Dearborn Bancorp Reports Record First Quarter Earnings As Total Assets Reach $200 Million

Apr 18, 2001, 01:00 ET from Dearborn Bancorp, Inc.

    DEARBORN, Mich., April 18 /PRNewswire/ -- Dearborn Bancorp, Inc.
 (Nasdaq:   DEAR), the holding company for Community Bank of Dearborn, today
 reported record net income of $320,000 or $.14 per diluted common share for
 the three months ended March 31, 2001.  For the same period in 2000, the
 Company reported net income of $211,000 or $.09 per share.  The year-to-year
 increase in net income was 51.7 percent.
     At the same time, the Company reported that its total assets were
 $200,068,000 at March 31, 2001, 27.4 percent more than they were one year
 earlier when the total was $157,046,000.  This was the first time that the
 Company's total assets exceeded $200 million at the end of a reporting period.
 At the end of the First Quarter, total deposits were $170,029,000, 38.0
 percent above the total of $123,217,000 twelve months earlier.  Total loans
 went up 40.7 percent during the past year, rising to $132,169,000 from
 $93,959,000.
     John E. Demmer, chairman and chief executive officer of Dearborn Bancorp,
 Inc., and Michael J. Ross, president of the Company and president and chief
 executive officer of Community Bank of Dearborn, issued the report on behalf
 of their organization.  Ross commented, "In February, 2001, we marked the
 seventh anniversary of the opening of Community Bank of Dearborn.  Given that
 relatively short history, we were particularly gratified to see our total
 assets move past the $200 million mark as our earnings continue to grow even
 faster than our assets.  Clearly, there is a significant segment of the
 banking market that prefers to do business with a smaller, local organization
 like ours.  Based on our past performance, we feel justified in being very
 optimistic about our long-term future prospects."
     Dearborn Bancorp, Inc., is a registered bank holding company.  Its sole
 subsidiary is Community Bank of Dearborn.  The bank operates full service
 offices in Dearborn, Dearborn Heights and Plymouth, Michigan.  The company's
 common shares trade on the Nasdaq Stock Market under the symbol "DEAR".
 
     Forward-Looking Statements
     This press release contains forward-looking statements.  Forward-looking
 statements include expressions such as anticipate, believe, expect, intend,
 and view which are not necessarily statements of belief as to the expected
 outcomes of future events.  Actual results could materially differ from those
 presented.  Internal and external factors that might cause such a difference
 include, but are not limited to, the possibility that anticipated cost savings
 and revenue enhancements may not be fully realized within the expected time
 frames and that future circumstances could cause business decisions or
 accounting treatment to be decided differently than now intended.  Actual
 results could materially differ from those contained in, or implied by, such
 statements.  Dearborn Bancorp, Inc. undertakes no obligation to release
 revisions to these forward-looking statements or reflect events or conditions
 after the date of this release.
 
     DEARBORN BANCORP, INC.
 
     (In thousands, except share and per share data)
                                                       Three months ended
                                                            March 31,
     Condensed Statement of Income:                     2001         2000
     Interest income                                   $3,670       $2,725
     Interest expense                                   2,063        1,381
     Net interest income                                1,607        1,344
     Provision for loan losses                            130          115
     Net interest income after provision                1,477        1,229
     Non-interest income                                  226          124
     Non-interest expense                               1,217        1,033
     Income before taxes                                  486          320
     Income tax provision                                 166          109
     Net income                                          $320         $211
 
     Share Data:
     Weighted avg. no. of shares outstanding
      - basic                                       2,261,251    2,423,365
     Weighted avg. no. of shares outstanding
      - diluted                                     2,273,900    2,423,365
     Period end shares outstanding                  2,252,744    2,404,910
 
     Per Common Share Data:
     Net income, basic                                  $0.14        $0.09
     Net income, diluted                                $0.14        $0.09
     Closing Stock Price                               $9.000       $6.688
     Book Value                                        $12.49       $11.25
 
     Profitability Ratios, Annualized:
     Return on average stockholders' equity              4.57%        3.10%
     Return on average total assets                      0.66%        0.55%
     Average equity to average total assets             14.50%       17.76%
 
     Condensed Balance Sheet:                             As of March 31,
                                                         2001        2000
     Assets
          Cash and equivalents                        $44,160       $3,583
          Mortgage loans held for sale                  6,855          540
          Investment securities, available for sale    13,341       55,120
          Loans                                       132,169       93,959
          Allowance for loan losses                    (1,272)        (880)
          Other assets                                  4,815        4,724
     Total assets                                    $200,068     $157,046
 
     Liabilities and stockholders' equity
          Deposits                                   $170,029     $123,217
          Other borrowings                                460        5,586
          Other liabilities                             1,447        1,191
          Stockholders' equity                         28,132       27,052
     Total liabilities and stockholders' equity      $200,068     $157,046
 
