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0000950123-11-037827.txt : 20110421 0000950123-11-037827.hdr.sgml : 20110421 20110421161740 ACCESSION NUMBER: 0000950123-11-037827 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110419 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110421 DATE AS OF CHANGE: 20110421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEARBORN BANCORP INC /MI/ CENTRAL INDEX KEY: 0000895541 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 383073622 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24478 FILM NUMBER: 11773646 BUSINESS ADDRESS: STREET 1: 22290 MICHIGAN AVE STREET 2: PO BOX 2247 CITY: DEARBORN STATE: MI ZIP: 48123-2247 BUSINESS PHONE: 3132741000 MAIL ADDRESS: STREET 1: 22290 MICHIGAN AVE STREET 2: P O BOX 2247 CITY: DEARBORN STATE: MI ZIP: 48123-2247 8-K 1 k50316e8vk.htm FORM 8-K e8vk

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 19, 2011


000-24478 (Commission File No.)		38-3073622 (IRS Employer Identification No.)

DEARBORN BANCORP, INC.

(Exact name of registrant as specified in its charter)

1360 Porter Street, Dearborn, MI

(Address of Principal Executive Offices)

48124

(Zip Code)

(313) 565-5700

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On April 19, 2011, the Registrant issued a news release announcing its 2011 first quarter profit. A copy of the news release, including unaudited financial information released as a part thereof, is attached as Exhibit 99.

The information in this Form 8-K and the attached Exhibit shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any such filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(c)

Exhibits

Registrant’s April 19, 2011 Release announcing its 2011 first quarter profit

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Dearborn Bancorp, Inc. (Registrant)
	/s/ Jeffrey L. Karafa
	Jeffrey L. Karafa
	Treasurer and Chief Financial Officer

Date: April 20, 2011

EXHIBIT INDEX


Exhibit No.		Description
Exhibit 99		Press Release dated April 19, 2011.

EX-99 2 k50316exv99.htm EX-99 exv99

Exhibit 99

DEARBORN BANCORP REPORTS FIRST QUARTER PROFIT

DEARBORN, Michigan, April 19, 2011 ... 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.

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.

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS


	Unaudited						Unaudited
(Dollars, in thousands)	3/31/2011			12/31/2010			3/31/2010
ASSETS
Cash and cash equivalents
Cash and due from banks	$	7,454		$	6,645		$	8,047
Federal funds sold		55			55			57
Interest bearing deposits with banks		95,801			87,075			70,898

Total cash and cash equivalents		103,310			93,775			79,002

Mortgage loans held for sale		749			353			758
Securities available for sale		53,117			54,811			46,267
Federal Home Loan Bank stock		3,605			3,605			3,698
Loans
Loans		718,187			735,851			813,961
Allowance for loan losses		(27,971	)		(27,971	)		(30,288	)

Net loans		690,216			707,880			783,673

Premises and equipment, net		18,969			19,195			19,973
Real estate owned		22,120			21,502			24,467
Accrued interest receivable		3,310			3,286			3,595
Other assets		1,598			11,277			9,266


Total assets	$	896,994		$	915,684		$	970,699


LIABILITIES
Deposits
Non-interest bearing deposits	$	95,076		$	88,266		$	86,407
Interest bearing deposits		699,077			723,835			765,610

Total deposits		794,153			812,101			852,017

Other liabilities
Federal Home Loan Bank advances		63,668			63,716			63,799
Accrued interest payable		1,079			1,056			956
Other liabilities		1,100			1,852			747
Subordinated debentures		10,000			10,000			10,000

Total liabilities		870,000			888,725			927,519

STOCKHOLDERS’ EQUITY
Common stock — no par value 100,000,000 shares authorized, 7,685,706 shares at 3/31/11, 7,685,706 shares at 12/31/10 and 7,687,470 shares at 3/31/10		132,163			132,083			131,960
Retained earnings		(103,944	)		(104,099	)		(88,721	)
Accumulated other comprehensive loss		(1,225	)		(1,025	)		(59	)

