Liberty Bell Bank Reports 2012 Fourth Quarter And Annual Results Of Operations
Liberty Bell Bank (OTCQB:LBBB) today reported a net loss of $3.4 million or $(1.12) per diluted share for the year ended December 31, 2012, compared to net income of $74,000 or $0.02 per diluted share for 2011. The decreased earnings are primarily the result of charges related to the Bank’s non–performing loans. On December 31, 2012, members of the Board of Directors paid in $702,000 of additional capital in connection with their purchases of newly issued shares of common stock. At December 31, 2012, the Bank remains well capitalized by all regulatory measures.
Earnings for the year ended December 31, 2012 decreased $3.5 million or $1.14 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 $1.5 million and an increase in the loss on the sale and write-down of other real estate owned and other assets of $1.3 million. Additionally, net interest income was $390,000 less when compared to the year ended December 31, 2011 and non-interest expenses increased $204,000 as compared to the same period last year largely due to expenses related to classified loans. In addition, there were no gains from the sale of securities in 2012 as compared to $298,000 in gains from the sale of securities in 2011. These decreases were partially offset by a $151,000 recovery in 2012 of a fraud loss recorded in 2011 and an increase of $55,000 in fee income.
The decrease in net interest income was due primarily to the reversal of interest earned on loans that were placed on non-accrual and a decrease in average accruing loans of $2.7 million from $126.3 million for 2011 to $123.6 million for 2012. The increase in the provision for loan losses was due to the Bank’s write-down of non-performing loans.
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