 

SOURCE Dearborn Bancorp, Inc.
    DEARBORN, Mich., April 18 /PRNewswire/ -- Dearborn Bancorp, Inc.
 (Nasdaq:   DEAR), the holding company for Community Bank of Dearborn, today
 reported record net income of $320,000 or $.14 per diluted common share for
 the three months ended March 31, 2001.  For the same period in 2000, the
 Company reported net income of $211,000 or $.09 per share.  The year-to-year
 increase in net income was 51.7 percent.
     At the same time, the Company reported that its total assets were
 $200,068,000 at March 31, 2001, 27.4 percent more than they were one year
 earlier when the total was $157,046,000.  This was the first time that the
 Company's total assets exceeded $200 million at the end of a reporting period.
 At the end of the First Quarter, total deposits were $170,029,000, 38.0
 percent above the total of $123,217,000 twelve months earlier.  Total loans
 went up 40.7 percent during the past year, rising to $132,169,000 from
 $93,959,000.
     John E. Demmer, chairman and chief executive officer of Dearborn Bancorp,
 Inc., and Michael J. Ross, president of the Company and president and chief
 executive officer of Community Bank of Dearborn, issued the report on behalf
 of their organization.  Ross commented, "In February, 2001, we marked the
 seventh anniversary of the opening of Community Bank of Dearborn.  Given that
 relatively short history, we were particularly gratified to see our total
 assets move past the $200 million mark as our earnings continue to grow even
 faster than our assets.  Clearly, there is a significant segment of the
 banking market that prefers to do business with a smaller, local organization
 like ours.  Based on our past performance, we feel justified in being very
 optimistic about our long-term future prospects."
     Dearborn Bancorp, Inc., is a registered bank holding company.  Its sole
 subsidiary is Community Bank of Dearborn.  The bank operates full service
 offices in Dearborn, Dearborn Heights and Plymouth, Michigan.  The company's
 common shares trade on the Nasdaq Stock Market under the symbol "DEAR".
 
     Forward-Looking Statements
     This press release contains forward-looking statements.  Forward-looking
 statements include expressions such as anticipate, believe, expect, intend,
 and view which are not necessarily statements of belief as to the expected
 outcomes of future events.  Actual results could materially differ from those
 presented.  Internal and external factors that might cause such a difference
 include, but are not limited to, the possibility that anticipated cost savings
 and revenue enhancements may not be fully realized within the expected time
 frames and that future circumstances could cause business decisions or
 accounting treatment to be decided differently than now intended.  Actual
 results could materially differ from those contained in, or implied by, such
 statements.  Dearborn Bancorp, Inc. undertakes no obligation to release
 revisions to these forward-looking statements or reflect events or conditions
 after the date of this release.
 
     DEARBORN BANCORP, INC.
 
     (In thousands, except share and per share data)
                                                       Three months ended
                                                            March 31,
     Condensed Statement of Income:                     2001         2000
     Interest income                                   $3,670       $2,725
     Interest expense                                   2,063        1,381
     Net interest income                                1,607        1,344
     Provision for loan losses                            130          115
     Net interest income after provision                1,477        1,229
     Non-interest income                                  226          124
     Non-interest expense                               1,217        1,033
     Income before taxes                                  486          320
     Income tax provision                                 166          109
     Net income                                          $320         $211
 
     Share Data:
     Weighted avg. no. of shares outstanding
      - basic                                       2,261,251    2,423,365
     Weighted avg. no. of shares outstanding
      - diluted                                     2,273,900    2,423,365
     Period end shares outstanding                  2,252,744    2,404,910
 
     Per Common Share Data:
     Net income, basic                                  $0.14        $0.09
     Net income, diluted                                $0.14        $0.09
     Closing Stock Price                               $9.000       $6.688
     Book Value                                        $12.49       $11.25
 
     Profitability Ratios, Annualized:
     Return on average stockholders' equity              4.57%        3.10%
     Return on average total assets                      0.66%        0.55%
     Average equity to average total assets             14.50%       17.76%
 
     Condensed Balance Sheet:                             As of March 31,
                                                         2001        2000
     Assets
          Cash and equivalents                        $44,160       $3,583
          Mortgage loans held for sale                  6,855          540
          Investment securities, available for sale    13,341       55,120
          Loans                                       132,169       93,959
          Allowance for loan losses                    (1,272)        (880)
          Other assets                                  4,815        4,724
     Total assets                                    $200,068     $157,046
 
     Liabilities and stockholders' equity
          Deposits                                   $170,029     $123,217
          Other borrowings                                460        5,586
          Other liabilities                             1,447        1,191
          Stockholders' equity                         28,132       27,052
     Total liabilities and stockholders' equity      $200,068     $157,046
 
 SOURCE  Dearborn Bancorp, Inc.