DEAR Dearborn Bancorp, Inc. (MM)

DEARBORN, Mich., Jan. 20 /PRNewswire-FirstCall/ -- Dearborn Bancorp, Inc. (NASDAQ:DEAR), the Holding Company for Fidelity Bank, has reported financial results for fourth quarter and full year ended December 31, 2008. These results included non-cash impairment charges related to goodwill and intangible assets related to prior acquisitions. These non-cash charges, which were announced earlier, were the consequence of deterioration in general conditions in the Southeast Michigan and U.S. economy. The Company's operating net loss for the full year, which excludes the non-cash impairment charges, was $5,815,000 or ($0.73) per fully diluted common share. For 2007, the Company's net income was $3,166,000 or $0.36 per diluted share. The operating loss for the fourth quarter, which also excludes the non-cash impairment charges, was $3,348,000 or ($0.43) per diluted share, compared to net income of $398,000 or $0.05 per share in the same period of 2007. Including non-cash charges for impairment of goodwill of $34,028,000 and for impairment of intangible assets of $5,573,000, the net loss for the full year was $31,925,000 or ($3.99) per diluted share and $29,407,000 or ($3.77) per diluted share for the fourth quarter. During the twelve months of 2008, the Company's total assets increased 7.2 percent to $1,121,918,000. Total deposits went up 14.1 percent to $938,395,000 and total loans declined 2.0 percent to $933,269,000. At year-end, stockholders' equity was $103,311,000, which continues to place the Company and Bank in the "well-capitalized" category according to regulatory guidelines. Michael J. Ross, President and Chief Executive Officer of both the Company and the Bank, reported his organization's results and commented, "The economic situation here in our corner of Michigan and in the nation as a whole is not good and our operations reflect that situation. As we have explained earlier, the goodwill and intangible assets we booked following earlier acquisitions in better times have lost a great deal of value because of changing economic circumstances. Moreover, the deteriorating economy has impacted our loan portfolio and the assets that secured those loans." Ross went on, "We provided $14.6 million for possible loan losses during 2008, charged-off $6.4 million in loans, realized a loss of $745,000 on the sale of repossessed real estate, and wrote down the value of real estate still on our books by another $2.3 million. In addition, we had expenses of more than $2 million associated with defaulted loans. When we foreclose on real estate or accept a deed in lieu of foreclosure, we become liable for expenses such as taxes, insurance, and legal fees." Ross concluded his report by saying, "Our day to day operations provide sufficient cash flow to allow us to absorb the losses from the real estate 'bust' in Southeast Michigan while maintaining a 'well capitalized' rating with our regulators. We have an excellent team of special asset officers working out our problem and defaulted loans and we are shedding our repossessed real estate or converting them to income producing properties as fast as we can. We are committed to working through these troubled loans and returning our Company to historical profitability." 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. 