Total stockholders’ equity		26,994			26,959			43,180


Total liabilities and stockholders’ equity	$	896,994		$	915,684		$	970,699

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	Three Months Ended			Three Months Ended
(In thousands, except share data)	3/31/2011			3/31/2010
Interest income
Interest on loans	$	10,369		$	11,778
Interest on securities, available for sale		442			168
Interest on deposits with banks		136			37
Interest on federal funds		1			1

Total interest income		10,948			11,984

Interest expense
Interest on deposits		2,119			3,543
Interest on other liabilities		260			386

Total interest expense		2,379			3,929

Net interest income		8,569			8,055
Provision for loan losses		1,395			100


Net interest income after provision for loan losses		7,174			7,955


Non-interest income
Service charges on deposit accounts		318			343
Fees for other services to customers		35			36
Gain on the sale of loans		22			58
Gain on the sale of securities		—			69
Loss on the sale of real estate owned		(76	)		(11	)
Loss on the write-down of real estate owned		(326	)		(656	)
Other income		102			102

Total non-interest income (loss)		75			(59	)

Non-interest expense
Salaries and employee benefits		3,190			3,119
Occupancy and equipment expense		782			854
FDIC assessment		950			950
Advertising and marketing		33			27
Stationery and supplies		79			72
Professional services		213			166
Data processing		194			186
Defaulted loan expense		1,180			1,035
Other operating expenses		474			359

Total non-interest expense		7,095			6,768


Income before federal income tax expense		154			1,128
Income tax expense		0			0


Net income	$	154		$	1,128


Per share data:
Net income — basic		0.02			0.15
Net income — diluted		0.02			0.15

Weighted average number of shares outstanding — basic		7,645,940			7,645,940
Weighted average number of shares outstanding — diluted		7,645,940			7,645,940

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA


	Quarter ended
(Dollars in thousands, except share and per share data)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
EARNINGS SUMMARY
Net interest income	$	8,569		$	8,818		$	8,750		$	8,456		$	8,055
Provision for loan loss	$	1,395		$	3,575		$	500		$	11,803		$	100
Total non-interest income	$	75			($888	)	$	18			($3,077	)		($59	)
Total non-interest expense	$	7,095		$	7,022		$	7,537		$	7,205		$	6,768
Income taxes (benefit)	$	0			($288	)	$	100		$	0		$	0
Net income (loss)	$	154			($2,379	)	$	631			($13,629	)	$	1,128
Basic earnings per share	$	0.02			($0.31	)	$	0.08			($1.78	)	$	0.15
Diluted earnings per share	$	0.02			($0.31	)	$	0.08			($1.78	)	$	0.15

MARKET DATA
Book value per share	$	3.51		$	3.51		$	3.92		$	3.90		$	5.62
Tangible book value per share	$	3.51		$	3.51		$	3.92		$	3.90		$	5.62
Market value per share	$	1.42		$	1.65		$	1.79		$	1.87		$	1.11
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		7,685,706			7,685,705			7,685,705			7,685,705			7,687,470

PERFORMANCE RATIOS
Return on average assets		0.07	%		-1.02	%		0.27	%		-5.67	%		0.44	%
Return on average equity		2.21	%		-29.72	%		7.92	%		-123.92	%		10.50	%
Net interest margin (FTE)		3.96	%		3.93	%		3.89	%		3.68	%		3.47	%
Efficiency ratio		78.43	%		74.47	%		77.18	%		79.80	%		78.13	%

ASSET QUALITY
Net charge-offs (YTD)	$	1,395		$	23,132		$	17,697		$	15,454		$	4,937
Nonperforming loans	$	120,688		$	115,090		$	112,000		$	113,676		$	114,027
Other real estate	$	22,120		$	21,502		$	25,043		$	23,976		$	24,467
Nonperforming loans to total loans		16.80	%		15.64	%		14.72	%		14.52	%		14.01	%
Nonperforming assets to total assets		15.92	%		14.92	%		14.95	%		14.75	%		14.27	%
Allowance for loan loss to total loans		3.89	%		3.80	%		3.92	%		4.03	%		3.72	%

