updated 2/4/2011 4:17:55 PM ET 2011-02-04T21:17:55

DEARBORN, Mich., Feb. 4, 2011 (GLOBE NEWSWIRE) -- 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 restated year end 2009 financials by increasing the provision for loan losses by $10,000,000 that would have otherwise been normally recorded in 2010. These adjustments distort comparisons between 2009 and 2010 results. Regardless of the adjustments, 2010 was a substantial improvement over 2009 in terms of net loss, operating expenses, net interest margin, and asset quality by dollars.

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."

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."

Dearborn Bancorp, Inc. is a registered bank holding company. Its sole banking subsidiary is Fidelity Bank. The Bank operates 17 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 (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.

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (Unaudited)
     
(Dollars, in thousands) December 31,
  2010 2009
ASSETS    
Cash and cash equivalents    
Cash and due from banks $6,645 $7,803
Federal funds sold 55 156
Interest bearing deposits with banks 87,075 69,538
Total cash and cash equivalents 93,775 77,497
     
Mortgage loans held for sale  353 1,129
Securities available for sale  54,561 45,964
Securities held to maturity 250 336
Federal Home Loan Bank stock 3,605 3,698
Loans     
Loans 735,851 833,136
Allowance for loan losses (27,971) (35,125)
Net loans 707,880 798,011
     
Premises and equipment, net 19,195 20,194
Real estate owned 21,502 23,435
Accrued interest receivable 3,286 3,562
Other assets 11,277 12,660
     
Total assets $915,684 $986,486
     
LIABILITIES    
Deposits    
Non-interest bearing deposits $88,266 $83,873
Interest bearing deposits 723,835 784,082
Total deposits 812,101 867,955
     
Other liabilities    
Federal Home Loan Bank advances 63,716 63,855
Accrued interest payable 1,056 1,046
Other liabilities 1,852 1,685
Subordinated debentures 10,000 10,000
Total liabilities 888,725 944,541
     
STOCKHOLDERS' EQUITY    
Common stock - no par value 100,000,000 shares 

authorized, 7,685,705 and 7,687,470 shares 

outstanding in 2010 and 2009, respectively
132,082 131,929
 Retained earnings  (104,098) (89,850)
 Accumulated other comprehensive income (loss) (1,025) (134)
 Total stockholders' equity 26,959 41,945
     
 Total liabilities and stockholders' equity $915,684 $986,486
     
 
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
         
(In thousands, except share data) Three Months Ended December 31, Twelve Months Ended December 31,
  2010 2009 2010 2009
Interest income        
Interest on loans $11,026 $13,042 $45,668 $53,273
Interest on securities, available for sale 366 122 967 589
Interest on deposits with banks 121 101 337 374
Interest on federal funds  0 3 1 17
Total interest income 11,513 13,268 46,973 54,253
         
Interest expense        
Interest on deposits 2,381 4,731 11,427 20,993
Interest on other liabilities 314 531 1,467 2,374
Total interest expense 2,695 5,262 12,894 23,367
         
Net interest income 8,818 8,006 34,079 30,886
Provision for loan losses 3,575 12,341 15,978 50,863
         
Net interest income (loss) after provision for loan losses 5,243 (4,335) 18,101 (19,977)
         
Non-interest income        
Service charges on deposit accounts 359 381 1,448 1,499
Fees for other services to customers 29 31 149 126
Gain on the sale of loans 101 99 279 352
Gain (loss) on the sale of securities 0 (1) 539 490
Other than temporary impairment on securities, held to maturity        
Portion of loss recognized in other comprehensive income before taxes        
Net impairment losses recognized in earnings 0 0 0 (414)
Gain (loss) on the sale of real estate owned (470) 18 (476) (139)
Loss on the write-down of real estate owned (1,029) (267) (6,338) (2,766)
Other income 122 113 393 383
Total non-interest income (888) 374 (4,006) (469)
         
Non-interest expense        
Salaries and employee benefits 3,189 3,317 12,436 12,974
Occupancy and equipment expense 767 870 3,255 3,623
Amortization of intangible expense 0 0 0 595
Impairment of other intangible assets 0 0 0 3,997
FDIC assessment 975 990 4,125 2,843
Advertising and marketing 44 60 146 237
Stationery and supplies 63 89 292 429
Professional services 210 209 1,172 807
Data processing 182 220 722 905
Defaulted loan expense 1,099 1,110 4,372 4,624
Other operating expenses 493 431 2,012 1,686
Total non-interest expense 7,022 7,296 28,532 32,720
         
Income before federal income tax expense (2,667) (11,257) (14,437) (53,166)
Income tax expense (benefit) (288) (5,451) (188) 8,009
         
