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Dearborn Bancorp Reports Second Quarter ResultsDEARBORN, Mich., July 17 /PRNewswire-FirstCall/ -- Dearborn Bancorp, Inc. NASDAQ: DEAR, the Holding Company for Fidelity Bank, has reported a net loss of $4,614,000 or $(0.57) per fully diluted share for the three months ended June 30, 2008. For the first six months of the year, the Company's net loss was $3,938,000 or $(0.49) per share. One year ago, net income for the Second Quarter was $2,005,000 or $0.23 per share and net income for the First Half was $3,623,000 or $0.41 per share. At the end of the Second Quarter, the Company reported total assets of $1,038,093,000, total deposits of $823,477,000, and total loans of $943,635,000, all of which were relatively unchanged from a year ago. Michael J. Ross, President and Chief Executive Officer of both the Holding Company and the Bank, released his Company's results and commented, "I have been a banker for more than 36 years and I have never seen the situation as difficult as it is today here in Southeast Michigan. Customers with impeccable track records are now facing financial problems, the real estate market is unstable and the unemployment rate has increased to 8.5% in Michigan." Ross went on, "Fortunately, we have a strong capital position that will allow us to work our way through the current economic cycle. This strong capital position allows us to deal aggressively with the asset problems we have already identified as well as those that may develop in the future." "In keeping with our policy of forceful action, we provided $8.7 million for possible loan losses during the Second Quarter," Ross added. "For the quarter we had $2.9 million in net charge-offs of which $2.2 million was to one, non real estate related, commercial borrower that suddenly and unexpectedly went out of business. The remaining $5.8 million went to increase our allowance for loan losses in conjunction with increases in our non-performing loans and decreasing collateral coverage due to declining property values in real estate. Historically, our loan losses have been minimal. However, the market has changed and our allowance has been increased to 1.76 % of total loans. The additional allowance has little effect on our regulatory capital position and our current capacity to absorb future loan losses." Ross continued, "We have also added experienced work-out specialists to our staff. They are responsible for monitoring our loans and dealing with those that might become troubled. We had a bit more than $6 million in real estate owned at the end of the First Quarter. In the Second Quarter, we sold $2.3 million of real estate but took title to another $1.6 million that is reflected on the June 30 balance sheet. Additionally, we wrote down the value of real estate owned by $100,000 and recognized losses on sales of $469,000. We believe that it is better to sell quickly at a reduced price than to hold property and be responsible for expenses such as taxes and insurance. Expenses related to defaulted loans and real estate owned were $511,000 during the Second Quarter." Ross concluded, "On a more positive note, we have experienced an increase in our net interest margin to 3.45%, and all overhead expenses are being reviewed for improvement. We are also taking a cautious approach to new business opportunities and limiting our growth for the time being. We continue to maintain a $140 million loan pipeline and our underwriting emphasizes quality and yield. We have a strong management team in place and they are focused on working through the current situation in Southeast Michigan." Dearborn Bancorp, Inc., is a registered bank holding company. Its sole subsidiary is Fidelity Bank. The Bank operates 19 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 that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and about the Corporation and the Bank. 