Daily Archives: November 7, 2013

The Rundown Live #120: Richard Gage
Listen to The Rundown Live today!! FREE Smartphone Apps: https://itunes.apple.com/us/app/id393387997?mt=8 https://play.google.com/store/apps/details?id=com.t...

By: Project: Liberty Defined

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The Rundown Live #120: Richard Gage - Video

Grand Theft Auto 3: Liberty Stories - Gameplay Review Game Trailer Walkthrough [PlayStation Vita]
Check out the Playstation Vita Games Playlist - http://www.youtube.com/playlist?list=PL8wZKON07iXUYb3LMM41CFpjsJ65SRIJu Grand Theft Auto: Liberty City Storie...

By: iGameplay1337

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Grand Theft Auto 3: Liberty Stories - Gameplay Review Game Trailer Walkthrough [PlayStation Vita] - Video

Holy Hour for Life, Marriage and Religious Liberty - Fr. John Paul Mary- 2013-11-01
All Saints Day.

By: EWTN

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Holy Hour for Life, Marriage and Religious Liberty - Fr. John Paul Mary- 2013-11-01 - Video

2013 U17 Utah Liberty @ the Stick or Treat Tournament on Nov 2nd
This short video showcases Highlights from the U17 Utah Liberty Team as they versus Weber, Wasatch and Mamaci on November 2nd, 2013.

By: Lonnie Ernst

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2013 U17 Utah Liberty @ the Stick or Treat Tournament on Nov 2nd - Video

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.

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Liberty Bell Bank Reports Third Quarter 2013 Results of Operations

Liberty Media Corp. (LMCA) reported disappointing financial results for the third quarter of 2013, with earnings per share of 63 cents lagging the Zacks Consensus Estimate of 68 cents. Quarterly GAAP net income was $76 million compared with $221 million in the year-ago quarter.

The total revenue was $1,110 million compared with a mere $154 million in the prior-year quarter but fell below the Zacks Consensus Estimate of $1,130 million.

The top-line upswing can be attributed to significant contribution from Liberty Medias majority controlling stake in SIRIUS XM Radio Inc. (SIRI). In addition to SIRIUS XM, the company has stakes in both Live Nation Entertainment Inc. (LYV) and Charter Communications Inc. (CHTR). Liberty Media currently has a Zacks Rank #3 (Hold).

In the second quarter of 2013, Liberty Medias adjusted operating income before depreciation and amortization came in at $379 million compared with a meager $30 million in the year-ago quarter. Quarterly operating income was $248 million as against $10 million in the prior-year quarter.

During the first nine months of 2013, Liberty Media generated $889 million of cash from operations compared with $53 million in the prior-year period. Free cash flow in the reported period was $757 million as against $48 million in the year-ago period.

At the end of the first nine months of 2013, Liberty Media had $2,446 million of cash and cash equivalents against $2,745 million at the end of 2012. The total debt, at the end of the reported quarter, was $4,881 million compared with $540 million at the end of 2012. At the end of the third quarter, the debt-to-capitalization ratio was 0.15 compared with 0.08 at the end of 2012.

Zacks Investment Research

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Liberty Media Misses on Earnings, Revs