JohnCM
12 years ago
Dearborn Bancorp, Inc. operates as the holding company for Fidelity Bank that provides banking services to individuals and businesses in Michigan. It accepts various deposit products that include checking accounts, savings accounts, money market accounts, certificates of deposit, business checking accounts, and direct deposits. The company?s loan portfolio comprises commercial loans for general business purposes, including working capital, accounts receivable financing, machinery and equipment acquisition, and commercial real estate financing; residential real estate loans; consumer loans consisting of home equity lines of credit, loans secured by new and used automobiles and boats, and overdraft protection for checking account customers. In addition, Dearborn offers travelers? checks, cashiers? checks, wire transfers, safety deposit boxes, online banking, telephone banking, collection services, night depository services, check imaging options, including statements on CD ROM, online banking services, insurance agency services, and internal auditing services to financial institutions. It operates 17 banking offices in Dearborn, Dearborn Heights, Plymouth Township, Canton Township, Clinton Township, Southgate, Auburn Hills, Saline, Ann Arbor, Birmingham, Bloomfield Township, Bingham Farms, Southfield, and Shelby Township in Michigan. The company was founded in 1992 and is headquartered in Dearborn, Michigan.
stocktrader001
14 years ago
Dearborn Bancorp Inc. Reports Operating Results (10-Q)
May. 13, 2011 | Filed Under: DEAR
Dearborn Bancorp Inc. (DEAR) filed Quarterly Report for the period ended 2011-03-31.
Dearborn Bancorp Inc. has a market cap of $10.2 million; its shares were traded at around $1.3301 with and P/S ratio of 0.2.
Highlight of Business Operations:
The Corporation reported provision for loan losses of $1,395,000 for the three month period ended March 31, 2011, compared to $100,000 for the same period in 2010, an increase of $1,295,000. The provision for loan losses were primarily due to net charge-offs during the three month ended March 31, 2011. Net charge-offs during the first quarter of 2011 amounted to $1,395,000. The charge-offs recorded during the first quarter of 2011 had allocations of $396,000 in the allowance for loan loss as of December 31, 2010. The difference between the charge-offs recorded during the three months ended March 31, 2011 and the allocation in the allowance for loan losses at December 31, 2010 was primarily due to full charge-offs taken on loans which are not specifically analyzed because the outstanding balance of those loans were less than $500,000. These loans were assigned an allocation based on historical charge-offs. The Corporation’s policy is to specifically analyze all impaired loans with a balance over $500,000. The Corporation also reported write-downs on real estate of $326,000 for the three months ended March 31, 2011 compared to $656,000 for the same period in 2010, a decrease of $330,000 or 50%.
2011 Compared to 2010. As noted on the chart on the following page, net interest income for the three month period ended March 31, 2011 was $8,569,000, compared to $8,055,000 for the same period in 2010, an increase of $514,000 or 6% for the period. This increase was caused primarily by the decline in the cost of liabilities. Similarly, the increase in the Corporation’s net interest spread and net interest margin was primarily due to the decline in the cost on interest bearing liabilities. The Corporation’s interest rate margin was 3.96% for the three month period ended March 31, 2011 compared to 3.47% for the same period in 2010. The Corporation’s interest rate spread was 3.84% for the three month period ended March 31, 2011 compared to 3.27% for the same period in 2010.
2011 Compared to 2010. The provision for loan losses was $1,395,000 for the three month period ended March 31, 2011, compared to $100,000 for the same period in 2010, an increase of $1,295,000 or 1295% for the period. The provision for loan losses were primarily due to net charge-offs during the period, which amounted to $1,395,000 for the period and was substantiated by management’s internal analysis of the adequacy of the allowance for loan losses.
Non-accrual loans were $71,953,000 at March 31, 2011 compared to $66,563,000 at December 31, 2010, an increase of $5,390,000 during the three months ended March 31, 2011. This increase was due to the migration of primarily previously identified classified loans. These loans have been identified as impaired loans and have been charged down to the value of the collateral or an appropriate reserve has been identified in the allowance for loan loss. Of this increase, all but approximately $1,183,000 were identified at December 31, 2010 as classified loans with reserves for losses established accordingly.
2011 Compared to 2010. Non-interest income was $75,000 for the three month period ended March 31, 2011 compared to a non-interest loss of ($59,000) for the same period in 2010. The increase in non-interest income was primarily due to the decline in the amount of write-downs on other real estate during 2011. During the three months ended March 31, 2011, the Corporation recorded write-downs on real estate in the amount of $326,000 compared to $656,000 during the same period in 2010.
When transactions related to other real estate and securities are excluded, non-interest income for the three month period ended March 31, 2011 amounted to $477,000 compared to $539,000 during the same period in 2010, a decrease of $62,000 or 11% for the period. This decrease is primarily caused by the decrease in the service charges on deposit accounts and the gain on the sale of loans during the period i
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stocktrader001
14 years ago
Dearborn Bancorp Reports First Quarter Profit
DEARBORN, Mich., April 19, 2011 (GLOBE NEWSWIRE) -- Dearborn Bancorp, Inc. (Nasdaq:DEAR), the Holding Company for Fidelity Bank ("Bank"), today reported a net income of $154,000 or $0.02 per fully diluted common share for the three months ended March 31, 2011 compared to a net income of $1,128,000 or $0.15 per share for the three months ended March 31, 2010. The Company's Shareholders' Equity of $26,994,000 equates to a tangible book value of $3.51 per share compared to the market closing price of $1.42 on March 31, 2011. In accordance with regulatory capital guidelines, the Bank remains "undercapitalized" at March 31, 2011.