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. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Corporation 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; and changes in the national and local economy. 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)
06/30/08 12/31/07 06/30/07
ASSETS
Cash and cash equivalents
Cash and due from banks $12,779 $7,869 $13,621
Federal funds sold 1,301 1,495 3,392
Interest bearing deposits
with banks 147 118 104
Total cash and
cash equivalents 14,227 9,482 17,117
Mortgage loans held for sale 755 1,316 1,136
Investment securities, available for
sale 9,381 8,902 11,039
Federal Home Loan Bank stock 3,540 2,072 1,927
Loans
Loans 943,635 952,084 945,554
Allowance for loan loss (16,638) (10,617) (9,949)
Net loans 926,997 941,467 935,605
Premises and equipment, net 21,630 22,782 23,268
Real estate owned 5,411 6,319 3,008
Goodwill 34,028 34,028 32,110
Other intangible assets 10,487 11,133 13,697
Accrued interest receivable 3,757 3,816 3,833
Other assets 7,880 5,664 3,464
Total assets $1,038,093 $1,046,981 $1,046,204
LIABILITIES
Deposits
Non-interest bearing
deposits $82,353 $83,594 $103,641
Interest bearing deposits 741,124 739,033 727,090
Total deposits 823,477 822,627 830,731
Other liabilities
Federal funds purchased 3,600 30,100 21,200
Securities sold under
agreements to repurchase 171 480 288
Federal Home Loan Bank
advances 65,401 41,370 37,130
Accrued interest payable 2,047 3,168 757
Other liabilities 1,026 1,688 3,336
Subordinated debentures 10,000 10,000 10,000
Total liabilities 905,722 909,433 903,442
STOCKHOLDERS' EQUITY
Common stock - 20,000,000
shares authorized, 8,055,698
shares at 06/30/08, 8,222,413
shares at 12/31/07; and
8,614,819 shares at 06/30/07 134,048 134,278 138,230
Retained earnings (1,688) 3,250 4,530
Accumulated other
comprehensive loss 11 20 2
Total stockholders'
equity 132,371 137,548 142,762
Total liabilities
and stockholders'
equity $1,038,093 $1,046,981 $1,046,204
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands, except share
and per share data) Three Months Ended Six Months Ended
06/30/08 06/30/07 06/30/08 06/30/07
Interest income
Interest on loans,
including fees $14,994 $17,259 $31,168 $34,384
Interest on
securities,
available for sale 109 163 218 341
Interest on federal
funds 21 109 36 277
Interest on deposits
with banks 1 42 2 42
Total
interest
income 15,125 17,573 31,424 35,044
Interest expense
Interest on deposits 5,874 8,246 12,902 16,024
Interest on other
borrowings 812 507 1,805 1,311
Interest on
subordinated
debentures 155 225 380 465
Total
interest
expense 6,841 8,978 15,087 17,800
Net
interest
income 8,284 8,595 16,337 17,244
Provision for loan losses 8,746 289 9,632 906
Net interest income after
provision for loan losses (462) 8,306 6,705 16,338
Non-interest income
Service charges on
deposit accounts 363 331 743 649
Fees for other
services to
customers 27 15 66 69
Gain on the sale of
loans 51 47 104 101
Write-down of real
estate (100) (100) (300) (100)
Gain (loss) on the
sale of real estate (469) --- (704) ---
Other than temporary
impairment of
securities --- --- --- ---
Other income 73 64 147 83
Total non-
interest
income (55) 357 56 802
Non-interest expenses
Salaries and
employee benefits 3,284 3,102 6,493 6,654
Occupancy and
equipment expense 950 887 1,863 1,845
