % | ||||||||||
| Loan to funding ratio | 92.78 | % | 91.87 | % | 99.77 | % | 104.54 | % | 104.54 | % | ||||||||||
| END OF PERIOD BALANCES | ||||||||||||||||||||
| Total portfolio loans | $ | 904,426 | $ | 933,269 | $ | 939,109 | $ | 943,635 | $ | 947,927 | ||||||||||
| Earning assets | $ | 1,016,520 | $ | 1,064,196 | $ | 992,951 | $ | 958,759 | $ | 962,733 | ||||||||||
| Total assets | $ | 1,077,044 | $ | 1,121,918 | $ | 1,077,979 | $ | 1,038,093 | $ | 1,047,629 | ||||||||||
| Deposits | $ | 907,579 | $ | 938,395 | $ | 858,751 | $ | 823,477 | $ | 769,217 | ||||||||||
| Total shareholders’equity | $ | 100,264 | $ | 103,311 | $ | 133,840 | $ | 132,371 | $ | 137,297 | ||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Total portfolio loans | $ | 919,705 | $ | 940,195 | $ | 944,262 | $ | 947,892 | $ | 946,697 | ||||||||||
| Earning assets | $ | 1,039,618 | $ | 1,010,304 | $ | 961,935 | $ | 966,437 | $ | 961,549 | ||||||||||
| Total assets | $ | 1,099,573 | $ | 1,091,120 | $ | 1,042,152 | $ | 1,048,423 | $ | 1,044,159 | ||||||||||
| Deposits | $ | 920,113 | $ | 876,569 | $ | 822,424 | $ | 807,347 | $ | 789,076 | ||||||||||
| Total shareholders’equity | $ | 104,298 | $ | 133,081 | $ | 133,949 | $ | 138,002 | $ | 137,990 | ||||||||||
8
Dearborn Bancorp, Inc.
Loan Information at March 31, 2009
Loan Information at March 31, 2009
(In thousands)
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| 3/31/09 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | ||||||||||||||||||||||||||||
| Consumer Loans | $ | 31,107 | $ | 29,665 | $ | 0 | $ | 208 | $ | 0 | $ | 1,234 | $ | 217 | $ | 6 | $ | 18 | ||||||||||||||||||
| Commercial Loans | 161,594 | 143,349 | 9,490 | 2,630 | 0 | 6,125 | 2,308 | 548 | 2,499 | |||||||||||||||||||||||||||
| Land Development — Residential | 51,680 | 35,863 | 0 | 2,637 | 0 | 13,180 | 6,833 | 1,228 | 4,431 | |||||||||||||||||||||||||||
| Land Development — Non Residential | 16,111 | 12,040 | 0 | 0 | 0 | 4,071 | 2,183 | 0 | 282 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Residential | 15,687 | 11,730 | 0 | 0 | 0 | 3,957 | 1,292 | 64 | 2,785 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Non Residential | 25,886 | 18,997 | 0 | 0 | 0 | 6,889 | 920 | 5 | 0 | |||||||||||||||||||||||||||
| Commercial Mortgage Loans | 550,455 | 511,915 | 10,016 | 8,649 | 0 | 19,875 | 4,051 | 325 | 3,708 | |||||||||||||||||||||||||||
| Residential Mortgages Loans | 51,906 | 49,761 | 0 | 1,138 | 0 | 1,007 | 199 | 0 | 901 | |||||||||||||||||||||||||||
| Totals | $ | 904,426 | $ | 813,320 | $ | 19,506 | $ | 15,262 | $ | 0 | $ | 56,338 | 18,003 | $ | 2,176 | $ | 14,624 | |||||||||||||||||||
| Unallocated | 0 | |||||||||||||||||||||||||||||||||||
| Total | $ | 18,003 | ||||||||||||||||||||||||||||||||||
Loan Information at December 31, 2008
(In thousands)
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| 12/31/08 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | ||||||||||||||||||||||||||||
| Consumer Loans | $ | 31,864 | $ | 30,652 | $ | 0 | $ | 127 | $ | 0 | $ | 1,085 | $ | 163 | $ | 299 | $ | 0 | ||||||||||||||||||
| Commercial Loans | 164,740 | 156,135 | 1,985 | 1,053 | 254 | 5,313 | 1,532 | 4,187 | 1,586 | |||||||||||||||||||||||||||
| Land Development — Residential | 54,323 | 37,044 | 3,843 | 0 | 0 | 13,436 | 3,663 | 2,636 | 4,089 | |||||||||||||||||||||||||||
| Land Development — Non Residential | 16,094 | 10,410 | 0 | 0 | 0 | 5,684 | 1,922 | 0 | 282 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Residential | 17,296 | 13,228 | 0 | 0 | 0 | 4,068 | 1,316 | 801 | 1,975 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Non Residential | 25,322 | 23,706 | 0 | 0 | 0 | 1,616 | 1,149 | 131 | 0 | |||||||||||||||||||||||||||