CAPITAL & LIQUIDITY
Average equity to average assets		3.12	%		3.42	%		3.41	%		4.58	%		4.17	%
Tier 1 capital to risk weighted assets		5.20	%		4.91	%		4.96	%		4.63	%		6.25	%
Total capital to risk weighted assets		6.49	%		6.19	%		6.24	%		6.07	%		7.50	%
Loan to deposit ratio		90.43	%		90.61	%		93.98	%		94.61	%		95.53	%
Loan to funding ratio		83.72	%		84.02	%		87.12	%		87.84	%		88.88	%

END OF PERIOD BALANCES
Total portfolio loans	$	718,187		$	735,851		$	760,683		$	783,032		$	813,961
Earning assets	$	871,514		$	881,750		$	881,847		$	901,519		$	935,639
Total assets	$	896,994		$	915,684		$	916,731		$	933,113		$	970,699
Deposits	$	794,153		$	812,101		$	809,418		$	827,664		$	852,017
Total shareholders’equity	$	26,994		$	26,959		$	30,154		$	29,963		$	43,180

AVERAGE BALANCES
Total portfolio loans	$	729,132		$	750,443		$	772,662		$	801,464		$	826,188
Earning assets	$	880,384		$	893,065		$	892,406		$	926,477		$	941,959
Total assets	$	907,609		$	928,838		$	926,017		$	963,919		$	1,045,938
Deposits	$	802,646		$	820,714		$	818,691		$	844,001		$	854,071
Total shareholders’equity	$	28,278		$	31,761		$	31,593		$	44,114		$	43,567

DEARBORN BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS


	Quarter Ended
(Dollars, in thousands)	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10
ASSETS
Cash and cash equivalents
Cash and due from banks	$	7,454		$	6,645		$	7,136		$	7,088		$	8,047
Federal funds sold		55			55			56			57			57
Interest bearing deposits with banks		95,801			87,075			70,216			67,056			70,898

Total cash and cash equivalents		103,310			93,775			77,408			74,201			79,002

Mortgage loans held for sale		749			353			572			1,169			758
Securities		53,117			54,811			46,622			46,507			46,267
Federal Home Loan Bank stock		3,605			3,605			3,698			3,698			3,698
Loans
Loans		718,187			735,851			760,683			783,032			813,961
Allowance for loan loss		(27,971	)		(27,971	)		(29,831	)		(31,574	)		(30,288	)

Net loans		690,216			707,880			730,852			751,458			783,673

Bank premises and equipment, net		18,969			19,195			19,415			19,724			19,973
Other real estate		22,120			21,502			25,043			23,976			24,467
Other intangible assets		—			—			—			—			—
Accrued interest receivable		3,310			3,286			3,301			3,181			3,595
Other assets		1,598			11,277			9,820			9,199			9,266


Total assets	$	896,994		$	915,684		$	916,731		$	933,113		$	970,699


LIABILITIES
Deposits
Non-interest bearing deposits	$	95,076		$	88,266		$	87,205		$	91,447		$	86,407
Interest bearing deposits		699,077			723,835			722,213			736,217			765,610

Total deposits		794,153			812,101			809,418			827,664			852,017

Other liabilities
Federal Home Loan Bank advances		63,668			63,716			63,716			63,799			63,799
Other liabilities		1,100			1,692			972			942			956
Accrued interest payable		1,079			1,216			2,471			745			747
Subordinated debentures		10,000			10,000			10,000			10,000			10,000

Total liabilities		870,000			888,725			886,577			903,150			927,519


Total stockholders’ equity		26,994			26,959			30,154			29,963			43,180


Total liabilities and stockholders’ equity	$	896,994		$	915,684		$	916,731		$	933,113		$	970,699

DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS


	Quarter ended
(Dollars, in thousands)	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
INTEREST INCOME
Interest on loans, including fees	$	10,369		$	11,026		$	11,328		$	11,536		$	11,778
Interest on other earning assets		579			487			391			221			206