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) 12/31/08 12/31/07 ASSETS Cash and cash equivalents Cash and due from banks $11,671 $7,869 Federal funds sold 4,455 1,495 Interest bearing deposits with banks 36,876 118 Total cash and cash equivalents 53,002 9,482 Mortgage loans held for sale 1,834 1,316 Investment securities, available for sale 84,148 8,902 Federal Home Loan Bank stock 3,614 2,072 Loans Loans 933,269 952,084 Allowance for loan loss (14,452) (10,617) Net loans 918,817 941,467 Premises and equipment, net 21,272 22,782 Real estate owned 9,657 6,319 Goodwill --- 34,028 Other intangible assets 4,592 11,133 Accrued interest receivable 3,499 3,816 Other assets 21,483 5,664 Total assets $1,121,918 $1,046,981 LIABILITIES Deposits Non-interest bearing deposits $81,317 $83,594 Interest bearing deposits 857,078 739,033 Total deposits 938,395 822,627 Other liabilities Federal funds purchased --- 30,100 Securities sold under agreements to repurchase 2,461 480 Federal Home Loan Bank advances 65,019 41,370 Accrued interest payable 1,695 3,168 Other liabilities 1,037 1,688 Subordinated debentures 10,000 10,000 Total liabilities 1,018,607 909,433 STOCKHOLDERS' EQUITY Common stock - 20,000,000 shares authorized, 7,696,204 and 8,237,413 shares outstanding in 2008 and 2007, respectively 131,784 134,278 Retained earnings (28,675) 3,250 Accumulated other comprehensive loss 202 20 Total stockholders' equity 103,311 137,548 Total liabilities and stockholders' equity $1,121,918 $1,046,981 DEARBORN BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (unaudited) (In thousands, except share and per share data) Three Months Ended Twelve Months Ended 12/31/08 12/31/07 12/31/08 12/31/07 Interest income Interest on loans, including fees $14,623 $16,998 $60,533 $68,947 Interest on securities, available for sale 149 102 464 603 Interest on federal funds 27 72 86 433 Interest on deposits with banks 40 43 43 127 Total interest income 14,839 17,215 61,126 70,110 Interest expense Interest on deposits 6,440 8,616 25,106 33,303 Interest on other borrowings 855 725 3,889 3,188 Total interest expense 7,295 9,341 28,995 36,491 Net interest income 7,544 7,874 32,131 33,619 Provision for loan losses 4,884 855 14,606 5,821 Net interest income after provision for loan losses 2,660 7,019 17,525 27,798 Non-interest income Service charges on deposit accounts 392 328 1,538 1,267 Fees for other services to customers 39 43 128 141 Gain on the sale of loans 0 28 165 163 Write-down of real estate (1,783) (105) (2,292) (701) Loss on the sale of real estate (25) (26) (745) (26) Gain on the sale of securities 8 --- 17 --- Other income 64 54 259 176 Total non-interest income (1,305) 322 (930) 1,020 Non-interest expenses Salaries and employee benefits 3,236 3,318 13,142 13,109 Occupancy and equipment expense 981 915 3,752 3,663 Intangible expense 0 416 968 1,328 Impairment of goodwill 34,028 --- 34,028 --- Impairment of other intangible assets 5,573 --- 5,573 --- FDIC assessment 174 349 696 424 Advertising and marketing 158 129 550 468 Stationery and supplies 185 137 592 617 Professional services 337 255 1,063 1,042 Data processing 246 274 848 716 Defaulted loan expense 649 462 2,078 685 Other operating expenses 462 484 1,717 1,744 Total non-interest expenses 46,029 6,739 65,007 23,796 Income before income tax provision (44,674) 602 (48,412) 5,022 Income tax provision (15,267) 204 (16,487) 1,856 Net income (loss) ($29,407) $398 ($31,925) $3,166 