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Liberty Bell Bank Reports Third Quarter And Year To Date Earnings

Liberty Bell Bank (OTCBB:LBBB) today reported third quarter 2012 net loss of $1.6 million or $(0.53) per diluted share, compared to net income of $151,000 or $0.05 per diluted share for the third quarter of 2011. The net loss for the nine month period ended September 30, 2012 was $2.4 million or $(0.78) per diluted share compared to net income of $238,000 or $0.08 per diluted share for the comparable prior year period. The decreased earnings are primarily the result of charges related to the Bank’s non–performing loans. At September 30, 2012, the Bank remains well capitalized by all regulatory measures.

Earnings for the third quarter 2012 as compared to the third quarter of 2011 decreased $1.7 million or $0.58 per diluted share. This decrease is predominantly the result of expenses and charges related to resolving problem loans resulting in an increase in the loan loss provision expense of $780,000 and the loss on the sale of other real estate owned of $617,000. Additionally, net interest income was $137,000 less when compared to the third quarter of 2011 and non interest expenses increased $187,000 as compared to the same period last year largely due to expenses related to classified loans. These decreases were partially offset by an increase of $18,000 in fee income and a gain on sale of securities of $35,000.

Earnings for the nine months ended September 30, 2012 as compared to the nine months ended September 30, 2011 decreased $2.6 million or $0.86 per diluted share. This decrease is predominantly the result of expenses and charges related to resolving problem loans resulting in an increase in the loan loss provision expense of $1.3 million and the loss on the sale of other real estate owned of $843,000. Additionally, net interest income was $229,000 less when compared to the nine months ended September 30, 2011 and non-interest expenses increased $362,000 as compared to the same period last year largely due to expenses related to classified loans. These decreases were partially offset by a $151,000 recovery of a fraud loss recorded in 2011, an increase of $69,000 in fee income and a gain on sale of securities of $35,000.

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