MARLTON, N.J.--(BUSINESS WIRE)--
Liberty Bell Bank (LBBB) today reported net income of $39,000 or $0.01 per diluted share for the three months ended September 30, 2013, compared to a net loss of $1.6 million or $(0.53) per diluted share for the same period in 2012, an improvement of $1.6 million. For the nine months ended September 30, 2013, the Bank had a $2.3 million net loss, or $(0.70) per diluted share, compared to a net loss of $2.4 million or $(0.78) per diluted share for the same period in 2012. At September 30, 2013, the Bank is adequately capitalized by all regulatory measures.
The improvement in the Banks quarterly earnings of $1.6 million as compared to the three months ended September 30, 2012 was due primarily to a decrease in the provision for loan losses of $831,000 and a reduction of losses on the sale of other real estate owned of $610,000 from $617,000 in 2012 to $7,000 in 2013. In addition, non-interest expense decreased $236,000 from $1.6 million for the three months ended September 30, 2012 to $1.4 million for the three months ended September 30, 2013. The provision for income taxes also decreased $18,000. These positive variances were partially offset by a decrease in net interest income of $23,000 and a decrease in fee income of $38,000.
The decrease in the provision for loan losses from $840,000 to $9,000 reflects our constrained loan growth and the lack of any material deterioration in our loan portfolio, coupled with the sale of some problem assets since September 30, 2012.
The decrease of $23,000 in net interest income for the three months ended September 30, 2013 as compared to the three months ended September 30, 2012 was due to a $134,000 decrease in interest income partially offset by an $111,000 reduction in interest expense, primarily from a decrease in interest expense on deposits. The decrease in interest income was due primarily to a decrease of $179,000 in interest from loans offset by an increase of $44,000 in interest earned from investments.
The decrease of $179,000 in interest from loans was due primarily to a 39 basis point reduction of the yield from the loan portfolio from 5.52% to 5.13%. In addition, the average loan balances outstanding for the three months ended September 30, 2013 as compared to the three months ended September 30, 2012 decreased by $5.1 million. The reduction in average loan balances was due primarily to pay-downs and pay-offs of commercial loans. The increase of $44,000 in interest on investments was due primarily to an increase in the average balance outstanding of $10.8 million from $32.2 million to $43.1 million.
The $236,000 decrease in non-interest expense was due primarily to a $141,000 reduction in compensation expense, a $38,000 reduction in other operating expense, a $29,000 reduction in expenses related to other real estate owned and a $14,000 reduction in equipment expense. The reduction in compensation expense was due primarily to a decrease in personnel due to the Mt. Laurel branch closing and the resignation of two senior officers. The reduction in other operating expenses was due primarily to a reduction in expenses related to the loan portfolio.
Net interest margin for the third quarter of 2013 was 3.33%, a decrease of 0.19% from the 3.52% net interest margin for the third quarter of 2012. The margin decrease was mainly the result of a 0.51% lower yield from interest-earning assets partially offset by a 0.30% reduction in the rate paid for interest-bearing deposits.
The loss for the nine months ended September 30, 2013 was primarily due to the Bank being a victim of a check kiting scheme by one of its commercial deposit and loan customers. As a result of this check kiting activity, the Bank recognized approximately $2.1 million ($.62 per diluted share) as a loan charge-off. In addition, the Bank has $2.8 million of loans secured by leases originated through this customer. The Bank continues to take steps it deems necessary to ensure the payment of the related lease payment receivables.
The Banks net loss of $2.3 million for the nine months ended September 30, 2013 was $14,000 less than the loss over the same period in 2012. The provision for loan losses for the nine months ended September 30, 2013 was $2.6 million, an increase of $980,000 as compared to $1.6 million for the nine months ended September 30, 2012. Net interest income decreased by $199,000 from $4.2 million to $4.0 million for the nine months ended September 30, 2012 and 2013, respectively. These negative variances were offset by an increase of $686,000 in non-interest income, a decrease of $482,000 in non-interest expense and a $24,000 reduction in our provision for income taxes.