Per share data: Net income - basic ($3.77) $0.05 ($3.99) $0.37 Net income - diluted ($3.77) $0.05 ($3.99) $0.36 Weighted average number of shares outstanding - basic 7,796,354 8,357,909 8,007,345 8,602,704 Weighted average number of shares outstanding - diluted 7,796,354 8,504,931 8,007,345 8,823,699 DEARBORN BANCORP, INC. AND SUBSIDIARY ASSET QUALITY DATA (Dollars, in thousands) 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007 Troubled debt restructuring $17,765 $15,328 $13,145 $8,710 $21,077 Loans over 90 days past due and still accruing 450 3,141 7,319 9,257 884 Non-accrual loans 51,708 51,342 36,195 17,406 18,117 Total non-performing loans 69,923 69,811 56,659 35,373 40,078 Real estate owned and other repossessed assets 9,657 8,343 5,411 6,183 6,319 Total non-performing assets $79,580 $78,154 $62,070 $41,556 $46,397 Net charge-offs (Year to date) $10,771 $3,910 $3,611 $754 $4,683 Allowance for loan losses 14,452 16,429 16,638 10,749 10,617 ASSET QUALITY RATIOS 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007 Non-accrual loans to total loans 5.54% 5.47% 3.83% 1.84% 1.90% Non-performing loans to total loans 7.49% 7.43% 6.00% 3.73% 4.21% Non-performing assets to total assets 7.09% 7.25% 5.98% 3.97% 4.43% Loans over 90 days past due and still accruing to total loans 0.05% 0.33% 0.78% 0.98% 0.09% Net charge-offs to average loans 1.14% 0.41% 0.38% 0.08% 0.50% Allowance for loan losses to non- performing loans 20.67% 23.53% 29.37% 30.39% 26.49% Allowance for loan losses to non- performing assets 18.16% 21.02% 26.81% 25.87% 22.88% Allowance for loan losses to total loans 1.55% 1.75% 1.76% 1.13% 1.12% DEARBORN BANCORP, INC. AND SUBSIDIARY NON-GAAP OPERATING EARNINGS INFORMATION (Dollars, in thousands except share and per share data) Quarter Ended 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007 Income (loss) from continuing operations ($29,407) $1,420 ($4,614) $676 $398 Add: Non-recurring merger expenses 28 13 49 55 121 Tax effect (10) (4) (17) (19) (41) After-tax non operating items 18 9 32 36 80 Core operating income (loss) ($29,389) $1,429 ($4,582) $712 $478 Quarter Ended 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007 Core operating income (loss) ($29,389) $1,429 ($4,582) $712 $478 Add: Amortization of intangible assets 0 323 322 323 416 Add: Impairment of goodwill and intangible assets 39,601 0 0 0 0 Tax effect (13,464) (110) (109) (110) (141) After-tax non operating items 26,137 213 213 213 275 Cash operating income (loss) ($3,252) $1,642 ($4,369) $925 $751 (Dollars, in thousands except share and per share data) Quarter Ended 12/31/2008 12/31/2007 Income (loss) from continuing operations ($29,407) $398 After-tax non-recurring merger expenses 18 80 Core operating income (loss) (29,389) 478 After tax amortization of intangible assets 26,137 159 Cash operating income (loss) ($3,252) $637 Basic EPS Quarter Ended 12/31/2008 12/31/2007 Income (loss) from continuing operations ($3.77) $0.05 After-tax non-recurring merger expenses $0.00 $0.01 Core operating income (loss) ($3.77) $0.06 After tax amortization of intangible assets $3.35 $0.02 Cash operating income (loss) ($0.42) $0.08 Diluted EPS Quarter Ended 12/31/2008 12/31/2007 Income (loss) from continuing operations ($3.77) $0.05 After-tax non-recurring merger expenses $0.00 $0.01 Core operating income (loss) ($3.77) $0.06 After tax amortization of intangible assets $3.35 $0.02 Cash operating income (loss) ($0.42) $0.07 Weighted average shares outstanding - basic 7,796,354 8,357,909 Weighted average shares outstanding - diluted 7,796,354 8,504,931 DEARBORN BANCORP, INC. AND SUBSIDIARY TANGIBLE ASSETS & EQUITY (1) (Dollars, in thousands) Quarter Ended 12/31/2008 12/31/2007 Average GAAP equity $133,081 $139,845 Goodwill 33,288 34,028 Other intangible assets 9,929 11,438 Deferred taxes 5,872 (988) 49,089 44,478 Average tangible equity $83,992 $95,367 Quarter Ended 12/31/2008 12/31/2007 Average GAAP assets $1,091,120 $1,053,498 Goodwill 33,288 34,028 Other intangible assets 9,929 11,438 Deferred taxes 5,872 (988) 49,089 44,478 Average tangible assets $1,042,031 $1,009,020 (1) The preceding table is based upon the average balance during the fourth quarter of 2008. On December 30, 2008, the Corporation recorded impairment of goodwill of $34,028,000 and impairment of other intangible assets of $5,573,000. The Corporation also recorded a tax deferred asset of $13,464,000 related to the impairment of goodwill and other intangible assets. DEARBORN BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars, in thousands) Quarter Ended 12/31/08 9/30/08 6/30/08 3/31/08 12/31/07 ASSETS Cash and cash equivalents Cash and due from banks $11,671 $15,719 $12,779 $12,736 $7,869 Federal funds sold 4,455 14,281 1,301 1,958 1,495 Interest bearing deposits with banks 36,876 33,146 147 105 118 Total cash and cash equivalents 53,002 63,146 14,227 14,799 9,482 Mortgage loans held for sale 1,834 281 755 282 1,316 Securities, available for sale 84,148 2,520 9,381 8,921 8,902 Federal Home Loan Bank stock 3,614 3,614 3,540 3,540 2,072 Loans Loans 933,269 939,109 943,635 947,927 952,084 Allowance for loan loss (14,452) (16,429) (16,638) (10,749) (10,617) Net loans 918,817 922,680 926,997 937,178 941,467 Bank premises and equipment, net 21,272 21,491 21,630 22,546 22,782 Real estate owned 9,657 8,343 5,411 6,183 6,319 Goodwill 0 34,028 34,028 34,047 34,028 Other intangible assets 4,592 10,165 10,487 10,810 11,133 Accrued interest receivable 3,499 3,601 3,757 4,134 3,816 Other assets 21,483 8,110 7,880 5,189 5,664 Total assets $1,121,918 $1,077,979 $1,038,093 $1,047,629 $1,046,981 LIABILITIES Deposits Non-interest bearing deposits $81,317 $83,555 $82,353 $80,711 $83,594 Interest bearing deposits 857,078 775,196 741,124 688,492 739,033 Total deposits 938,395 858,751 823,477 769,203 822,627 Other liabilities Federal funds purchased 0 0 3,600 56,480 30,100 Securities sold under agreements to repurchase 2,461 222 171 275 480 Federal Home Loan Bank advances 65,019 72,283 65,401 70,795 41,370 Other liabilities 1,037 1,735 1,026 1,017 1,688 Accrued interest payable 1,695 1,148 2,047 2,548 3,168 Subordinated debentures 10,000 10,000 10,000 10,000 10,000 Total liabilities 1,018,607 944,139 905,722 910,318 909,433 Total stockholders' equity 103,311 133,840 132,371 137,311 137,548 Total liabilities and stockholders' equity $1,121,918 $1,077,979 $1,038,093 $1,047,629 $1,046,981 DEARBORN BANCORP, INC. AND SUBSIDIARY CONSOLIDATED INCOME STATEMENT (Dollars, in thousands) Quarter ended 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007 INTEREST INCOME Interest on loans, including fees $14,623 $14,742 $14,994 $16,174 $16,998 Interest on other earning assets 216 121 131 125 217 Total interest income 14,839 14,863 15,125 16,299 17,215 INTEREST EXPENSE