Dearborn Bancorp Reports Second Quarter Results
DEARBORN, Mich., July 20, 2010 (GLOBE NEWSWIRE) -- Dearborn Bancorp, Inc. (Nasdaq:DEAR), the Holding Company for Fidelity Bank ("Bank"), today reported a net loss of $13,629,000 or $(1.78) per fully diluted common share for the three months ended June 30, 2010 compared to a net loss of $9,075,000 or $(1.19) per share for the three months ended June 30, 2009. For the six months ended June 30, 2010, the Company's net loss was $12,501,000 or $(1.63) compared to a net loss of $15,324,000 or $(2.00) for the same period in 2009. The Company's Shareholders' Equity of $29,963,000 equates to a book value of $3.90 per share compared to the market closing price of $1.87 on June 30, 2010. In accordance with regulatory capital guidelines, the Bank remains "undercapitalized" at June 30, 2010.
At June 30, 2010, the Company's total assets were $933,113,000, representing a decline of 5.72 percent over the preceding 12 months. Total deposits increased 1.78 percent over the previous year and stood at $827,664,000 when the second quarter ended. Total loans were $783,032,000 on June 30, 2010, 11.28 percent less than they had been on the same date in 2009. Strong emphasis is being placed on collection and maintenance of the existing loan portfolio and new lending has been curtailed to conserve capital.
Michael J. Ross, President and Chief Executive Officer of both the Company and the Bank, announced the financial results and commented, "During the second quarter, charge-offs were $10.5 million and were all related to the reappraisal or reevaluation of collateral on already identified substandard classified loans. The corresponding provision for loan losses was $11.8 million for the second quarter which brought the total allowance for loan losses to $31.6 million or 4.03% of total loans. During the second quarter, loans restructured under troubled debt guidelines increased by $6.8 million as the Bank continues to work with borrowers to repay their loans. Non-accruing loans declined by $7.2 million and other real estate owned declined by $491,000 resulting in a decline in overall non-performing assets of $842,000 for the second quarter."
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