See the rest here:
Liberty Bell Bank Reports Third Quarter 2013 Results of Operations
- Grateful Dead Liberty Video [Last Updated On: April 1st, 2011] [Originally Added On: April 1st, 2011]
- Brian May, Joe Satriani, Steve Vai - Liberty [Last Updated On: April 1st, 2011] [Originally Added On: April 1st, 2011]
- New York City's Statue of Liberty - 2 Minute Tour [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- Ayn Rand - Liberty vs Socialism [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- Jordan Page "Liberty" (Acoustic Version) [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- Interview - Naomi Wolf - Give Me Liberty [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- For Liberty Trailer - Let It Not Be Said We Did Nothing [Last Updated On: May 22nd, 2011] [Originally Added On: May 22nd, 2011]
- Gene Pitney - (The Man Who Shot) Liiberty Valance [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- Heavenly - Liberty [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- Patriotic Tribute to our Military-Song-"Liberty"-Ronnie Kimball-FREE DOWNLOAD@www.ReachHigher.com [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- The Time for Liberty [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- Liberty and Economics [Last Updated On: June 1st, 2011] [Originally Added On: June 1st, 2011]
- StarCraft II: Wings of Liberty - Cinematic Trailer [Last Updated On: June 2nd, 2011] [Originally Added On: June 2nd, 2011]
- 10 - Liberty [Last Updated On: June 9th, 2011] [Originally Added On: June 9th, 2011]
- andiamo! - Royal Caribbean's Liberty of the Seas [Last Updated On: June 16th, 2011] [Originally Added On: June 16th, 2011]
- Stratovarius - Liberty [Last Updated On: June 20th, 2011] [Originally Added On: June 20th, 2011]
- Heavy Rain in Liberty City: Episode 1 (Grand Theft Auto IV Machinima) [Last Updated On: June 21st, 2011] [Originally Added On: June 21st, 2011]
- Kelly Jones - Liberty [Last Updated On: June 29th, 2011] [Originally Added On: June 29th, 2011]
- John Adams. Liberty will reign. [Last Updated On: July 22nd, 2011] [Originally Added On: July 22nd, 2011]
- For Liberty Re-cut - Ron Paul 2012 Handout DVD HD [Last Updated On: August 25th, 2011] [Originally Added On: August 25th, 2011]
- The Philosophy of Liberty: Property [Last Updated On: September 7th, 2011] [Originally Added On: September 7th, 2011]
- Ron Paul on Liberty Dollar Raid [Last Updated On: September 24th, 2011] [Originally Added On: September 24th, 2011]
- Freedom and Liberty - Funeral Dress [Last Updated On: September 25th, 2011] [Originally Added On: September 25th, 2011]
- Liberty X - Just A Little [Last Updated On: September 25th, 2011] [Originally Added On: September 25th, 2011]
- Review: The "Liberty I" Ultra Compact Compound Bow vs. "Razor Edge" and "Slingbow" [Last Updated On: September 30th, 2011] [Originally Added On: September 30th, 2011]
- Patrick Henry - Give me Liberty or give me Death [Last Updated On: October 2nd, 2011] [Originally Added On: October 2nd, 2011]
- Lambo Quad by Liberty Walk [Last Updated On: October 3rd, 2011] [Originally Added On: October 3rd, 2011]
- Got Liberty? [Last Updated On: October 5th, 2011] [Originally Added On: October 5th, 2011]
- David Copperfield - Vanishing the Statue of Liberty [Last Updated On: October 6th, 2011] [Originally Added On: October 6th, 2011]
- The Philosophy of Liberty: Plunder [Last Updated On: October 6th, 2011] [Originally Added On: October 6th, 2011]
- China 9 Liberty 37 [Last Updated On: October 9th, 2011] [Originally Added On: October 9th, 2011]
- GTA Liberty City Stories Theme Song - Dark March - Video [Last Updated On: October 13th, 2011] [Originally Added On: October 13th, 2011]
- Pentagon Reports Army Mascot 'Liberty' Killed in Iraq - Video [Last Updated On: October 15th, 2011] [Originally Added On: October 15th, 2011]
- Son's of Liberty - Video [Last Updated On: October 17th, 2011] [Originally Added On: October 17th, 2011]
- Liberty`s Kids: #05 "Midnight Ride" (1/2) - Video [Last Updated On: October 17th, 2011] [Originally Added On: October 17th, 2011]
- The Philosophy of Liberty - Video [Last Updated On: October 19th, 2011] [Originally Added On: October 19th, 2011]
- StarCraft II: Wings of Liberty - Protoss Gameplay Video - Video [Last Updated On: October 19th, 2011] [Originally Added On: October 19th, 2011]
- Steve Vai - Liberty - Video [Last Updated On: October 20th, 2011] [Originally Added On: October 20th, 2011]
- Duran Duran - Serious - Video [Last Updated On: October 21st, 2011] [Originally Added On: October 21st, 2011]
- I Pledge to Join Young Americans for Liberty - Video [Last Updated On: October 23rd, 2011] [Originally Added On: October 23rd, 2011]
- Grave Digger : Liberty Or Death - Video [Last Updated On: October 25th, 2011] [Originally Added On: October 25th, 2011]
- GTA IV: Liberty Suburbs (Grand Theft Auto in Real Life) - Video [Last Updated On: October 27th, 2011] [Originally Added On: October 27th, 2011]
- Occupy My Life (Marriage Proposal at Liberty Plaza) - Video [Last Updated On: October 27th, 2011] [Originally Added On: October 27th, 2011]
