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Tuesday, 27 May 2003
May 27, 2003 Dearborn Bancorp (DEAR)
It is after the close. I like to post mid-day if possible but yikes I have to make a living too! Got back to my office and saw the market was up some 179 points today at the close. And our stocks did great. Looking at last week's pick of SYNO, boy was that ever timely. I know I broke my rules buying it but sometime you just have to!

Looking at our lists of greatest % gainers on the NYSE/NASDAQ/AMEX, I have come across a bank. Dearborn Bancorp in particular. I do not, nor does anyone in my family own any shares...nore do I plan to buy at this time.

Dearborn had a GREAT day closing at $22.50 on the day, up $3.00 or 15.38%. That's a lot better than my CD at Wells Fargo which auto-renewed this past month at 0.8%....after-hours the stock is up further to $23.00 or up $.50 or another 2.22%. So what is the news?

Today, Dearborn announced a 5% stock dividend. Doesn't really mean any cash in your pocket....in reality stock dividends are dilutional....but psychologically, in the strong market, I guess someone thought it was a pretty good idea.

In addition, on April 16th, Dearborn Bancorp, 'the holding company for Community Bank of Dearborn', reported earnings of $580,000 for the quarter ending 3/31/03. This 'represented a 21.6 percent increase over the Corporations cearnings of $477,000 in the same quarter of 2002.' per the NYTimes on the Web. Fully diluted, eps was $.20 vs $.18 a little over a 10% increase.

Total assets increased 35.2% during the same period and total deposits were up 36.2%, and total loans grew by 38.1% in the same period. This bank is making money! Technically the stock has been quite strong the past few months.

Looking at Morningstar for a 5 year review, we see that revenues have grown from $5.7 million in 1997, to 8.8 million in 1998, 10.2 million in 1999, 13.3 million in 2000, 16.0 million in 2001 and 18.7 million in trailing twelve months.

EPS have grown the last four quarters (prior to current reported quarter) by 44.64%, 61.54%, 199.58% and 58.66%. We do not have a cash flow assessment on this on Morningstar.

There may be other people who are better at assessing bank stocks which have their own group of analysts. However, on our little system, Dearborn showed up today on the list and it deserves a mention! Bob


Posted by bobsadviceforstocks at 4:38 PM CDT | Post Comment | Permalink

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