Intangible expense 322 336 645 672
Advertising and
marketing 131 143 254 220
Stationery and
supplies 171 232 304 356
Professional
services 259 222 485 486
Data processing 232 204 457 328
Defaulted loan
expense 511 29 946 159
Other operating
expenses 568 424 1,219 846
Total non-
interest
expenses 6,428 5,579 12,666 11,566
Income before income tax
provision (6,945) 3,084 (5,905) 5,574
Income tax provision (2,331) 1,079 (1,967) 1,951
Net income ($4,614) $2,005 ($3,938) $3,623
Per share data:
Net income - basic ($0.57) $0.23 ($0.49) $0.41
Net income - diluted ($0.57) $0.22 ($0.49) $0.40
Weighted average number of
shares outstanding - basic 8,051,037 8,769,939 8,095,379 8,833,645
Weighted average number of
shares outstanding - diluted 8,051,037 9,005,730 8,095,379 9,085,837
DEARBORN BANCORP, INC. AND SUBSIDIARY
ASSET QUALITY DATA
(Dollars, in thousands)
6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
Troubled debt
restructuring $13,145 $8,710 $21,077 $0 $0
Loans over 90 days
past due and still
accruing 7,319 9,257 884 2,673 2,217
Non-accrual loans 36,195 17,406 18,117 17,297 14,941
Total non-performing
loans 56,659 35,373 40,078 19,970 17,158
Real estate owned and
other repossessed assets 5,411 6,183 6,319 3,338 3,008
Total non-performing
assets $62,070 $41,556 $46,397 $23,308 $20,166
Net charge-offs (Year to
date) $3,611 $754 $4,683 $4,135 $435
Allowance for loan losses 16,638 10,749 10,617 10,309 9,949
ASSET QUALITY RATIOS
6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
Non-accrual loans to
total loans 3.84% 1.84% 1.90% 1.83% 1.58%
Non-performing loans to
total loans 6.00% 3.73% 4.21% 2.11% 1.81%
Non-performing assets to
total assets 5.98% 3.97% 4.43% 2.22% 1.93%
Loans over 90 days past due
and still accruing to
total loans 0.78% 0.98% 0.09% 0.28% 0.23%
Net charge-offs to average
loans 0.38% 0.08% 0.50% 0.44% 0.05%
Allowance for loan losses
to non-performing loans 29.37% 30.39% 26.49% 51.62% 57.98%
Allowance for loan losses
to non-performing assets 26.81% 25.87% 22.88% 44.23% 49.34%
Allowance for loan losses
to total loans 1.76% 1.13% 1.12% 1.09% 1.05%
DEARBORN BANCORP, INC. AND SUBSIDIARY
NON-GAAP OPERATING EARNINGS INFORMATION
(Dollars, in thousands
except share and per share
data) Quarter Ended
6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
Income (loss) from
continuing operations ($4,614) $676 $398 ($855) $2,005
Add: Non-recurring
merger expenses 49 55 121 99 131
Tax effect (17) (19) (41) (34) (45)
After-tax non operating
items 32 36 80 65 86
Core operating income
(loss) ($4,582) $712 $478 ($790) $2,091
Quarter Ended
6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
Core operating income
(loss) ($4,582) $712 $478 ($790) $2,091
Add: Amortization of
intangible assets 322 323 416 240 336
Tax effect (109) (110) (141) (82) (114)
After-tax non operating
items 213 213 275 158 222
Cash operating income
(loss) ($4,369) $925 $751 ($632) $2,312
(Dollars, in thousands
except share and per share
data)
Quarter Ended
6/30/2008 6/30/2007
Income (loss) from
continuing operations ($4,614) $2,005
After-tax non-recurring
merger expenses 32 86
Core operating income (loss) (4,582) 2,091
After tax amortization of
intangible assets 213 222
Cash operating income (loss) ($4,369) $2,314
Basic EPS
Quarter Ended
6/30/2008 6/30/2007
Income (loss) from
continuing operations ($0.57) $0.23
After-tax non-recurring
merger expenses $0.00 $0.01
Core operating income (loss) ($0.57) $0.24
After tax amortization of
intangible assets $0.03 $0.03
Cash operating income (loss) ($0.54) $0.26
Diluted EPS
Quarter Ended
6/30/2008 6/30/2007
Income (loss) from