- Give me liberty or give me DEATH! - Video [Last Updated On: October 29th, 2011] [Originally Added On: October 29th, 2011]
- Walter E Williams - Economics of Liberty - Video [Last Updated On: November 4th, 2011] [Originally Added On: November 4th, 2011]
- Ron Paul 2012: In Defense of Liberty - Video [Last Updated On: November 6th, 2011] [Originally Added On: November 6th, 2011]
- Heavy Rain in Liberty City: Episode 2 (Grand Theft Auto IV Machinima) - Video [Last Updated On: November 13th, 2011] [Originally Added On: November 13th, 2011]
- The Levellers - Liberty Song - Video [Last Updated On: November 15th, 2011] [Originally Added On: November 15th, 2011]
- Time Out's guide to Harrods, Liberty, LN-CC and Coco de Mer - Video [Last Updated On: November 24th, 2011] [Originally Added On: November 24th, 2011]
- Liberty`s Kids: #01 "The Boston Tea Party" (2/2) - Video [Last Updated On: December 3rd, 2011] [Originally Added On: December 3rd, 2011]
- Mr. Smith Goes to Washington - "Liberty is too Precious a thing to be buried in books" - Video [Last Updated On: December 14th, 2011] [Originally Added On: December 14th, 2011]
- Chasing Liberty - Video [Last Updated On: December 19th, 2011] [Originally Added On: December 19th, 2011]
- Liberty X - Just A Little - Video [Last Updated On: December 27th, 2011] [Originally Added On: December 27th, 2011]
- Steve Vai, Brian May [Last Updated On: January 7th, 2012] [Originally Added On: January 7th, 2012]
- Madness - The Liberty Of Norton Folgate (Moodboard) - Video [Last Updated On: January 13th, 2012] [Originally Added On: January 13th, 2012]
- The (Expanded) Philosophy of Liberty - Video [Last Updated On: January 23rd, 2012] [Originally Added On: January 23rd, 2012]
- Liberty - Prototype - Video [Last Updated On: January 23rd, 2012] [Originally Added On: January 23rd, 2012]
- Miley Cyrus Rock Mafia - IT'S A LIBERTY WALK! - Video [Last Updated On: January 24th, 2012] [Originally Added On: January 24th, 2012]
- USS Liberty Dead in the Water (Full Movie) Americans Murdered by Israel - Video [Last Updated On: January 24th, 2012] [Originally Added On: January 24th, 2012]
- Madness - The Liberty of Norton Folgate Live - Video [Last Updated On: January 24th, 2012] [Originally Added On: January 24th, 2012]
- Miley Cyrus- Liberty Walk (Lyrics on screen + HQ) [Full] - Video [Last Updated On: January 27th, 2012] [Originally Added On: January 27th, 2012]
- Liberty wins NCWA National Duals [Last Updated On: January 29th, 2012] [Originally Added On: January 29th, 2012]
- Government steps up Jeep Liberty air bag probe [Last Updated On: January 30th, 2012] [Originally Added On: January 30th, 2012]
- U.S. regulators upgrade Jeep Liberty airbag probe [Last Updated On: January 30th, 2012] [Originally Added On: January 30th, 2012]
- Alleged squatters caught in soldier's Liberty Co. home [Last Updated On: January 31st, 2012] [Originally Added On: January 31st, 2012]
- Liberty Power Earns "A+" Rating from the Better Business Bureau [Last Updated On: February 1st, 2012] [Originally Added On: February 1st, 2012]
- Liberty’s Melton signs with Texas State [Last Updated On: February 3rd, 2012] [Originally Added On: February 3rd, 2012]
- Liberty girls top Lee’s Summit on last-second shot [Last Updated On: February 3rd, 2012] [Originally Added On: February 3rd, 2012]
- Liberty Property Earnings Preview [Last Updated On: February 4th, 2012] [Originally Added On: February 4th, 2012]
- Boys basketball | Olentangy Liberty 57, Westerville North 51: Stingy defense lifts Liberty [Last Updated On: February 4th, 2012] [Originally Added On: February 4th, 2012]
- Taking Liberties [Full Film] - Video [Last Updated On: February 4th, 2012] [Originally Added On: February 4th, 2012]
- Liberty Mutual Insurance Webinar Highlights Predictive Modeling’s Key Role in Better Managing Total Workers ... [Last Updated On: February 7th, 2012] [Originally Added On: February 7th, 2012]
- American Liberty Petroleum Corp. Adds New Oil Discovery Lease & Exercises Option to Receive Assignment of 3 Oil & Gas ... [Last Updated On: February 13th, 2012] [Originally Added On: February 13th, 2012]
- Liberty residents debate 911 dispatch [Last Updated On: February 14th, 2012] [Originally Added On: February 14th, 2012]
- Liberty 911 talk draws crowd [Last Updated On: February 14th, 2012] [Originally Added On: February 14th, 2012]
- Liberty girls drop KingCo title game [Last Updated On: February 15th, 2012] [Originally Added On: February 15th, 2012]
- Liberty All-Star(R) Growth Fund, Inc. January 2012 Monthly Update [Last Updated On: February 15th, 2012] [Originally Added On: February 15th, 2012]
- Liberty Mines Announces 2012 Operational and Exploration Targets [Last Updated On: February 16th, 2012] [Originally Added On: February 16th, 2012]
- Liberty Charter girls on a perfect run [Last Updated On: February 16th, 2012] [Originally Added On: February 16th, 2012]
- Liberty Wharf has completed office leasing [Last Updated On: February 17th, 2012] [Originally Added On: February 17th, 2012]