Net loss ($2,379) ($5,806) ($14,249) ($61,175)
         
Per share data:        
Net loss - basic  ($0.31) ($0.76) ($1.86) ($8.00)
Net loss - diluted ($0.31) ($0.76) ($1.86) ($8.00)
         
Weighted average number of shares outstanding - basic 7,645,940 7,645,940 7,645,940 7,645,076
Weighted average number of shares outstanding - diluted 7,645,940 7,645,940 7,645,940 7,645,076
 
 
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
           
(Dollars, in thousands)          
  Quarter Ended
  12/31/10 9/30/10 6/30/10 3/31/10 12/31/09
ASSETS          
Cash and cash equivalents          
Cash and due from banks $6,645 $7,136 $7,088 $8,047 $7,803
Federal funds sold 55 56 57 57 156
Interest bearing deposits with banks 87,075 70,216 67,056 70,898 69,538
Total cash and cash equivalents 93,775 77,408 74,201 79,002 77,497
           
Mortgage loans held for sale  353 572 1,169 758 1,129
Securities 54,811 46,622 46,507 46,267 46,300
Federal Home Loan Bank stock 3,605 3,698 3,698 3,698 3,698
Loans           
Loans 735,851 760,683 783,032 813,961 833,136
Allowance for loan loss (27,971) (29,831) (31,574) (30,288) (35,125)
Net loans 707,880 730,852 751,458 783,673 798,011
           
Bank premises and equipment, net 19,195 19,415 19,724 19,973 20,194
Other real estate 21,502 25,043 23,976 24,467 23,435
Other intangible assets --  --  --  --  -- 
Accrued interest receivable 3,286 3,301 3,181 3,595 3,562
Other assets 11,277 9,820 9,199 9,266 12,660
           
Total assets $915,684 $916,731 $933,113 $970,699 $986,486
           
LIABILITIES          
Deposits          
Non-interest bearing deposits $88,266 $87,205 $91,447 $86,407 $83,873
Interest bearing deposits 723,835 722,213 736,217 765,610 784,082
Total deposits 812,101 809,418 827,664 852,017 867,955
           
Other liabilities          
Federal Home Loan Bank advances 63,716 63,716 63,799 63,799 63,855
Other liabilities 1,692 972 942 956 1,685
Accrued interest payable 1,216 2,471 745 747 1,046
Subordinated debentures 10,000 10,000 10,000 10,000 10,000
Total liabilities 888,725 886,577 903,150 927,519 944,541
           
Total stockholders' equity 26,959 30,154 29,963 43,180 41,945
           
Total liabilities and stockholders' equity $915,684 $916,731 $933,113 $970,699 $986,486
 
 
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
           
(Dollars, in thousands) Quarter ended
  12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009
           
INTEREST INCOME          
Interest on loans, including fees $11,026 $11,328 $11,536 $11,778 $13,042
Interest on other earning assets 487 391 221 206 226
Total interest income 11,513 11,719 11,757 11,984 13,268
           
INTEREST EXPENSE          
Interest on deposits 2,381 2,578 2,925 3,543 4,731
Interest on other liabilities 314 391 376 386 531
Total interest expense 2,695 2,969 3,301 3,929 5,262
           
Net interest income 8,818 8,750 8,456 8,055 8,006
Provision for loan loss 3,575 500 11,803 100 12,341
           
Net interest income (loss) after provision for loan loss 5,243 8,250 (3,347) 7,955 (4,335)
           
NON-INTEREST INCOME          
Deposit service charges 388 401 429 379 412
Gain on the sale of loans 101 54 66 58 99
Loss on the sale or write-down of real estate (1,499) (998) (3,650) (667) (249)
Other 122 561 78 171 112
Total non-interest income (loss) (888) 18 (3,077) (59) 374
           
NON-INTEREST EXPENSE          
Salaries and employee benefits 3,189 3,050 3,078 3,119 3,317
Occupancy and equipment expense 767 857 777 854 870
Impairment of goodwill and other intangible assets --  --  --  --  -- 
Other expense 3,066 3,630 3,350 2,795 3,109
Total non-interest expense 7,022 7,537 7,205 6,768 7,296
           
Income (loss) before income tax provision (2,667) 731 (13,629) 1,128 (11,257)
Income tax provision (benefit) (288) 100 0 0 (5,451)
           
Net income (loss) ($2,379) $631 ($13,629) $1,128 ($5,806)
 
 
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA
           
(Dollars in thousands, except share and per share data) Quarter ended
  12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009
           