continuing operations ($0.57) $0.22
After-tax non-recurring
merger expenses $0.00 $0.01
Core operating income (loss) ($0.57) $0.23
After tax amortization of
intangible assets $0.03 $0.02
Cash operating income (loss) ($0.54) $0.26
Weighted average shares
outstanding - basic 8,051,037 8,769,939
Weighted average shares
outstanding - diluted 8,051,037 9,005,730
DEARBORN BANCORP, INC. AND SUBSIDIARY
TANGIBLE ASSETS & EQUITY
(Dollars, in thousands) Quarter Ended
6/30/2008 6/30/2007
Average GAAP equity $138,002 $143,825
Goodwill 34,039 32,143
Other intangible assets 10,674 13,889
Deferred taxes (1,099) (758)
43,614 45,274
Average tangible equity $94,388 $98,551
Quarter Ended
6/30/2008 6/30/2007
Average GAAP assets $1,048,423 $1,049,655
Goodwill 34,039 32,143
Other intangible assets 10,674 13,889
Deferred taxes (1,099) (758)
43,614 45,274
Average tangible assets $1,004,809 $1,004,381
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars, in thousands)
Quarter Ended
6/30/08 3/31/08 12/31/07 9/30/07 6/30/07
ASSETS
Cash and cash
equivalents
Cash and due
from banks $12,779 $12,736 $7,869 $14,929 $13,621
Federal funds
sold 1,301 1,958 1,495 7,031 3,392
Interest bearing
deposits with
banks 147 105 118 100 104
Total cash
and cash
equivalents 14,227 14,799 9,482 22,060 17,117
Mortgage loans held
for sale 755 282 1,316 384 1,136
Securities, available
for sale 9,381 8,921 8,902 10,640 11,039
Federal Home Loan
Bank stock 3,540 3,540 2,072 1,927 1,927
Loans
Loans 943,635 947,927 952,084 945,622 945,554
Allowance for
loan loss (16,638) (10,749) (10,617) (10,309) (9,949)
Net loans 926,997 937,178 941,467 935,313 935,605
Bank premises and
equipment, net 21,630 22,546 22,782 23,043 23,268
Real estate owned 5,411 6,183 6,319 3,338 3,008
Goodwill 34,028 34,047 34,028 34,029 32,110
Other intangible
assets 10,487 10,810 11,133 11,550 13,697
Accrued interest
receivable 3,757 4,134 3,816 4,258 3,833
Other assets 7,880 5,189 5,664 5,416 3,464
Total
assets $1,038,093 $1,047,629 $1,046,981 $1,051,958 $1,046,204
LIABILITIES
Deposits
Non-interest
bearing
deposits $82,353 $80,711 $83,594 $92,770 $103,641
Interest
bearing
deposits 741,124 688,492 739,033 768,764 727,090
Total
deposits 823,477 769,203 822,627 861,534 830,731
Other liabilities
Federal funds
purchased 3,600 56,480 30,100 0 21,200
Securities sold
under agreements
to repurchase 171 275 480 491 288
Federal Home Loan
Bank advances 65,401 70,795 41,370 36,429 37,130
Other liabilities 1,026 1,017 1,688 619 757
Accrued interest
payable 2,047 2,548 3,168 3,361 3,336
Subordinated
debentures 10,000 10,000 10,000 10,000 10,000
Total
liabilities 905,722 910,318 909,433 912,434 903,442
Total
stockholders'
equity 132,371 137,311 137,548 139,524 142,762
Total
liabilities
and
stockholders'
equity $1,038,093 $1,047,629 $1,046,981 $1,051,958 $1,046,204
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENT
(Dollars, in thousands)
Quarter ended
6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
INTEREST INCOME
Interest on loans,
including fees $14,994 $16,174 $16,998 $17,565 $17,259
Interest on other
earning assets 131 125 217 286 314
Total interest
income 15,125 16,299 17,215 17,851 17,573
INTEREST EXPENSE
Interest on deposits 5,874 7,028 8,616 8,663 8,246
Interest on other
liabilities 967 1,218 725 687 732
Total interest
expense 6,841 8,246 9,341 9,350 8,978
Net interest
income 8,284 8,053 7,874 8,501 8,595
Provision for loan
loss 8,746 886 855 4,060 289
Net interest
income after
provision for
loan loss (462) 7,167 7,019 4,441 8,306
NON-INTEREST EXPENSE
Deposit service
charges 390 419 371 319 346
Gain on the sale of
loans 51 53 28 34 47
Loss on the sale or
