Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - DEARBORN BANCORP INC /MI/ | k50573e8vk.htm |
Exhibit 99
DEARBORN BANCORP REPORTS SECOND QUARTER PROFIT
DEARBORN, Michigan, July 19, 2011 ... Dearborn Bancorp, Inc. (Nasdaq: DEAR), the Holding
Company for Fidelity Bank (“Bank”), today reported a net income of $183,000 or $0.02 per fully
diluted common share for the three months ended June 30, 2011 compared to a net loss of $13,629,000
or $(1.78) per share for the three months ended June 30, 2010. For the first half of 2011, the
Company reported a net income of $337,000 or $0.04 per share compared to a loss of $12,501,000 or
$(1.63) for the first half of 2010. The Company’s Shareholders’ Equity of $28,355,000 equates to a
tangible book value of $3.69 per share compared to the market closing price of $1.17 on June 30,
2011. In accordance with regulatory capital guidelines, the Bank remains “undercapitalized” at
June 30, 2011.
At June 30, 2011 the Company’s total assets were $867,274,000 compared to $933,113,000 at June
30, 2010. Total loans were intentionally reduced from $783,032,000 to $697,523,000. Total
deposits declined from $827,664,000 to $773,526,000. Cash and cash equivalents increased from
$74,201,000 to $86,911,000, and securities available for sale increased from $46,507,000 to
$62,781,000 from year to year. During the last year, the Company has continued to focus on
strategically reducing loan balances to conserve capital while increasing the liquidity of the
balance sheet.
Michael J. Ross, President and Chief Executive Officer of both the Company and the Bank,
announced the financial results and commented, “The Bank continues to generate solid core earnings.
Second quarter 2011 earnings were $183,000 net after expenses of $1,641,000 in loan loss
provision, $100,000 in write-downs of other real estate owned, $1,517,000 in defaulted loan expense
and $720,000 in FDIC insurance premiums. Net charge-offs for the first half of 2011 declined to
$3,931,000 compared to $15,454,000 for the first half for 2010. Non-performing loans remain
unacceptably high at $128,151,000. Included in this category are $52,518,000 of restructured
troubled debt loans which are current according to their restructured terms.”
Mr. Ross continued, “The net interest margin grew to 4.00% for the quarter ended June 30, 2011
compared to 3.68% a year ago, primarily as a result of improved deposit pricing. Additionally,
management continues to maintain tight control over operating expenses in the areas of wages,
occupancy, marketing, stationery and supplies, data processing as well as certain discretionary
expenses.”
Ross concluded, “We are beginning to see the results of declining Michigan unemployment which
is now at 10.30% at May 31, 2011 down from 14.6% as of December 31, 2009. While we are showing
some positive signs in 2011, the determining factor as to whether the Company can be solidly
profitable in future quarters remains dependent upon the appraised value of collateral and level of
charge-offs and write-downs. In that regard, we have yet to see stabilization occur. Thus, our
primary concerns for 2011 are the recovery of the Michigan economy, credit quality, and the
stability or improvement of the underlying collateral values in our loan portfolio.”
Dearborn Bancorp, Inc. is a registered bank holding company. Its sole banking subsidiary is
Fidelity Bank. The Bank operates 15 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 (within the meaning of the Private
