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Liberty Bell Bank Reports Third Quarter And Year To Date Earnings

The Bank continues to increase non-interest bearing deposit accounts. The total non-interest bearing deposit accounts at September 30, 2012 was $21.8 million as compared to $13.6 million at December 30, 2011. Non-interest bearing accounts were 9.1% of total deposits at December 31, 2011 and 13.3% of total deposits at September 30, 2012. The growth in deposits was primarily from the Bank’s local area market.

At September 30, 2012, our criticized/classified assets totaled $10.9 million, a $4.7 million decrease from $15.6 million at December 31, 2011.

“We have made considerable progress in addressing and resolving problem loans which fortunately have also been essentially stabilized since 2011,” said CEO Kevin Kutcher, adding “The process unfortunately entails recognizing some losses and the burden of increased expenses related to these problems that include elevated legal expenses and other costs related to carrying and resolving this group of problem loans. Concurrent with enjoying some success on a primary objective of reducing problem loans we continue to advance another of our primary strategic objectives – growing core non-interest bearing business based checking accounts. This will pay significant dividends as the economy recovers and interest rates eventually rise.”

CFO Ben Watts added, “Our Board and management group have been diligently addressing these problem loans. Our goal is to remain well capitalized while resolving these remaining problem loans as rapidly as possible and, with other cost containment and revenue enhancements, to restore profitability for 2013.”
(Unaudited, in thousands) September 30, December 31,
2012 2011
Fed funds sold and interest bearing cash $ 21,004 $ 15,551
Investment securities 20,846 13,176
Net loans receivable 123,206 131,861
Total assets 184,722 172,905
Deposits 164,679 150,574
Shareholders’ equity 11,957 14,113
(Unaudited, in thousands except per share data)
Quarter ended Quarter ended YTD YTD
September 30, September 30, September 30, September 30,
  2012     2011     2012   2011
Net interest income $ 1,354 $ 1,491 $ 4,216 $ 4,445
Provision for loan losses 840 60 1,580 260
Non-interest income 114 131 509 324
Loss on sale of ORE 617




Other expenses 1,596 1,409 4,629 4,268
Provision for income taxes 8 2 26 2
Net income (1,593 ) 151 (2,354 ) 238
Earnings per share:
Basic $ (0.53 ) $ 0.05 $ (0.78 ) $ 0.08
Diluted $ (0.53 ) $ 0.05 $ (0.78 ) $ 0.08
Capital Ratios:
Leverage Capital 6.65 % 8.42 %
Total risk based capital 10.07 % 11.38 %

Liberty Bell Bank is a full-service, state-chartered commercial bank, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

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