write-down of real
estate (569) (435) (131) (496) (100)
Other 73 74 54 39 64
Total non-interest
income (55) 111 322 (104) 357
NON-INTEREST EXPENSE
Salaries and employee
benefits 3,284 3,209 3,318 3,137 3,102
Occupancy and
equipment expense 950 913 915 903 887
Other expense 2,194 2,116 2,506 1,451 1,590
Total non-
interest
expense 6,428 6,238 6,739 5,491 5,579
Income (loss)
before income tax
provision (6,945) 1,040 602 (1,154) 3,084
Income tax
provision
(benefit) (2,331) 364 204 (299) 1,079
Net income (loss) ($4,614) $676 $398 ($855) $2,005
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL DATA
(Dollars in thousands,
except share and per
share data)
Quarter ended
6/30/2008 3/31/2008 12/31/2007 9/30/2007 6/30/2007
EARNINGS SUMMARY
Net interest income $8,284 $8,053 $7,874 $8,501 $8,595
Provision for loan
loss $8,746 $886 $855 $4,060 $289
Total non-interest
income ($55) $111 $322 ($104) $357
Total non-interest
expense $6,428 $6,238 $6,739 $5,491 $5,579
Income taxes ($2,331) $364 $204 ($299) $1,079
Net income (loss) ($4,614) $676 $398 ($855) $2,005
Basic earnings per
share ($0.57) $0.08 $0.05 ($0.10) $0.23
Diluted earnings
per share ($0.57) $0.08 $0.05 ($0.10) $0.22
MARKET DATA
Book value per share $16.43 $16.94 $16.70 $16.47 $16.57
Tangible book value
per share $11.04 $11.56 $11.58 $11.60 $11.35
Market value per
share $4.86 $7.60 $7.73 $12.91 $16.95
Average basic
common shares 8,051,037 8,139,721 8,357,909 8,510,207 8,769,939
Average diluted
common shares 8,051,037 8,198,676 8,504,931 8,510,207 9,005,730
Period end common
shares 8,055,698 8,106,413 8,237,413 8,471,913 8,614,819
PERFORMANCE RATIOS
Return on average
assets -1.77% 0.26% 0.15% -0.32% 0.77%
Return on average
equity -13.45% 1.97% 1.13% -2.37% 5.59%
Net interest margin
(FTE) 3.45% 3.36% 3.22% 3.48% 3.57%
Efficiency ratio 73.06% 72.54% 80.93% 61.75% 61.63%
ASSET QUALITY
Net charge-offs
(YTD) $3,611 $754 $4,683 $4,135 $435
Nonperforming loans $56,659 $35,373 $40,078 $19,970 $17,158
Other real estate $5,411 $6,183 $6,319 $3,338 $3,008
Nonperforming loans
to total loans 6.00% 3.73% 4.21% 2.11% 1.81%
Nonperforming assets
to total assets 5.98% 3.97% 4.43% 2.22% 1.93%
Allowance for loan
loss to total loans 1.76% 1.13% 1.12% 1.09% 1.05%
CAPITAL & LIQUIDITY
Average equity to
average assets 13.16% 13.22% 13.27% 13.60% 13.70%
Tier 1 capital to
risk weighted
assets 9.82% 10.49% 10.42% 10.48% 10.82%
Total capital to
risk weighted
assets 11.53% 11.59% 11.51% 11.52% 11.83%
Loan to deposit
ratio 114.59% 123.23% 115.74% 109.76% 113.82%
Loan to funding
ratio 104.54% 104.54% 105.25% 104.09% 105.14%
END OF PERIOD BALANCES
Total portfolio
loans $943,635 $947,927 $952,084 $945,622 $945,554
Earning assets $958,759 $962,733 $965,987 $965,704 $963,152
Total assets $1,038,093 $1,047,629 $1,046,981 $1,051,958 $1,046,204
Deposits $823,477 $769,203 $822,627 $861,534 $830,731
Total
shareholders'
equity $132,371 $137,311 $137,548 $139,524 $142,762
AVERAGE BALANCES
Total portfolio
loans $947,892 $946,697 $950,169 $946,012 $941,259
Earning assets $966,437 $961,549 $970,897 $969,940 $966,056
Total assets $1,048,423 $1,044,159 $1,053,498 $1,052,185 $1,049,655
Deposits $807,347 $789,076 $855,931 $854,959 $849,221
Total
shareholders'
equity $138,002 $137,990 $139,845 $143,104 $143,825
Dearborn Bancorp, Inc.
Deposit Information
(In thousands)
June 30,
Category 2008 2007
Non-interest bearing
Demand $82,353 $103,641
Interest bearing
Checking $78,865 $71,454
Money market 99,761 121,795
Savings 68,431 35,097
Time, under $100,000 187,628 158,689
Time, $100,000 and over 306,439 340,055
741,124 727,090
$823,477 $830,731
Dearborn Bancorp, Inc.