Interest on deposits 6,440 5,764 5,874 7,028 8,616 Interest on other liabilities 855 849 967 1,218 725 Total interest expense 7,295 6,613 6,841 8,246 9,341 Net interest income 7,544 8,250 8,284 8,053 7,874 Provision for loan loss 4,884 90 8,746 886 855 Net interest income after provision for loan loss 2,660 8,160 (462) 7,167 7,019 NON-INTEREST EXPENSE Deposit service charges 431 426 390 419 371 Gain on the sale of loans 0 61 51 53 28 Loss on the sale or write-down of real estate (1,808) (225) (569) (435) (131) Other 72 57 73 74 54 Total non-interest income (1,305) 319 (55) 111 322 NON-INTEREST EXPENSE Salaries and employee benefits 3,236 3,413 3,284 3,209 3,318 Occupancy and equipment expense 981 908 950 913 915 Impairment of goodwill and other intangible assets 39,601 0 0 0 0 Other expense 2,211 1,991 2,194 2,116 2,506 Total non-interest expense 46,029 6,312 6,428 6,238 6,739 Income (loss) before income tax provision (44,674) 2,167 (6,945) 1,040 602 Income tax provision (benefit) (15,267) 747 (2,331) 364 204 Net income (loss) ($29,407) $1,420 ($4,614) $676 $398 DEARBORN BANCORP, INC. AND SUBSIDIARY CONSOLIDATED FINANCIAL DATA (Dollars in thousands, except share and per share data) Quarter ended 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007 EARNINGS SUMMARY Net interest income $7,544 $8,250 $8,284 $8,053 $7,874 Provision for loan loss $4,884 $90 $8,746 $886 $855 Total non-interest income ($1,305) $319 ($55) $111 $322 Total non-interest expense $46,029 $6,312 $6,428 $6,238 $6,739 Income taxes ($15,267) $747 ($2,331) $364 $204 Net income (loss) ($29,407) $1,420 ($4,614) $676 $398 Basic earnings per share ($3.77) $0.18 ($0.57) $0.08 $0.05 Diluted earnings per share ($3.77) $0.18 ($0.57) $0.08 $0.05 MARKET DATA Book value per share $13.42 $16.53 $16.43 $16.94 $16.70 Tangible book value per share $11.16 $11.07 $11.04 $11.56 $11.58 Market value per share $1.66 $4.99 $4.86 $7.60 $7.73 Average basic common shares 7,796,354 8,044,180 8,051,037 8,139,721 8,357,909 Average diluted common shares 7,796,354 8,082,263 8,051,037 8,198,676 8,504,931 Period end common shares 7,696,204 8,098,557 8,055,698 8,106,413 8,237,413 PERFORMANCE RATIOS Return on average assets -10.72% 0.54% -1.77% 0.26% 0.15% Return on average equity -87.91% 4.22% -13.45% 1.97% 1.13% Net interest margin (FTE) 2.96% 3.41% 3.45% 3.36% 3.22% Efficiency ratio 572.00% 71.78% 73.06% 72.54% 80.93% ASSET QUALITY Net charge-offs (YTD) $10,771 $3,910 $3,611 $754 $4,683 Nonperforming loans $69,923 $69,811 $56,659 $35,373 $40,078 Other real estate $9,657 $8,343 $5,411 $6,183 $6,319 Nonperforming loans to total loans 7.49% 7.43% 6.00% 3.73% 4.21% Nonperforming assets to total assets 7.09% 7.25% 5.98% 3.97% 4.43% Allowance for loan loss to total loans 1.55% 1.75% 1.76% 1.13% 1.12% CAPITAL & LIQUIDITY Average equity to average assets 12.20% 12.85% 13.16% 13.22% 13.27% Tier 1 capital to risk weighted assets 9.11% 10.23% 10.21% 10.49% 10.42% Total capital to risk weighted assets 10.37% 11.48% 11.46% 11.59% 11.51% Loan to deposit ratio 99.45% 109.36% 114.59% 123.23% 115.74% Loan to funding ratio 91.87% 99.77% 104.54% 104.54% 105.25% END OF PERIOD BALANCES Total portfolio loans $933,269 $939,109 $943,635 $947,927 $952,084 Earning assets $1,064,196 $992,951 $958,759 $962,733 $965,987 Total assets $1,121,918 $1,077,979 $1,038,093 $1,047,629 $1,046,981 Deposits $938,395 $858,751 $823,477 $769,203 $822,627 