Securities Litigation Reform Act of 1995) that are based on current expectations. 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. Actual results and outcomes may
materially differ from what is expressed in forward-looking statements. Dearborn Bancorp
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; actions by bank
regulators; availability of capital; changes in local real estate values; changes in the national
and local economy; and other factors, including risk factors disclosed from time to time in filings
made by Dearborn Bancorp with the Securities and Exchange Commission. 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
CONSOLIDATED BALANCE SHEETS
| Unaudited | Unaudited | |||||||||||
| (Dollars, in thousands) | 6/30/2011 | 12/31/2010 | 6/30/2010 | |||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
||||||||||||
Cash and due from banks |
$ | 8,021 | $ | 6,645 | $ | 7,088 | ||||||
Federal funds sold |
55 | 55 | 57 | |||||||||
Interest bearing deposits with banks |
78,835 | 87,075 | 67,056 | |||||||||
Total cash and cash equivalents |
86,911 | 93,775 | 74,201 | |||||||||
Mortgage loans held for sale |
— | 353 | 1,169 | |||||||||
Securities available for sale |
62,781 | 54,811 | 46,507 | |||||||||
Federal Home Loan Bank stock |
3,514 | 3,605 | 3,698 | |||||||||
Loans |
||||||||||||
Loans |
697,523 | 735,851 | 783,032 | |||||||||
Allowance for loan losses |
(27,076 | ) | (27,971 | ) | (31,574 | ) | ||||||
Net loans |
670,447 | 707,880 | 751,458 | |||||||||
Premises and equipment, net |
18,764 | 19,195 | 19,724 | |||||||||
Real estate owned |
20,546 | 21,502 | 23,976 | |||||||||
Accrued interest receivable |
3,094 | 3,286 | 3,181 | |||||||||
Other assets |
1,217 | 11,277 | 9,199 | |||||||||
Total assets |
$ | 867,274 | $ | 915,684 | $ | 933,113 | ||||||
LIABILITIES |
||||||||||||
Deposits |
||||||||||||
Non-interest bearing deposits |
$ | 103,368 | $ | 88,266 | $ | 91,447 | ||||||
Interest bearing deposits |
670,158 | 723,835 | 736,217 | |||||||||
Total deposits |
773,526 | 812,101 | 827,664 | |||||||||
Other liabilities |
||||||||||||
Federal Home Loan Bank advances |
53,668 | 63,716 | 63,799 | |||||||||
Accrued interest payable |
1,093 | 1,056 | 941 | |||||||||
Other liabilities |
632 | 1,852 | 746 | |||||||||
Subordinated debentures |
10,000 | 10,000 | 10,000 | |||||||||
Total liabilities |
838,919 | 888,725 | 903,150 | |||||||||
STOCKHOLDERS’ EQUITY |
||||||||||||
Common stock — no par value 100,000,000 shares
authorized, 7,683,940 shares at 6/30/11, 7,685, 706
shares at 12/31/10 and 7,685,705 shares at 6/30/10 |
132,262 | 132,083 | 131,991 | |||||||||
Retained earnings |
(103,761 | ) | (104,099 | ) | (102,350 | ) | ||||||
Accumulated other comprehensive income (loss) |
(146 | ) | (1,025 | ) | 322 | |||||||
Total stockholders’ equity |
28,355 | 26,959 | 29,963 | |||||||||
Total liabilities and stockholders’ equity |
$ | 867,274 | $ | 915,684 | $ | 933,113 | ||||||
3
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| (In thousands, except share data) | 6/30/2011 | 6/30/2010 | 6/30/2011 | 6/30/2010 | ||||||||||||
Interest income |
||||||||||||||||
Interest on loans |
$ | 10,107 | $ | 11,536 | $ | 20,476 | $ | 23,314 | ||||||||
Interest on securities, available for sale |
410 | 157 | 852 | 325 | ||||||||||||
Interest on deposits with banks |
158 | 64 | 295 | 101 | ||||||||||||
Interest on federal funds |
— | — | — | 1 | ||||||||||||
Total interest income |
10,675 | 11,757 | 21,623 | 23,741 | ||||||||||||
Interest expense |
||||||||||||||||
Interest on deposits |
1,868 | 2,925 | 3,987 | 6,468 | ||||||||||||
