Dearborn Bancorp, Inc. announced that it has revised its previously announced 2009 fourth quarter results. Dearborn Bancorp Inc. Dearborn Bancorp trades on the “NASDAQ” under the stock symbol “DEAR”. For More information regarding “DEAR”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Dearborn Bancorp, Inc. (NASDAQ:DEAR), the Holding Company for Fidelity Bank, announced that it has revised its previously announced 2009 fourth quarter results due to an additional $10 million provision for loan losses.
Due to continuous and ongoing diligent loan review, the allowance for loan losses and provision for loan losses have been increased by $10 million from amounts previously reported on its press release dated January 19, 2010. During the period between January 19, 2010 and March 22, 2010, the Bank received updated financial statements and collateral evaluations on several of its problem loan customers requiring the further down-grading of credits, the application of higher historical loss factors and larger valuation allowances for the Bank's calculation of its Allowance for Loan Losses as of December 31, 2009.
As a result of the additional provision, the Company revised earnings to a net loss for the fourth quarter of 2009 to $5.8 million, or $(0.76) per fully diluted common share, compared to earnings of $4.2 million, or $0.55 per share as previously reported. For the year ended December 31, 2009, the net loss was increased to $61.2 million, or $(8.00) per share, compared to a net loss of $51.2 million, or $(6.69) per share as previously reported.
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