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

CFO Ben Watts added, “Our Board and management group continue to diligently address problem assets. Our goal is to remain well capitalized while resolving these remaining problem assets as rapidly as possible and, with other cost containment and revenue enhancements, to restore profitability for 2013. Our Board of Directors purchase of additional shares of newly issued common stock at year end 2012 greatly assists in this effort.”

Set forth below is certain selected balance sheet and income statement data at and for the years ended December 31, 2012 and 2011.
       
SELECTED BALANCE SHEET DATA
(Unaudited, in thousands) December 31, December 31,

2012

2011
 
Fed funds sold and interest bearing cash $19,319 $15,551
Investment securities 21,655 13,176
Net loans receivable 122,508 131,861
Total assets 174,328 172,905
Deposits 154,811 150,574
Shareholders’ equity 11,572 14,113
 
 
SELECTED INCOME STATEMENT DATA
(Unaudited, in thousands except per share data)
 
 
    Quarter ended       Quarter ended       YTD       YTD
December 31, December 31, December 31, December 31,

2012

2011

2012

2011
 
Net interest income $1,315 $1,476 $5,531 $5,920
Provision for loan losses 270 130 1,850 390
Non-interest income 73 349 582 674
Loss on sale of ORE 685 178 1,528 180
Other expenses 1,490 1,648 6,120 5,915
Provision for income taxes (24 ) 33 2 35
Net income $(1,033 ) $(164 ) $(3,387 ) 74
 
Earnings per share:
Basic $(0.34 ) $(0.05 ) $(1.12 ) $0.02
Diluted $(0.34 ) $(0.05 ) $(1.12 ) $0.02
 
Capital Ratios:
Leverage Capital 6.42 % 8.16 %
Total risk based capital 10.03 % 11.10 %
 

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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