Interest on other liabilities |
204 | 376 | 464 | 762 | ||||||||||||
Total interest expense |
2,072 | 3,301 | 4,451 | 7,230 | ||||||||||||
Net interest income |
8,603 | 8,456 | 17,172 | 16,511 | ||||||||||||
Provision for loan losses |
1,641 | 11,803 | 3,036 | 11,903 | ||||||||||||
Net interest income (loss) after provision for loan losses |
6,962 | (3,347 | ) | 14,136 | 4,608 | |||||||||||
Non-interest income |
||||||||||||||||
Service charges on deposit accounts |
320 | 380 | 638 | 723 | ||||||||||||
Fees for other services to customers |
30 | 49 | 65 | 85 | ||||||||||||
Gain on the sale of loans |
48 | 66 | 70 | 124 | ||||||||||||
Gain on the sale of securities |
— | — | — | 69 | ||||||||||||
Gain (loss) on the sale of real estate owned |
(116 | ) | 43 | (192 | ) | 32 | ||||||||||
Loss on the write-down of real estate owned |
(100 | ) | (3,693 | ) | (426 | ) | (4,349 | ) | ||||||||
Other income |
98 | 78 | 200 | 180 | ||||||||||||
Total non-interest income (loss) |
280 | (3,077 | ) | 355 | (3,136 | ) | ||||||||||
Non-interest expense |
||||||||||||||||
Salaries and employee benefits |
3,091 | 3,078 | 6,281 | 6,197 | ||||||||||||
Occupancy and equipment expense |
727 | 777 | 1,509 | 1,631 | ||||||||||||
Amortization of intangible expense |
— | — | — | — | ||||||||||||
FDIC assessment |
720 | 1,125 | 1,670 | 2,075 | ||||||||||||
Advertising and marketing |
42 | 33 | 75 | 60 | ||||||||||||
Stationery and supplies |
98 | 75 | 177 | 147 | ||||||||||||
Professional services |
223 | 306 | 436 | 472 | ||||||||||||
Data processing |
183 | 174 | 377 | 360 | ||||||||||||
Defaulted loan expense |
1,517 | 1,054 | 2,697 | 2,089 | ||||||||||||
Other operating expenses |
458 | 583 | 932 | 942 | ||||||||||||
Total non-interest expense |
7,059 | 7,205 | 14,154 | 13,973 | ||||||||||||
Income (loss) before federal income tax expense |
183 | (13,629 | ) | 337 | (12,501 | ) | ||||||||||
Income tax expense (benefit) |
— | — | — | — | ||||||||||||
Net income (loss) |
$ | 183 | $ | (13,629 | ) | $ | 337 | $ | (12,501 | ) | ||||||
Per share data: |
||||||||||||||||
Net income (loss) — basic |
0.02 | (1.78 | ) | 0.04 | (1.63 | ) | ||||||||||
Net income (loss) — diluted |
0.02 | (1.78 | ) | 0.04 | (1.63 | ) | ||||||||||
Weighted average number of shares outstanding — basic |
7,645,940 | 7,645,940 | 7,645,940 | 7,645,940 | ||||||||||||
Weighted average number of shares outstanding — diluted |
7,652,211 | 7,645,940 | 7,655,549 | 7,645,940 | ||||||||||||
4
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA
CONSOLIDATED FINANCIAL DATA
| Quarter ended | ||||||||||||||||||||
| (Dollars in thousands, except share and per share data) | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | |||||||||||||||
EARNINGS SUMMARY |
||||||||||||||||||||
Net interest income |
$ | 8,603 | $ | 8,569 | $ | 8,818 | $ | 8,750 | $ | 8,456 | ||||||||||
Provision for loan loss |
$ | 1,641 | $ | 1,395 | $ | 3,575 | $ | 500 | $ | 11,803 | ||||||||||
Total non-interest income |
$ | 280 | $ | 75 | $ | (888 | ) | $ | 18 | $ | (3,077 | ) | ||||||||
Total non-interest expense |
$ | 7,059 | $ | 7,095 | $ | 7,022 | $ | 7,537 | $ | 7,205 | ||||||||||
Income taxes (benefit) |
$ | 0 | $ | 0 | $ | (288 | ) | $ | 100 | $ | 0 | |||||||||
Net income (loss) |
$ | 183 | $ | 154 | $ | (2,379 | ) | $ | 631 | $ | (13,629 | ) | ||||||||
Basic earnings per share |
$ | 0.02 | $ | 0.02 | $ | (0.31 | ) | $ | 0.08 | $ | (1.78 | ) | ||||||||
Diluted earnings per share |
$ | 0.02 | $ | 0.02 | $ | (0.31 | ) | $ | 0.08 | $ | (1.78 | ) | ||||||||
MARKET DATA |