Loan Information at June 30, 2008
(In thousands) Loan Detail
Accruing Loans
30 to 89 90+ days Non-
6/30/08 Current TDR past due past due Accrual
Consumer Loans $33,206 $31,822 $0 $1,007 $216 $161
Commercial Loans 169,956 161,781 1,757 3,583 639 2,196
Land
Development -
Residential 60,170 47,449 2,606 0 693 9,422
Land
Development -
Non Residential 21,000 16,261 0 789 0 3,950
Commercial
Construction
Loans -
Residential 20,605 13,725 1,080 96 606 5,098
Commercial
Construction
Loans - Non
Residential 35,087 28,788 3,086 0 0 3,213
Commercial
Mortgage
Loans 549,145 523,047 4,616 5,748 5,021 10,713
Residential
Mortgages
Loans 54,466 51,408 0 1,472 144 1,442
Totals $943,635 $874,281 $13,145 $12,695 $7,319 $36,195
(In thousands) Other Related Data
Allowance Year to Date Other Real
For Loan Net Charge- Estate
Losses Offs Owned
Consumer Loans $339 $165 $70
Commercial Loans 890 3,096 280
Land Development - Residential 5,021 0 1,133
Land Development - Non Residential 1,923 0 343
Commercial Construction Loans -
Residential 2,780 0 1,227
Commercial Construction Loans - Non
Residential 1,118 58 0
Commercial Mortgage Loans 4,049 186 2,180
Residential Mortgages Loans 518 106 178
Totals 16,638 $3,611 $5,411
Unallocated 0
Total $16,638
Loan Information at March 31, 2008
(In thousands) Loan Detail
Accruing Loans
30 to 89 90+ days Non-
3/31/08 Current TDR past due past due Accrual
Consumer Loans $34,494 $33,484 $0 $395 $453 $162
Commercial Loans 169,659 163,648 917 2,834 711 1,549
Land
Development -
Residential 61,638 48,316 2,576 2,490 0 8,256
Land
Development -
Non Residential 16,372 12,422 0 0 3,950 0
Commercial
Construction
Loans -
Residential 26,004 20,701 1,535 988 130 2,650
Commercial
Construction
Loans - Non
Residential 38,885 32,420 3,259 3,206 0 0
Commercial
Mortgage
Loans 543,778 527,502 424 8,446 4,014 3,392
Residential
Mortgages
Loans 57,097 54,731 0 969 0 1,397
Totals $947,927 $893,224 $8,711 $19,328 $9,258 $17,406
(In thousands) Other Related Data
Allowance Year to Date Other Real
For Loan Net Charge- Estate
Losses Offs Owned
Consumer Loans $410 $93 $70
Commercial Loans 1,479 630 530
Land Development - Residential 2,040 0 422
Land Development - Non Residential 229 0 343
Commercial Construction Loans -
Residential 562 6 2,334
Commercial Construction Loans - Non
Residential 546 0 0
Commercial Mortgage Loans 4,804 (1) 2,484
Residential Mortgages Loans 630 26 0
Totals 10,700 $754 $6,183
Unallocated 49
Total $10,749
Loan Information at December 31, 2007
(In thousands) Loan Detail
Accruing Loans
30 to 89 90+ days Non-
12/31/07 Current TDR past due past due Accrual
Consumer Loans $35,833 $34,349 $0 $1,023 $31 $430
Commercial Loans 174,958 $170,026 944 2,865 62 1,061
Land
Development -
Residential 63,639 $53,753 1,260 0 0 8,626
Land
Development -
Non Residential 10,156 $10,156 0 0 0 0
Commercial
Construction
Loans -
Residential 33,768 $29,586 0 0 0 4,182
Commercial
Construction
Loans - Non
Residential 40,187 $40,187 0 0 0 0
Commercial
Mortgage
Loans 539,306 $516,404 18,873 700 0 3,329
Residential
Mortgages
Loans 54,237 $52,475 0 482 791 489
Totals $952,084 $906,936 $21,077 $5,070 $884 $18,117
(In thousands) Other Related Data
Allowance Year to Date Other Real
For Loan Net Charge- Estate
Losses Offs Owned
Consumer Loans $451 $201 $0
Commercial Loans 1,400 690 1,724
Land Development - Residential 2,209 1,665 219
Land Development - Non Residential 117 0 343
Commercial Construction Loans -
Residential 712 1,285 759
Commercial Construction Loans - Non
Residential 551 0 0
Commercial Mortgage Loans 4,555 522 3,274
Residential Mortgages Loans 488 320 0
Totals 10,483 $4,683 $6,319
Unallocated 134
Total $10,617
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