At March 31, 2011 the Company's total assets were $896,994,000 compared to $970,669,000 at March 31, 2010. Total loans were intentionally reduced from $813,961,000 to $718,187,000. Total deposits declined from $852,017,000 to $794,153,000. Cash and cash equivalents increased from $79,002,000 to $103,310,000, and securities available for sale increased from $46,267,000 to $53,117,000. 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. First quarter 2011 earnings were $154,000 net after expenses of $1,395,000 in loan loss provision, $326,000 in write-downs of other real estate owned, $1,180,000 in defaulted loan expense and $950,000 in FDIC insurance premiums. Net charge-offs for the first quarter of 2011 declined to $1,395,000 compared to $4,937,000 for the first quarter for 2010. Non-performing loans remain unacceptably high at $120,688,000. Included in this category are $42,205,000 of restructured troubled debt loans which are current according to their restructured terms."
Mr. Ross continued, "The net interest margin grew to 3.96% for the quarter ended March 31, 2011 compared to 3.47% 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 10.7% at March 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. 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 16 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.
http://bit.ly/fGAp5d
stocktrader001
14 years ago
DEARBORN, Mich., Feb. 4, 2011 (GLOBE NEWSWIRE) -- In a release published earlier today by Dearborn Bancorp, Inc. (Nasdaq:DEAR), please note that the second and third paragraphs have been updated. Additionally, please note that no financial figures were adjusted in the process. The updated release follows:
Dearborn Bancorp, Inc. (Nasdaq:DEAR), the Holding Company for Fidelity Bank ("Bank"), today reported a net loss of $2,379,000 or $(0.31) per fully diluted common share for the three months ended December 31, 2010 compared to a net loss of $5,806,000 or $(0.76) per share for the three months ended December 31, 2009. For the year ended December 31, 2010, the Company's net loss was $14,249,000 or $(1.86) compared to a net loss of $61,175,000 or $(8.00) for the same period in 2009. The Company's Shareholders' Equity of $26,959,000 equates to a tangible book value of $3.51 per share compared to the market closing price of $1.65 on December 31, 2010. In accordance with regulatory capital guidelines, the Bank remains "undercapitalized" at December 31, 2010.
Historically, in 2009, the Company recorded a $25,851,000 valuation allowance against its entire deferred tax asset, recorded a $5,451,000 tax refund from the expansion of a net operating loss carryback from two years to five years, and wrote-off its remaining $3,997,000 intangible assets related to acquisitions completed in 2004 and 2007. Additionally, in March 2010, the Company recorded an additional $10,000,000 in provision for 2009 based on information that became available that was indicative of credit quality issues as of December 31, 2009. Regardless of the adjustments, 2010 was a substantial improvement over 2009 in terms of net loss, operating expenses, and net interest margin.
At December 31, 2010 the Company's total assets were $915,684,000 compared to $986,486,000 at December 31, 2009. Total loans were intentionally reduced from $833,136,000 to $735,851,000. Total deposits declined from $867,955,000 to $812,101,000. Cash and cash equivalents increased from $77,497,000 to $93,775,000, and securities available for sale increased from $45,964,000 to $54,561,000. During 2010, the Company focused 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, "We continue to operate in a troubled condition; however, 2010 began to show some positive signs of improvement. Non-performing assets peaked in March of 2010 at $138,494,000 and have slowly declined each quarter thereafter to $136,592,000, but still remain at elevated levels at year end. Included in the year end non-performing assets was $48,527,000 in troubled debt restructured loans which were all current according to their restructured terms. Net charge-offs for 2010 were $23,132,000 compared to $30,190,000 for 2009, an improvement of 24%. Other real estate owned also dropped from $23,435,000 to $21,502,000, an 8% decline. During the fourth quarter of 2010, due to the efforts of our Special Assets team, we had significant sales of other real estate owned in the amount of $8,081,000. During the quarter we began to receive multiple bids on bank owned properties versus nominal bids on properties marketed a year ago. We anticipate improvement going forward, primarily as a result of fewer additions to non-performing assets as well as a higher level of sales of other real estate owned resulting from a marginally more active real estate market in Southeast Michigan."
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Dearborn Bancorp Inc.| DEAR
Mr. Ross continued, "The core operations of the Company continue to produce income to offset the high cost of FDIC insurance premiums and the defaulted loan expense associated with resolving problem assets which were $4,125,000 and $4,372,000, respectively for 2010. The net interest margin grew to 3.93% for the quarter ended December 31, 2010 compared to 3.14% a year ago, primarily as a result of improved deposit pricing. Additionally, management continues to maintain tight control over operations and has reduced expenses in the areas of wages, occupancy, marketing, stationery and supplies, data processing as well as certain discretionary expenses during 2010.
Ross concluded, "While we have shown some positive signs in 2010, 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. 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."
http://www.thestreet.com/story/10997543/3/updating-and-replacing--dearborn-bancorp-reports-fourth-quarter-and-year-end-results.html
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