||||||||||||||||||||
Book value per share |
$ | 3.69 | $ | 3.51 | $ | 3.51 | $ | 3.92 | $ | 3.90 | ||||||||||
Tangible book value per share |
$ | 3.69 | $ | 3.51 | $ | 3.51 | $ | 3.92 | $ | 3.90 | ||||||||||
Market value per share |
$ | 1.17 | $ | 1.42 | $ | 1.65 | $ | 1.79 | $ | 1.87 | ||||||||||
Average basic common shares |
7,645,940 | 7,645,940 | 7,645,940 | 7,645,940 | 7,645,940 | |||||||||||||||
Average diluted common shares |
7,645,940 | 7,645,940 | 7,645,940 | 7,645,940 | 7,645,940 | |||||||||||||||
Period end common shares |
7,683,940 | 7,685,706 | 7,685,705 | 7,685,705 | 7,685,705 | |||||||||||||||
PERFORMANCE RATIOS |
||||||||||||||||||||
Return on average assets |
0.08 | % | 0.07 | % | -1.02 | % | 0.27 | % | -5.67 | % | ||||||||||
Return on average equity |
2.53 | % | 2.21 | % | -29.72 | % | 7.92 | % | -123.92 | % | ||||||||||
Net interest margin (FTE) |
4.00 | % | 3.96 | % | 3.93 | % | 3.89 | % | 3.68 | % | ||||||||||
Efficiency ratio |
77.58 | % | 78.43 | % | 74.47 | % | 77.18 | % | 79.80 | % | ||||||||||
ASSET QUALITY |
||||||||||||||||||||
Net charge-offs (YTD) |
$ | 3,931 | $ | 1,395 | $ | 23,132 | $ | 17,697 | $ | 15,454 | ||||||||||
Nonperforming loans |
$ | 128,151 | $ | 120,688 | $ | 115,090 | $ | 112,000 | $ | 113,676 | ||||||||||
Other real estate |
$ | 20,546 | $ | 22,120 | $ | 21,502 | $ | 25,043 | $ | 23,976 | ||||||||||
Nonperforming loans to total loans |
18.37 | % | 16.80 | % | 15.64 | % | 14.72 | % | 14.52 | % | ||||||||||
Nonperforming assets to total assets |
17.15 | % | 15.92 | % | 14.92 | % | 14.95 | % | 14.75 | % | ||||||||||
Allowance for loan loss to total loans |
3.88 | % | 3.89 | % | 3.80 | % | 3.92 | % | 4.03 | % | ||||||||||
CAPITAL & LIQUIDITY |
||||||||||||||||||||
Average equity to average assets |
3.31 | % | 3.12 | % | 3.42 | % | 3.41 | % | 4.58 | % | ||||||||||
Tier 1 capital to risk weighted assets |
5.28 | % | 5.20 | % | 4.91 | % | 4.96 | % | 4.63 | % | ||||||||||
Total capital to risk weighted assets |
6.53 | % | 6.49 | % | 6.19 | % | 6.24 | % | 6.07 | % | ||||||||||
Loan to deposit ratio |
90.17 | % | 90.43 | % | 90.61 | % | 93.98 | % | 94.61 | % | ||||||||||
Loan to funding ratio |
84.32 | % | 83.72 | % | 84.02 | % | 87.12 | % | 87.84 | % | ||||||||||
END OF PERIOD BALANCES |
||||||||||||||||||||
Total portfolio loans |
$ | 697,523 | $ | 718,187 | $ | 735,851 | $ | 760,683 | $ | 783,032 | ||||||||||
Earning assets |
$ | 842,708 | $ | 871,514 | $ | 881,750 | $ | 881,847 | $ | 901,519 | ||||||||||
Total assets |
$ | 866,274 | $ | 896,994 | $ | 915,684 | $ | 916,731 | $ | 933,113 | ||||||||||
Deposits |
$ | 773,526 | $ | 794,153 | $ | 812,101 | $ | 809,418 | $ | 827,664 | ||||||||||
Total shareholders’equity |
$ | 28,355 | $ | 26,994 | $ | 26,959 | $ | 30,154 | $ | 29,963 | ||||||||||
AVERAGE BALANCES |
||||||||||||||||||||
Total portfolio loans |
$ | 706,189 | $ | 729,132 | $ | 750,443 | $ | 772,662 | $ | 801,464 | ||||||||||
Earning assets |
$ | 861,733 | $ | 880,384 | $ | 893,065 | $ | 892,406 | $ | 926,477 | ||||||||||
Total assets |
$ | 887,428 | $ | 907,609 | $ | 928,838 | $ | 926,017 | $ | 963,919 | ||||||||||
Deposits |
$ | 786,602 | $ | 802,646 | $ | 820,714 | $ | 818,691 | $ | 844,001 | ||||||||||
Total shareholders’equity |
$ | 29,364 | $ | 28,278 | $ | 31,761 | $ | 31,593 | $ | 44,114 | ||||||||||
5
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
| Quarter Ended | ||||||||||||||||||||
| (Dollars, in thousands) | 6/30/11 | 3/31/11 | 12/31/10 | 9/30/10 | 6/30/10 | |||||||||||||||
ASSETS |
||||||||||||||||||||
Cash and cash equivalents |