EARNINGS SUMMARY          
Net interest income $8,818 $8,750 $8,456 $8,055 $8,006
Provision for loan loss $3,575 $500 $11,803 $100 $12,341
Total non-interest income ($888) $18 ($3,077) ($59) $374
Total non-interest expense $7,022 $7,537 $7,205 $6,768 $7,296
Income taxes (benefit) ($288) $100 $0 $0 ($5,451)
Net income (loss) ($2,379) $631 ($13,629) $1,128 ($5,806)
Basic earnings per share ($0.31) $0.08 ($1.78) $0.15 ($0.76)
Diluted earnings per share ($0.31) $0.08 ($1.78) $0.15 ($0.76)
           
MARKET DATA          
Book value per share $3.51 $3.92 $3.90 $5.62 $5.46
Tangible book value per share $3.51 $3.92 $3.90 $5.62 $5.46
Market value per share $1.65 $1.79 $1.87 $1.11 $0.46
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 7,685,705 7,685,705 7,685,705 7,687,470 7,687,470
           
PERFORMANCE RATIOS          
Return on average assets -1.02% 0.27% -5.67% 0.44% -2.20%
Return on average equity -29.72% 7.92% -123.92% 10.50% -45.21%
Net interest margin (FTE) 3.93% 3.89% 3.68% 3.47% 3.14%
Efficiency ratio 74.47% 77.18% 79.80% 78.13% 84.55%
           
ASSET QUALITY          
Net charge-offs (YTD) $23,132 $17,697 $15,454 $4,937 $30,190
Nonperforming loans $115,090 $112,000 $113,676 $114,027 $108,761
Other real estate  $21,502 $25,043 $23,976 $24,467 $23,435
Nonperforming loans to total loans 15.64% 14.72% 14.52% 14.01% 13.05%
Nonperforming assets to total assets 14.92% 14.95% 14.75% 14.27% 13.40%
Allowance for loan loss to total loans 3.80% 3.92% 4.03% 3.72% 4.22%
           
CAPITAL & LIQUIDITY          
Average equity to average assets 3.42% 3.41% 4.58% 4.17% 4.87%
Tier 1 capital to risk weighted assets 4.91% 4.96% 4.63% 6.25% 6.10%
Total capital to risk weighted assets 6.19% 6.24% 6.07% 7.50% 7.39%
Loan to deposit ratio 90.61% 93.98% 94.61% 95.53% 95.99%
Loan to funding ratio 84.02% 87.12% 87.84% 88.88% 89.41%
           
END OF PERIOD BALANCES          
Total portfolio loans $735,851 $760,683 $783,032 $813,961 $833,136
Earning assets $881,750 $881,847 $901,519 $935,639 $953,957
Total assets $915,684 $916,731 $933,113 $970,699 $986,486
Deposits $812,101 $809,418 $827,664 $852,017 $867,955
Total shareholders' equity $26,959 $30,154 $29,963 $43,180 $41,945
           
AVERAGE BALANCES          
Total portfolio loans $750,443 $772,662 $801,464 $826,188 $851,447
Earning assets $893,065 $892,406 $926,477 $941,959 $1,013,062
Total assets $928,838 $926,017 $963,919 $1,045,938 $1,045,938
Deposits $820,714 $818,691 $844,001 $854,071 $912,691
Total shareholders' equity $31,761 $31,593 $44,114 $43,567 $50,956
 
 
DEARBORN BANCORP, INC. AND SUBSIDIARY
DEPOSIT INFORMATION
(In thousands)    
  December 31
Category 2010 2009
     
Non-interest bearing    
Demand $88,267 $83,873
     
Interest bearing    
Interest Checking $73,107 $83,087
Money market 53,499 52,412
Savings 41,214 43,343
Time, under $100,000 291,478 301,829
Time, $100,000 and over                264,536 303,411
  723,834 784,082
     
  $812,101 $867,955
 
 
DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA
(Dollars, in thousands)          
  12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009
           
Troubled debt restructuring $48,527 $39,714 $38,530 $31,737 $59,420
Loans over 90 days past due and still accruing --  --  --  1,127 -- 
Non-accrual loans 66,563 72,286 75,146 81,163 49,341
Total non-performing loans 115,090 112,000 113,676 114,027 108,761
Other real estate and other repossessed assets 21,502 25,043 23,976 24,467 23,435
Total non-performing assets $136,592 $137,043 $137,652 $138,494 $132,196
           
Net charge-offs (year to date) $23,132 $17,697 $15,454 $4,937 $30,190
Allowance for loan losses 27,971 29,831 31,574 30,288 35,125
           