Total shareholders' equity $103,311 $133,840 $132,371 $137,311 $137,548 AVERAGE BALANCES Total portfolio loans $940,195 $944,262 $947,892 $946,697 $950,169 Earning assets $1,010,304 $961,935 $966,437 $961,549 $970,897 Total assets $1,091,120 $1,042,152 $1,048,423 $1,044,159 $1,053,498 Deposits $876,569 $822,424 $807,347 $789,076 $855,931 Total shareholders' equity $133,081 $133,949 $138,002 $137,990 $139,845 Dearborn Bancorp, Inc. Loan Information at December 31, 2008 (In thousands) Loan Detail Accruing Loans 90+ days 30 to 89 past Non- 12/31/08 Current TDR past due due Accrual Consumer Loans $31,864 $30,652 $0 $127 $0 $1,085 Commercial Loans 164,740 156,135 1,985 1,053 254 5,313 Land Development - Residential 54,323 37,044 3,843 0 0 13,436 Land Development - Non Residential 16,094 10,410 0 0 0 5,684 Commercial Construction Loans - Residential 17,296 13,228 0 0 0 4,068 Commercial Construction Loans - Non Residential 25,322 23,706 0 0 0 1,616 Commercial Mortgage Loans 571,204 532,977 11,937 5,583 196 20,511 Residential Mortgages Loans 52,426 51,233 0 286 0 907 Totals $933,269 $855,385 $17,765 $7,049 $450 $52,620 (In thousands) Other Related Data Allowance Year to Date Other Real For Loan Net Charge- Estate Losses Offs Owned Consumer Loans $163 $299 $0 Commercial Loans 1,532 4,187 1,586 Land Development - Residential 3,663 2,636 4,089 Land Development - Non Residential 1,922 0 282 Commercial Construction Loans - Residential 1,316 801 1,975 Commercial Construction Loans - Non Residential 1,149 131 0 Commercial Mortgage Loans 4,509 2,425 1,003 Residential Mortgages Loans 198 292 722 Totals 14,452 $10,771 $9,657 Unallocated 0 Total $14,452 Loan Information at September 30, 2008 (In thousands) Loan Detail Accruing Loans 30 to 89 90+ days Non- 9/30/08 Current TDR past due past due Accrual Consumer Loans $32,472 $30,993 $0 $333 $128 $1,018 Commercial Loans 162,311 152,665 1,934 1,972 93 5,647 Land Development - Residential 56,878 42,352 4,381 820 0 9,325 Land Development - Non Residential 17,894 12,295 671 860 0 4,068 Commercial Construction Loans - Residential 20,573 12,909 1,168 0 0 6,496 Commercial Construction Loans - Non Residential 30,145 23,901 2,558 492 0 3,194 Commercial Mortgage Loans 565,365 533,592 4,616 3,494 2,810 20,853 Residential Mortgages Loans 53,471 52,172 0 448 110 741 Totals $939,109 $860,879 $15,328 $8,419 $3,141 $51,342 (In thousands) Other Related Data Allowance Year to Date Other Real For Loan Net Charge- Estate Losses Offs Owned Consumer Loans $367 $160 $0 Commercial Loans 1,076 3,094 125 Land Development - Residential 4,072 229 4,425 Land Development - Non Residential 1,791 0 343 Commercial Construction Loans - Residential 3,069 0 729 Commercial Construction Loans - Non Residential 843 58 0 Commercial Mortgage Loans 4,672 185 2,049 Residential Mortgages Loans 539 184 672 Totals 16,429 $3,910 $8,343 Unallocated 0 Total $16,429 Loan Information at June 30, 2008 (In thousands) Loan Detail Accruing Loans 30 to 89 90+ days Non- 6/30/08 Current TDR past due past due Accrual Consumer Loans $33,206 $31,822 $0 $1,007 $216 $161 Commercial Loans 169,956 161,781 1,757 3,583 639 2,196 Land Development - Residential 60,170 47,449 2,606 0 693 9,422 Land Development - Non Residential 21,000 16,261 0 789 0 3,950 Commercial Construction Loans - Residential 20,605 13,725 1,080 96 606 5,098 Commercial Construction Loans - Non Residential 35,087 