Total interest income		10,948			11,513			11,719			11,757			11,984

INTEREST EXPENSE
Interest on deposits		2,119			2,381			2,578			2,925			3,543
Interest on other liabilities		260			314			391			376			386

Total interest expense		2,379			2,695			2,969			3,301			3,929

Net interest income		8,569			8,818			8,750			8,456			8,055
Provision for loan loss		1,395			3,575			500			11,803			100


Net interest income (loss) after provision for loan loss		7,174			5,243			8,250			(3,347	)		7,955

NON-INTEREST INCOME
Deposit service charges		353			388			401			429			379
Gain on the sale of loans		22			101			54			66			58
Loss on the sale or write-down of real estate		(402	)		(1,499	)		(998	)		(3,650	)		(667	)
Other		102			122			561			78			171

Total non-interest income (loss)		75			(888	)		18			(3,077	)		(59	)

NON-INTEREST EXPENSE
Salaries and employee benefits		3,190			3,189			3,050			3,078			3,119
Occupancy and equipment expense		782			767			857			777			854
Other expense		3,123			3,066			3,630			3,350			2,795

Total non-interest expense		7,095			7,022			7,537			7,205			6,768

Income (loss) before income tax provision		154			(2,667	)		731			(13,629	)		1,128
Income tax provision (benefit)		0			(288	)		100			0			0


Net income (loss)	$	154			($2,379	)	$	631			($13,629	)	$	1,128

DEARBORN BANCORP, INC. AND SUBSIDIARY

DEPOSIT INFORMATION

(In thousands)


	March 31
Category	2011		2010
Non-interest bearing
Demand	$	95,075	$	86,407


Interest bearing
Interest Checking	$	71,853	$	79,566
Money market		56,274		57,864
Savings		43,101		44,992
Time, under $100,000		277,615		296,370
Time, $100,000 and over		250,235		286,818

		699,078		765,610


	$	794,153	$	852,017

DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA


(Dollars, in thousands)	3/31/2011		12/31/2010		9/30/2010		6/30/2010		3/31/2010
Troubled debt restructuring	$	48,499	$	48,527	$	39,714	$	38,530	$	31,737
Loans over 90 days past due and still accruing		236		—		—		—		1,127
Non-accrual loans		71,953		66,563		72,286		75,146		81,163

Total non-performing loans		120,688		115,090		112,000		113,676		114,027
Other real estate and other repossessed assets		22,120		21,502		25,043		23,976		24,467

Total non-performing assets	$	142,808	$	136,592	$	137,043	$	137,652	$	138,494


Net charge-offs (year to date)	$	1,395	$	23,132	$	17,697	$	15,454	$	4,937
Allowance for loan losses		27,971		27,971		29,831		31,574		30,288

ASSET QUALITY RATIOS


	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Non-accrual loans to total loans		10.02	%		9.05	%		9.50	%		9.60	%		9.97	%
Non-performing loans to total loans		16.80	%		15.64	%		14.72	%		14.52	%		14.01	%
Non-performing assets to total assets		15.92	%		14.92	%		14.95	%		14.75	%		14.27	%
Loans over 90 days past due and still accruing to total loans		0.03	%		—	%		—	%		—	%		0.14	%
Net charge-offs to average loans		0.19	%		2.94	%		2.21	%		1.90	%		0.60	%
Allowance for loan losses to non-performing loans		23.18	%		24.30	%		26.63	%		27.78	%		26.56	%
Allowance for loan losses to non-performing assets		19.59	%		20.48	%		21.77	%		22.94	%		21.87	%
Allowance for loan losses to total loans		3.89	%		3.80	%		3.92	%		4.03	%		3.72	%

Dearborn Bancorp, Inc.
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

242

2,179

1,258

($8

)