||||||||||||||||||||
Cash and due from banks |
$ | 8,021 | $ | 7,454 | $ | 6,645 | $ | 7,136 | $ | 7,088 | ||||||||||
Federal funds sold |
55 | 55 | 55 | 56 | 57 | |||||||||||||||
Interest bearing deposits with banks |
78,835 | 95,801 | 87,075 | 70,216 | 67,056 | |||||||||||||||
Total cash and cash equivalents |
86,911 | 103,310 | 93,775 | 77,408 | 74,201 | |||||||||||||||
Mortgage loans held for sale |
— | 749 | 353 | 572 | 1,169 | |||||||||||||||
Securities |
62,781 | 53,117 | 54,811 | 46,622 | 46,507 | |||||||||||||||
Federal Home Loan Bank stock |
3,514 | 3,605 | 3,605 | 3,698 | 3,698 | |||||||||||||||
Loans |
||||||||||||||||||||
Loans |
697,523 | 718,187 | 735,851 | 760,683 | 783,032 | |||||||||||||||
Allowance for loan loss |
(27,076 | ) | (27,971 | ) | (27,971 | ) | (29,831 | ) | (31,574 | ) | ||||||||||
Net loans |
670,447 | 690,216 | 707,880 | 730,852 | 751,458 | |||||||||||||||
Bank premises and equipment, net |
18,764 | 18,969 | 19,195 | 19,415 | 19,724 | |||||||||||||||
Other real estate |
20,546 | 22,120 | 21,502 | 25,043 | 23,976 | |||||||||||||||
Other intangible assets |
— | — | — | — | — | |||||||||||||||
Accrued interest receivable |
2,094 | 3,310 | 3,286 | 3,301 | 3,181 | |||||||||||||||
Other assets |
1,217 | 1,598 | 11,277 | 9,820 | 9,199 | |||||||||||||||
Total assets |
$ | 866,274 | $ | 896,994 | $ | 915,684 | $ | 916,731 | $ | 933,113 | ||||||||||
LIABILITIES |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
Non-interest bearing deposits |
$ | 103,368 | $ | 95,076 | $ | 88,266 | $ | 87,205 | $ | 91,447 | ||||||||||
Interest bearing deposits |
670,158 | 699,077 | 723,835 | 722,213 | 736,217 | |||||||||||||||
Total deposits |
773,526 | 794,153 | 812,101 | 809,418 | 827,664 | |||||||||||||||
Other liabilities |
||||||||||||||||||||
Federal Home Loan Bank advances |
53,668 | 63,668 | 63,716 | 63,716 | 63,799 | |||||||||||||||
Other liabilities |
632 | 1,100 | 1,692 | 972 | 942 | |||||||||||||||
Accrued interest payable |
1,093 | 1,079 | 1,216 | 2,471 | 745 | |||||||||||||||
Subordinated debentures |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
Total liabilities |
838,919 | 870,000 | 888,725 | 886,577 | 903,150 | |||||||||||||||
Total stockholders’ equity |
28,355 | 26,994 | 26,959 | 30,154 | 29,963 | |||||||||||||||
Total liabilities and stockholders’ equity |
867,274 | 896,994 | 915,684 | 916,731 | 933,113 | |||||||||||||||
6
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
CONSOLIDATED STATEMENT OF OPERATIONS
| Quarter ended | ||||||||||||||||||||
| (Dollars, in thousands) | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | |||||||||||||||
INTEREST INCOME |
||||||||||||||||||||
Interest on loans, including fees |
$ | 10,107 | $ | 10,369 | $ | 11,026 | $ | 11,328 | $ | 11,536 | ||||||||||
Interest on other earning assets |
568 | 579 | 487 | 391 | 221 | |||||||||||||||
Total interest income |
10,675 | 10,948 | 11,513 | 11,719 | 11,757 | |||||||||||||||
INTEREST EXPENSE |
||||||||||||||||||||
Interest on deposits |
1,868 | 2,119 | 2,381 | 2,578 | 2,925 | |||||||||||||||
Interest on other liabilities |
204 | 260 | 314 | 391 | 376 | |||||||||||||||
Total interest expense |
2,072 | 2,379 | 2,695 | 2,969 | 3,301 | |||||||||||||||
Net interest income |
8,603 | 8,569 | 8,818 | 8,750 | 8,456 | |||||||||||||||
Provision for loan loss |
1,641 | 1,395 | 3,575 | 500 | 11,803 | |||||||||||||||
Net interest income (loss) after provision for loan loss |
6,962 | 7,174 | 5,243 | 8,250 | (3,347 | ) | ||||||||||||||
NON-INTEREST INCOME |
||||||||||||||||||||