28,788 3,086 0 0 3,213 Commercial Mortgage Loans 549,145 523,047 4,616 5,748 5,021 10,713 Residential Mortgages Loans 54,466 51,408 0 1,472 144 1,442 Totals $943,635 $874,281 $13,145 $12,695 $7,319 $36,195 (In thousands) Other Related Data Year to Date Other Allowance Net Real For Loan Charge- Estate Losses Offs Owned Consumer Loans $339 $165 $70 Commercial Loans 890 3,096 280 Land Development - Residential 5,021 0 1,133 Land Development - Non Residential 1,923 0 343 Commercial Construction Loans - Residential 2,780 0 1,227 Commercial Construction Loans - Non Residential 1,118 58 0 Commercial Mortgage Loans 4,049 186 2,180 Residential Mortgages Loans 518 106 178 Totals 16,638 $3,611 $5,411 Unallocated 0 Total $16,638 Loan Information at March 31, 2008 (In thousands) Loan Detail Accruing Loans 30 to 89 90+ days Non- 3/31/08 Current TDR past due past due Accrual Consumer Loans $34,494 $33,484 $0 $395 $453 $162 Commercial Loans 169,659 163,648 917 2,834 711 1,549 Land Development - Residential 61,638 48,316 2,576 2,490 0 8,256 Land Development - Non Residential 16,372 12,422 0 0 3,950 0 Commercial Construction Loans - Residential 26,004 20,701 1,535 988 130 2,650 Commercial Construction Loans - Non Residential 38,885 32,420 3,259 3,206 0 0 Commercial Mortgage Loans 543,778 527,502 424 8,446 4,014 3,392 Residential Mortgages Loans 57,097 54,731 0 969 0 1,397 Totals $947,927 $893,224 $8,711 $19,328 $9,258 $17,406 (In thousands) Other Related Data Year to Date Allowance Net For Loan Charge- Other Real Losses Offs Estate Owned Consumer Loans $410 $93 $70 Commercial Loans 1,479 630 530 Land Development - Residential 2,040 0 422 Land Development - Non Residential 229 0 343 Commercial Construction Loans - Residential 562 6 2,334 Commercial Construction Loans - Non Residential 546 0 0 Commercial Mortgage Loans 4,804 (1) 2,484 Residential Mortgages Loans 630 26 0 Totals 10,700 $754 $6,183 Unallocated 49 Total $10,749 Loan Information at December 31, 2007 (In thousands) Loan Detail Accruing Loans 90+ days 30 to 89 past Non- 12/31/07 Current TDR past due due Accrual Consumer Loans $35,833 $34,349 $0 $1,023 $31 $430 Commercial Loans 174,958 $170,026 944 2,865 62 1,061 Land Development - Residential 63,639 $53,753 1,260 0 0 8,626 Land Development - Non Residential 10,156 $10,156 0 0 0 0 Commercial Construction Loans - Residential 33,768 $29,586 0 0 0 4,182 Commercial Construction Loans - Non Residential 40,187 $40,187 0 0 0 0 Commercial Mortgage Loans 539,306 $516,404 18,873 700 0 3,329 Residential Mortgages Loans 54,237 $52,475 0 482 791 489 Totals $952,084 $906,936 $21,077 $5,070 $884 $18,117 Loan Information at December 31, 2007 (In thousands) Other Related Data Allowance Year to Date Other Real For Loan Net Charge- Estate Losses Offs Owned Consumer Loans $451 $201 $0 Commercial Loans 1,400 690 1,724 Land Development - Residential 2,209 1,665 219 Land Development - Non Residential 117 0 343 Commercial Construction Loans - Residential 712 1,285 759 Commercial Construction Loans - Non Residential 551 0 0 Commercial Mortgage Loans 4,555 522 3,274 Residential Mortgages Loans 488 320 0 Totals 10,483 $4,683 $6,319 Unallocated 134 Total $10,617 DATASOURCE: Dearborn Bancorp, Inc. CONTACT: Michael J. Ross, President & CEO, +1-313-565-5700, or Jeffrey L. Karafa, CFO, +1-313-381-3200, both of Dearborn Bancorp, Inc.

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