MARLTON, N.J.--(BUSINESS WIRE)-- <\/p>\n
Liberty Bell Bank (LBBB) today reported net income of $202,000 or $0.06 per diluted share for the three months ended March 31, 2013, compared to net income of $35,000 or $0.01 per diluted share for the same period in 2012, an increase of $167,000 or $0.05 per diluted share. The increased earnings are primarily the result of gains on the sale of securities available for sale of $156,000. At March 31, 2013, the Bank remains well capitalized by all regulatory measures. <\/p>\n
In addition to gains on the sale of securities available for sale, the increase in earnings also was due to a $67,000 decrease in total non-interest expense, a $51,000 decrease in the provision for loan losses, a $12,000 decrease in write-downs on other real estate owned and a $3,000 decrease in income tax expense. These positive variances were partially offset by reduced net interest income of $94,000 and a decrease in service charges on deposit accounts and other income of $28,000. <\/p>\n
The decrease of $94,000 in net interest income for the three months ended March 31, 2013 as compared to the three months ended March 31, 2012, was due to a $219,000 decrease in interest and dividend income partially offset by a $125,000 reduction in interest expense, primarily from a decrease of interest on deposits. The decrease in interest and dividend income was due primarily to a decrease of $271,000 in interest and fees from loans, offset partially by an increase of $54,000 in interest on securities available for sale. <\/p>\n
The decrease of $271,000 in interest and fees from loans was due primarily to a 46 basis point reduction of the yield from the loan portfolio from 5.77% to 5.31%. In addition, the average loan balance outstanding for the first three months of 2013 as compared to the first three months of 2012 decreased by $8.5 million. The increase of $54,000 in interest on securities available for sale was due primarily to an increase in the average balance outstanding from $13.3 million to $26.3 million. <\/p>\n
Net interest margin for the first quarter of 2013 was 3.51%, a decrease of 0.26% from the 3.77% net interest margin for the first quarter of 2012. The margin decrease was mainly the result of a 0.59% lower yield from interest-earning assets partially offset by a 0.35% reduction in the rate paid for interest-bearing deposits. <\/p>\n
Total assets at March 31, 2013 were $172.2 million, representing a decrease of $2.1 million from $174.3 million at December 31, 2012. The decrease was due primarily to cash and cash equivalents, which decreased $6.9 million and net loans which decreased $2.6 million from December 31, 2012. These decreases were partially offset by investments which increased $6.9 million and other assets which increased $297,000. Other real estate owned increased $272,000 from $5.6 million at December 31, 2012 to $5.9 million at March 31, 2013. <\/p>\n
Total deposits decreased $2.1 million to $152.7 million at March 31, 2013 from $154.8 million at December 31, 2012. The decrease was primarily due to a $2.4 million decrease in interest-bearing accounts offset by a $374,000 increase in non-interest bearing accounts. <\/p>\n
The Bank continues to increase non-interest bearing deposit accounts. Total non-interest bearing deposit accounts at March 31, 2013 were $15.8 million as compared to $15.4 million at December 31, 2012. The growth in non-interest bearing deposits was from the Banks local area market. <\/p>\n
The decrease in interest-bearing deposit accounts of $2.4 million was due primarily to a decrease in certificates of deposit, our highest cost deposits, which decreased $3.0 million from $68.8 million at December 31, 2012 to $65.8 million at March 31, 2013. <\/p>\n
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Originally posted here: <\/p>\n
Liberty Bell Bank Reports First Quarter 2013 Results of Operations<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" MARLTON, N.J.--(BUSINESS WIRE)-- Liberty Bell Bank (LBBB) today reported net income of $202,000 or $0.06 per diluted share for the three months ended March 31, 2013, compared to net income of $35,000 or $0.01 per diluted share for the same period in 2012, an increase of $167,000 or $0.05 per diluted share. The increased earnings are primarily the result of gains on the sale of securities available for sale of $156,000. At March 31, 2013, the Bank remains well capitalized by all regulatory measures Continue reading