Deposit service charges |
350 | 353 | 388 | 401 | 429 | |||||||||||||||
Gain on the sale of loans |
48 | 22 | 101 | 54 | 66 | |||||||||||||||
Loss on the sale or write-down of real estate |
(216 | ) | (402 | ) | (1,499 | ) | (998 | ) | (3,650 | ) | ||||||||||
Other |
98 | 102 | 122 | 561 | 78 | |||||||||||||||
Total non-interest income (loss) |
280 | 75 | (888 | ) | 18 | (3,077 | ) | |||||||||||||
NON-INTEREST EXPENSE |
||||||||||||||||||||
Salaries and employee benefits |
3,091 | 3,190 | 3,189 | 3,050 | 3,078 | |||||||||||||||
Occupancy and equipment expense |
727 | 782 | 767 | 857 | 777 | |||||||||||||||
Other expense |
3,241 | 3,123 | 3,066 | 3,630 | 3,350 | |||||||||||||||
Total non-interest expense |
7,059 | 7,095 | 7,022 | 7,537 | 7,205 | |||||||||||||||
Income (loss) before income tax provision |
183 | 154 | (2,667 | ) | 731 | (13,629 | ) | |||||||||||||
Income tax provision (benefit) |
— | — | (288 | ) | 100 | — | ||||||||||||||
Net income (loss) |
$ | 183 | $ | 154 | $ | (2,379 | ) | $ | 631 | $ | (13,629 | ) | ||||||||
7
DEARBORN BANCORP, INC. AND SUBSIDIARY
DEPOSIT INFORMATION
(In thousands)
| June 30 | ||||||||
Category |
2011 | 2010 | ||||||
Non-interest bearing |
||||||||
Demand |
$ | 103,368 | $ | 91,446 | ||||
Interest bearing |
||||||||
Interest Checking |
$ | 72,855 | $ | 79,195 | ||||
Money market |
56,321 | 57,476 | ||||||
Savings |
42,951 | 43,343 | ||||||
Time, under $100,000 |
233,600 | 287,761 | ||||||
Time, $100,000 and over |
264,431 | 268,443 | ||||||
| 670,158 | 736,218 | |||||||
| $ | 773,526 | $ | 827,664 | |||||
8
DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA
ASSET QUALITY DATA
| (Dollars, in thousands) | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | |||||||||||||||
Troubled debt restructuring |
$ | 56,922 | $ | 48,499 | $ | 48,527 | $ | 39,714 | $ | 38,530 | ||||||||||
Loans over 90 days past due
and still accruing |
1,463 | 236 | — | — | — | |||||||||||||||
Non-accrual loans |
69,766 | 71,953 | 66,563 | 72,286 | 75,146 | |||||||||||||||
Total non-performing loans |
128,151 | 120,688 | 115,090 | 112,000 | 113,676 | |||||||||||||||
Other real estate and
other repossessed assets |
20,546 | 22,120 | 21,502 | 25,043 | 23,976 | |||||||||||||||
Total non-performing assets |
$ | 148,697 | $ | 142,808 | $ | 136,592 | $ | 137,043 | $ | 137,652 | ||||||||||
Net charge-offs (year to date) |
$ | 3,931 | $ | 1,395 | $ | 23,132 | $ | 17,697 | $ | 15,454 | ||||||||||
Allowance for loan losses |
27,076 | 27,971 | 27,971 | 29,831 | 31,574 | |||||||||||||||
ASSET QUALITY RATIOS
| 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | ||||||||||||||||
Non-accrual loans to total loans |
10.00 | % | 10.02 | % | 9.05 | % | 9.50 | % | 9.60 | % | ||||||||||
Non-performing loans to total loans |
18.37 | % | 16.80 | % | 15.64 | % | 14.72 | % | 14.52 | % | ||||||||||
Non-performing assets to total assets |
17.15 | % | 15.92 | % | 14.92 | % | 14.95 | % | 14.75 | % | ||||||||||
Loans over 90 days past due
and still accruing to total loans |
0.21 | % | 0.03 | % | — | % | — | % | — | % | ||||||||||
Net charge-offs to average loans |
0.55 | % | 0.19 | % | 2.94 | % | 2.21 | % | 1.90 | % | ||||||||||
Allowance for loan losses
to non-performing loans |
21.13 | % | 23.18 | % | 24.30 | % | 26.63 | % | 27.78 | % | ||||||||||
Allowance for loan losses
to non-performing assets |
18.21 | % | 19.59 | % | 20.48 | % | 21.77 | % | 22.94 | % | ||||||||||
Allowance for loan losses
to total loans |
3.88 | % | 3.89 | % | 3.80 | % | 3.92 | % | 4.03 | % | ||||||||||
9
Dearborn Bancorp, Inc.
