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Liberty Bell Bank Reports 2012 Fourth Quarter And Annual Results Of Operations

Total deposits increased $4.2 million to $154.8 million at December 31, 2012 from $150.6 million at December 31, 2011. The increase was primarily due to a $1.8 million increase in non-interest bearing demand accounts and a $2.4 million increase in interest bearing accounts.

The Bank continues to increase non-interest bearing deposit accounts. Total non-interest bearing deposit accounts at December 31, 2012 were $15.4 million as compared to $13.6 million at December 31, 2011. Non-interest bearing accounts were 10.0% of total deposits at December 31, 2012 as compared to 9.1% of total deposits at December 31, 2011. The growth in deposits was from the Bank’s local area market.

The increase in interest-bearing deposit accounts of $2.4 million was due primarily to an increase in money market deposit accounts, which increased $10.5 million from $46.7 million at December 31, 2011 to $57.2 million at December 31, 2012. In addition, savings deposit accounts increased $831,000 from $12.5 million to $13.3 million at December 31, 2011 and 2012, respectively. Certificates of deposit, our highest cost deposits, decreased $8.9 million from $77.8 million to $68.8 million at December 31, 2011 and 2012, respectively.

At December 31, 2012, our criticized/classified assets totaled $8.5 million, a $7.1 million decrease from $15.6 million at December 31, 2011 while other real estate owned increased $1.1 million from $4.5 million to $5.6 million at December 31, 2011 and 2012, respectively. Criticized/classified assets plus other real estate owned totaled $20.2 million at December 31, 2011 as compared to $14.2 million at December 31, 2012, a decrease of $6.0 million.

“We have made considerable progress in addressing and resolving problem assets, which fortunately have been essentially stabilized since 2011,” said CEO Kevin Kutcher, adding, “The legal processes of our foreclosure efforts and the like has been excruciatingly slow in New Jersey. We are now seeing opportunities for justifiable collateral liquidations and property sales. At the same time 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.”

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