| Commercial Mortgage Loans | 571,204 | 532,977 | 11,937 | 5,583 | 196 | 20,511 | 4,509 | 2,425 | 1,003 | |||||||||||||||||||||||||||
| Residential Mortgages Loans | 52,426 | 51,233 | 0 | 286 | 0 | 907 | 198 | 292 | 722 | |||||||||||||||||||||||||||
| Totals | $ | 933,269 | $ | 855,385 | $ | 17,765 | $ | 7,049 | $ | 450 | $ | 52,620 | 14,452 | $ | 10,771 | $ | 9,657 | |||||||||||||||||||
| Unallocated | 0 | |||||||||||||||||||||||||||||||||||
| Total | $ | 14,452 | ||||||||||||||||||||||||||||||||||
Loan Information at September 30, 2008
(In thousands)
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| 9/30/08 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | ||||||||||||||||||||||||||||
| Consumer Loans | $ | 32,472 | $ | 30,993 | $ | 0 | $ | 333 | $ | 128 | $ | 1,018 | $ | 367 | $ | 160 | $ | 0 | ||||||||||||||||||
| Commercial Loans | 162,311 | 152,665 | 1,934 | 1,972 | 93 | 5,647 | 1,076 | 3,094 | 125 | |||||||||||||||||||||||||||
| Land Development — Residential | 56,878 | 42,352 | 4,381 | �� | 820 | 0 | 9,325 | 4,072 | 229 | 4,425 | ||||||||||||||||||||||||||
| Land Development — Non Residential | 17,894 | 12,295 | 671 | 860 | 0 | 4,068 | 1,791 | 0 | 343 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Residential | 20,573 | 12,909 | 1,168 | 0 | 0 | 6,496 | 3,069 | 0 | 729 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Non Residential | 30,145 | 23,901 | 2,558 | 492 | 0 | 3,194 | 843 | 58 | 0 | |||||||||||||||||||||||||||
| Commercial Mortgage Loans | 565,365 | 533,592 | 4,616 | 3,494 | 2,810 | 20,853 | 4,672 | 185 | 2,049 | |||||||||||||||||||||||||||
| Residential Mortgages Loans | 53,471 | 52,172 | 0 | 448 | 110 | 741 | 539 | 184 | 672 | |||||||||||||||||||||||||||
| Totals | $ | 939,109 | $ | 860,879 | $ | 15,328 | $ | 8,419 | $ | 3,141 | $ | 51,342 | 16,429 | $ | 3,910 | $ | 8,343 | |||||||||||||||||||
| Unallocated | 0 | |||||||||||||||||||||||||||||||||||
| Total | $ | 16,429 | ||||||||||||||||||||||||||||||||||
Loan Information at June 30, 2008
(In thousands)
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| 6/30/08 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | ||||||||||||||||||||||||||||
| Consumer Loans | $ | 33,206 | $ | 31,822 | $ | 0 | $ | 1,007 | $ | 216 | $ | 161 | $ | 339 | $ | 165 | $ | 70 | ||||||||||||||||||
| Commercial Loans | 169,956 | 161,781 | 1,757 | 3,583 | 639 | 2,196 | 890 | 3,096 | 280 | |||||||||||||||||||||||||||
| Land Development — Residential | 60,170 | 47,449 | 2,606 | 0 | 693 | 9,422 | 5,021 | 0 | 1,133 | |||||||||||||||||||||||||||
| Land Development — Non Residential | 21,000 | 16,261 | 0 | 789 | 0 | 3,950 | 1,923 | 0 | 343 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Residential | 20,605 | 13,725 | 1,080 | 96 | 606 | 5,098 | 2,780 | 0 | 1,227 | |||||||||||||||||||||||||||
| Commercial Construction Loans — Non Residential | 35,087 | 28,788 | 3,086 | 0 | 0 | 3,213 | 1,118 | 58 | 0 | |||||||||||||||||||||||||||
| Commercial Mortgage Loans | 549,145 | 523,047 | 4,616 | 5,748 | 5,021 | 10,713 | 4,049 | 186 | 2,180 | |||||||||||||||||||||||||||
| Residential Mortgages Loans | 54,466 | 51,408 | 0 | 1,472 | 144 | 1,442 | 518 | 106 | 178 | |||||||||||||||||||||||||||
| Totals | $ | 943,635 | $ | 874,281 | $ | 13,145 | $ | 12,695 | $ | 7,319 | $ | 36,195 | 16,638 | $ | 3,611 | $ | 5,411 | |||||||||||||||||||
| Unallocated | 0 | |||||||||||||||||||||||||||||||||||
| Total | $ | 16,638 | ||||||||||||||||||||||||||||||||||
Loan Information at March 31, 2008
(In thousands)
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| 3/31/08 | Current | TDR | 30 to 89 past due | 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 | ||||||||||||||||||||||||||||||||||
9