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Liberty Bell Bank Reports Third Quarter And Year To Date Earnings

The decrease in net interest income for both the three and nine month periods was due primarily to the reversal of interest earned on loans that were placed on non-accrual. The increase in the provision for loan losses was due to the Bank’s write-down of non-performing loans. In addition, specific reserves were established for several loan relationships.

Net interest margin for the nine months ended September 30, 2012 was 3.64%, a decrease of 0.22% from 3.86% for the nine months ended September 30, 2011. The margin decrease was mainly the result of a 0.37% lower yield from interest-earning assets partially offset by a 0.16% reduction in the rate paid for interest-bearing deposits.

Total assets at September 30, 2012 were $184.7 million, representing an increase of $11.8 million from December 31, 2011. The increase was due primarily to an increase in cash and cash equivalents which increased $11.6 million while investments increased $7.7 million. Gross loans, totaled $125.1 million at September 30, 2012, a decrease of $8.1 million from $133.2 million at December 31, 2011. The allowance for loan losses at September 30, 2012 was $1.9 million, an increase of $567,000 from $1.3 million at December 31, 2011. Other real estate owned at September 30, 2012 was $6.0 million, an increase of $1.5 million from $4.5 million at December 31, 2011.

Total deposits increased $14.1 million to $164.7 million at September 30, 2012 from $150.6 million at December 31, 2011. The increase was primarily due to an $8.2 million increase in non-interest bearing demand accounts and a $5.9 million increase in interest bearing accounts. The increase in interest bearing accounts was primarily money market deposit accounts which increased $12.3 million from $26.6 million at December 31, 2011 to $38.9 million at September 30, 2012. Certificates of deposit and brokered deposits, our highest cost deposits, decreased $6.2 million and $1.2 million, respectively, from December 31, 2011 to September 30, 2012.

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