114

Commercial Loans

106,859

86,091

5,071

2,080

13,617

5,943

125

3,310

Land Development — Residential

23,849

10,979

1,980

10,890

2,309

7,791

Land Development — Non Residential

9,596

3,422

4,000

231

1,943

1,813

1,760

Commercial Construction Loans — Residential

9,835

2,462

7,302

2,015

268

1,405

Commercial Construction Loans — Non Residential

13,222

1,420

11,544

258

2,179

1,314

Commercial Mortgage Loans

491,819

424,535

23,442

8,804

236

34,802

12,307

785

5,886

Residential Mortgage Loans

37,530

36,180

388

962

147

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

215

1,533

1,115

816

114

Commercial Loans

121,015

100,252

5,600

1,475

13,688

6,571

6,055

3,125

Land Development — Residential

21,975

7,995

2,076

11,904

1,757

10,003

6,829

Land Development — Non Residential

9,970

4,236

4,000

1,734

972

300

1,786

Commercial Construction Loans — Residential

10,613

388

2,462

7,763

2,467

1,886

1,405

Commercial Construction Loans — Non Residential

12,568

706

11,545

317

2,674

1,314

Commercial Mortgage Loans

495,501

427,587

26,844

12,612

28,458

12,102

3,833

6,383

Residential Mortgage Loans

38,338

37,172

1,166

313

203

546

Totals

735,851

602,459

48,527

18,302

66,563

27,971

23,132

21,502

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

1,015

900

586

588

114

Commercial Loans

126,573

104,470

5,780

2,728

13,595

7,937

3,643

2,695

Land Development — Residential

26,668

9,091

1,980

15,597

3,668

7,496

6,917

Land Development — Non Residential

9,374

8,056

1,318

863

300

1,786

Commercial Construction Loans — Residential

11,407

336

2,450

8,621

2,691

1,739

1,290

Commercial Construction Loans — Non Residential

17,370

14,170

3,200

1,985

1,948

Commercial Mortgage Loans

501,059

433,191

26,304

11,936

29,628

11,806

3,736

9,677

Residential Mortgage Loans

40,841

37,878

336

2,627

295

159

616

Totals

760,683

632,668

39,714

16,015

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

184

1,051

1,176

386

114

Commercial Loans

134,199

108,465

6,916

4,684

14,134

5,037

2,664

2,012

Land Development — Residential

29,233

9,506

1,980

746

17,001

2,437

7,171

6,034

Land Development — Non Residential

9,427

8,108

1,319

1,815

300

1,786

Commercial Construction Loans — Residential

11,060

687

2,160

8,213

2,516

1,711

1,525

Commercial Construction Loans — Non Residential

17,935

14,402

3,200

333

4,413

2,869

Commercial Mortgage Loans

511,265

441,566

24,274

14,895

30,530

13,833

3,005

8,786

Residential Mortgage Loans

41,896

39,248

2,565

347

181

850

Totals

783,032

648,764

38,530

20,592

75,146

31,574

15,454

23,976

Loan Information at March 31, 2010

Loan Detail

Other Related Data

Accruing Loans

Allowance

Year to Date

Other Real

(In thousands)

3/31/10

Current

TDR

30 to 89 past due

90+ days past due

Non-Accrual

For Loan Losses

Net Charge-Offs

Estate Owned

Consumer Loans

28,623

27,578

121

924

1,041

319

127

Commercial Loans

141,338

113,803

7,412

7,374

12,749

3,663

1,506

2,441

Land Development — Residential

36,089

10,701

1,628

500

23,260

3,883

1,283

8,286

Land Development — Non Residential

9,711

7,026

1,127

1,558

1,055

229

1,802

Commercial Construction Loans — Residential

12,164

687

1,904

9,573

2,534

905

1,636

Commercial Construction Loans — Non Residential

20,813

17,943

2,870

4,246

Commercial Mortgage Loans

521,701

464,202

20,793

8,843

27,863

13,354

550

9,458

Residential Mortgage Loans

43,522

40,388

768

2,366

512

109

718

Totals

813,961

682,328

31,737

17,606

1,127

81,163

30,288

4,937

24,468

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