Loan Information at June 30, 2011
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| (In thousands) | 6/30/11 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |||||||||||||||||||||||||||
Consumer Loans |
$ | 24,054 | $ | 22,067 | $ | 0 | $ | 36 | $ | 0 | $ | 1,951 | $ | 1,018 | $ | 317 | $ | 55 | ||||||||||||||||||
Commercial Loans |
102,115 | 78,188 | 5,546 | 5,247 | 0 | 13,134 | 5,152 | 1,319 | 3,383 | |||||||||||||||||||||||||||
Land Development — Residential |
19,522 | 6,789 | 1,978 | 0 | 0 | 10,755 | 1,647 | 316 | 6,190 | |||||||||||||||||||||||||||
Land Development — Non Residential |
9,272 | 2,385 | 4,000 | 958 | 0 | 1,929 | 1,849 | 0 | 1,969 | |||||||||||||||||||||||||||
Commercial Construction Loans — Residential |
9,950 | 72 | 2,607 | 0 | 0 | 7,271 | 2,553 | 354 | 1,405 | |||||||||||||||||||||||||||
Commercial Construction Loans — Non
Residential |
13,749 | 1,962 | 11,544 | 0 | 0 | 243 | 1,337 | 58 | 1,314 | |||||||||||||||||||||||||||
Commercial Mortgage Loans |
482,967 | 408,009 | 31,247 | 8,693 | 1,463 | 33,555 | 13,391 | 1,533 | 5,789 | |||||||||||||||||||||||||||
Residential Mortgage Loans |
35,894 | 33,600 | 0 | 1,366 | 0 | 928 | 129 | 34 | 441 | |||||||||||||||||||||||||||
Totals |
$ | 697,523 | $ | 553,072 | $ | 56,922 | $ | 16,300 | $ | 1,463 | $ | 69,766 | $ | 27,076 | $ | 3,931 | $ | 20,546 | ||||||||||||||||||
Loan Information at March 31, 2011
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| (In thousands) | 3/31/11 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |||||||||||||||||||||||||||
Consumer Loans |
$ | 25,477 | $ | 23,056 | $ | 0 | $ | 242 | $ | 0 | $ | 2,179 | $ | 1,258 | $ | (8 | ) | $ | 114 | |||||||||||||||||
Commercial Loans |
106,859 | 86,091 | 5,071 | 2,080 | 0 | 13,617 | 5,943 | 125 | 3,310 | |||||||||||||||||||||||||||
Land Development — Residential |
19,749 | 6,879 | 1,980 | 0 | 0 | 10,890 | 2,309 | 68 | 7,791 | |||||||||||||||||||||||||||
Land Development — Non Residential |
9,596 | 3,422 | 4,000 | 231 | 0 | 1,943 | 1,813 | 0 | 1,760 | |||||||||||||||||||||||||||
Commercial Construction Loans — Residential |
9,835 | 71 | 2,462 | 0 | 0 | 7,302 | 2,015 | 268 | 1,405 | |||||||||||||||||||||||||||
Commercial Construction Loans — Non Residential |
13,222 | 1,420 | 11,544 | 0 | 0 | 258 | 2,179 | 58 | 1,314 | |||||||||||||||||||||||||||
Commercial Mortgage Loans |
495,919 | 428,635 | 23,442 | 8,804 | 236 | 34,802 | 12,307 | 785 | 5,886 | |||||||||||||||||||||||||||
Residential Mortgage Loans |
37,530 | 36,180 | 0 | 388 | 0 | 962 | 147 | 99 | 540 | |||||||||||||||||||||||||||
Totals |
$ | 718,187 | $ | 585,754 | $ | 48,499 | $ | 11,745 | $ | 236 | $ | 71,953 | $ | 27,971 | $ | 1,395 | $ | 22,120 | ||||||||||||||||||
Loan Information at December 31, 2010
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| (In thousands) | 12/31/10 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |||||||||||||||||||||||||||
Consumer Loans |
$ | 25,871 | $ | 24,123 | $ | 0 | $ | 215 | $ | 0 | $ | 1,533 | $ | 1,115 | $ | 816 | $ | 114 | ||||||||||||||||||
Commercial Loans |
121,015 | 100,252 | 5,600 | 1,475 | 0 | 13,688 | 6,571 | 6,055 | 3,125 | |||||||||||||||||||||||||||
Land Development — Residential |
21,975 | 7,995 | 2,076 | 0 | 0 | 11,904 | 1,757 | 10,003 | 6,829 | |||||||||||||||||||||||||||
Land Development — Non Residential |
9,970 | 4,236 | 0 | 4,000 | 0 | 1,734 | 972 | 300 | 1,786 | |||||||||||||||||||||||||||
Commercial Construction Loans — Residential |