   
ASSET QUALITY RATIOS
   
  12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009
           
Non-accrual loans to total loans 9.05% 9.50% 9.60% 9.97% 5.92%
Non-performing loans to total loans 15.64% 14.72% 14.52% 14.01% 13.05%
Non-performing assets to total assets 14.92% 14.95% 14.75% 14.27% 13.40%
Loans over 90 days past due and still accruing to total loans --% --% --% 0.14% --%
Net charge-offs to average loans 2.94% 2.21% 1.90% 0.60% 3.40%
Allowance for loan losses to non-performing loans 24.30% 26.63% 27.78% 26.56% 32.30%
Allowance for loan losses to non-performing assets 20.48% 21.77% 22.94% 21.87% 26.57%
Allowance for loan losses to total loans 3.80% 3.92% 4.03% 3.72% 4.22%
 
 
DEARBORN BANCORP, INC. AND SUBSIDIARY
LOAN INFORMATION AT DECEMBER 31, 2010
                   
(In thousands)   Loan Detail Other Related Data
    Accruing Loans        
 



12/31/10




Current




TDR


30 to 89 past due


90+ days past due


Non-Accrual
Allowance

For Loan Losses
Year to Date

Net Charge-Offs
Other Real

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
                   
                   
LOAN INFORMATION AT SEPTEMBER 30, 2010
                   
(In thousands)   Loan Detail Other Related Data
    Accruing Loans        
 



9/30/10




Current




TDR


30 to 89 past due


90+ days past due


Non-Accrual
Allowance

For Loan Losses
Year to Date

Net Charge-Offs
Other Real

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
                   
(In thousands)   Loan Detail Other Related Data
    Accruing Loans        
 



6/30/10




Current




TDR


30 to 89 past due


90+ days past due


Non-Accrual
Allowance

For Loan Losses
Year to Date

Net Charge-Offs
Other Real

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
                   
                   
LOAN INFORMATION AT MARCH 31, 2010
                   
(In thousands)   Loan Detail Other Related Data
    Accruing Loans        
 



3/31/10




Current




TDR


30 to 89 past due


90+ days past due


Non-Accrual
Allowance

For Loan Losses
Year to Date

Net Charge-Offs
Other Real

Estate Owned
                   
Consumer Loans $28,623 $27,578 $0 $121 $0 $924 $1,041 $319 $127
Commercial Loans 141,338 113,803 7,412 7,374 0 12,749 3,663 1,506 2,441
Land Development - Residential 36,089 10,701 1,628 500 0 23,260 3,883 1,283 8,286
Land Development - Non Residential 9,711 7,026 0 0 1,127 1,558 1,055 229 1,802
Commercial Construction Loans - Residential 12,164 687 1,904 0 0 9,573 2,534 905 1,636
Commercial Construction Loans - Non Residential 20,813 17,943 0 0 0 2,870 4,246 36 0
Commercial Mortgage Loans 521,701 464,202 20,793 8,843 0 27,863 13,354 550 9,458
Residential Mortgage Loans 43,522 40,388 0 768 0 2,366 512 109 718
                   
Totals $813,961 $682,328 $31,737 $17,606 $1,127 $81,163 $30,288 $4,937 $24,468
                   
                   
LOAN INFORMATION AT DECEMBER 31, 2009
                   
(In thousands)   Loan Detail Other Related Data
    Accruing Loans        
 



12/31/09




Current




TDR


30 to 89 past due


90+ days past due


Non-Accrual
Allowance

For Loan Losses
Year to Date

Net Charge-Offs
Other Real

Estate Owned
                   
Consumer Loans $29,386 $27,877 $0 $270 $0 $1,239 $819 $978 $127
Commercial Loans 144,630 113,361 20,162 2,019 0 9,088 6,498 4,539 2,456
Land Development - Residential 38,472 26,557 1,980 0 0 9,935 5,909 9,334 7,853
Land Development - Non Residential 11,644 8,346 306 0 0 2,992 807 4,364 384
Commercial Construction Loans - Residential 13,287 4,983 1,784 596 0 5,924 2,003 1,471 2,177
Commercial Construction Loans - Non Residential 20,061 16,502 0 0 0 3,559 3,450 1,981 0
Commercial Mortgage Loans 531,156 474,938 35,188 6,449 0 14,581 15,286 6,858 9,469
Residential Mortgage Loans 44,500 42,098 0 379 0 2,023 353 665 969
                   
Totals $833,136 $714,662 $59,420 $9,713 $0 $49,341 $35,125 $30,190 $23,435
CONTACT: Michael J. Ross, President & CEO
         (313) 565-5700
         Jeffrey L. Karafa, CFO
         (313) 381-3200

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