10,613 | 388 | 2,462 | 0 | 0 | 7,763 | 2,467 | 1,886 | 1,405 | |||||||||||||||||||||||||||
Commercial Construction Loans — Non Residential |
12,568 | 706 | 11,545 | 0 | 0 | 317 | 2,674 | 36 | 1,314 | |||||||||||||||||||||||||||
Commercial Mortgage Loans |
495,501 | 427,587 | 26,844 | 12,612 | 0 | 28,458 | 12,102 | 3,833 | 6,383 | |||||||||||||||||||||||||||
Residential Mortgage Loans |
38,338 | 37,172 | 0 | 0 | 0 | 1,166 | 313 | 203 | 546 | |||||||||||||||||||||||||||
Totals |
$ | 735,851 | $ | 602,459 | $ | 48,527 | $ | 18,302 | $ | 0 | $ | 66,563 | $ | 27,971 | $ | 23,132 | $ | 21,502 | ||||||||||||||||||
10
Loan Information at September 30, 2010
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| (In thousands) | 9/30/10 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |||||||||||||||||||||||||||
Consumer Loans |
$ | 27,391 | $ | 25,476 | $ | 0 | $ | 1,015 | $ | 0 | $ | 900 | $ | 586 | $ | 588 | $ | 114 | ||||||||||||||||||
Commercial Loans |
126,573 | 104,470 | 5,780 | 2,728 | 0 | 13,595 | 7,937 | 3,643 | 2,695 | |||||||||||||||||||||||||||
Land Development — Residential |
26,668 | 9,091 | 1,980 | 0 | 0 | 15,597 | 3,668 | 7,496 | 6,917 | |||||||||||||||||||||||||||
Land Development — Non Residential |
9,374 | 8,056 | 0 | 0 | 0 | 1,318 | 863 | 300 | 1,786 | |||||||||||||||||||||||||||
Commercial Construction Loans — Residential |
11,407 | 336 | 2,450 | 0 | 0 | 8,621 | 2,691 | 1,739 | 1,290 | |||||||||||||||||||||||||||
Commercial Construction Loans — Non Residential |
17,370 | 14,170 | 3,200 | 0 | 0 | 0 | 1,985 | 36 | 1,948 | |||||||||||||||||||||||||||
Commercial Mortgage Loans |
501,059 | 433,191 | 26,304 | 11,936 | 0 | 29,628 | 11,806 | 3,736 | 9,677 | |||||||||||||||||||||||||||
Residential Mortgage Loans |
40,841 | 37,878 | 0 | 336 | 0 | 2,627 | 295 | 159 | 616 | |||||||||||||||||||||||||||
Totals |
$ | 760,683 | $ | 632,668 | $ | 39,714 | $ | 16,015 | $ | 0 | $ | 72,286 | $ | 29,831 | $ | 17,697 | $ | 25,043 | ||||||||||||||||||
Loan Information at June 30, 2010
| Loan Detail | Other Related Data | |||||||||||||||||||||||||||||||||||
| Accruing Loans | Allowance | Year to Date | Other Real | |||||||||||||||||||||||||||||||||
| (In thousands) | 6/30/10 | Current | TDR | 30 to 89 past due | 90+ days past due | Non-Accrual | For Loan Losses | Net Charge-Offs | Estate Owned | |||||||||||||||||||||||||||
Consumer Loans |
$ | 28,017 | $ | 26,782 | $ | 0 | $ | 184 | $ | 0 | $ | 1,051 | $ | 1,176 | $ | 386 | $ | 114 | ||||||||||||||||||
Commercial Loans |
134,199 | 108,465 | 6,916 | 4,684 | 0 | 14,134 | 5,037 | 2,664 | 2,012 | |||||||||||||||||||||||||||
Land Development — Residential |
29,233 | 9,506 | 1,980 | 746 | 0 | 17,001 | 2,437 | 7,171 | 6,034 | |||||||||||||||||||||||||||
Land Development — Non Residential |
9,427 | 8,108 | 0 | 0 | 0 | 1,319 | 1,815 | 300 | 1,786 | |||||||||||||||||||||||||||
Commercial Construction Loans — Residential |
11,060 | 687 | 2,160 | 0 | 0 | 8,213 | 2,516 | 1,711 | 1,525 | |||||||||||||||||||||||||||
Commercial Construction Loans — Non Residential |
17,935 | 14,402 | 3,200 | 0 | 0 | 333 | 4,413 | 36 | 2,869 | |||||||||||||||||||||||||||
Commercial Mortgage Loans |
511,265 | 441,566 | 24,274 | 14,895 | 0 | 30,530 | 13,833 | 3,005 | 8,786 | |||||||||||||||||||||||||||
Residential Mortgage Loans |
41,896 | 39,248 | 0 | 83 | 0 | 2,565 | 347 | 181 | 850 | |||||||||||||||||||||||||||
Totals |
$ | 783,032 | $ | 648,764 | $ | 38,530 | $ | 20,592 | $ | 0 | $ | 75,146 | $ | 31,574 | $ | 15,454 | $ | 23,976 | ||||||||||||||||||
11