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Turtle Bay,Liberty laying down kind of strange&being tossed around in the wind,2/16/14 – Video

Posted: February 17, 2014 at 8:45 pm



Turtle Bay,Liberty laying down kind of strange being tossed around in the wind,2/16/14
Video is from Feb 15th before Liberty Laid her 2nd egg at 6:00pm.Clips,4:40pm 5:20pm PT.Cam Link,http://www.turtlebay.org/eaglecam Thank you TB.

By: eaglewhisperer18

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Turtle Bay,Liberty laying down kind of strange&being tossed around in the wind,2/16/14 – Video

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Liberty Bell Bank Reports Third Quarter and Year to Date Earnings

Posted: November 16, 2012 at 8:50 am

MARLTON, N.J.–(BUSINESS WIRE)–

Liberty Bell Bank (LBBB) today reported third quarter 2012 net loss of $1.6 million or $(0.53) per diluted share, compared to net income of $151,000 or $0.05 per diluted share for the third quarter of 2011. The net loss for the nine month period ended September 30, 2012 was $2.4 million or $(0.78) per diluted share compared to net income of $238,000 or $0.08 per diluted share for the comparable prior year period. The decreased earnings are primarily the result of charges related to the Banks nonperforming loans. At September 30, 2012, the Bank remains well capitalized by all regulatory measures.

Earnings for the third quarter 2012 as compared to the third quarter of 2011 decreased $1.7 million or $0.58 per diluted share. This decrease is predominantly the result of expenses and charges related to resolving problem loans resulting in an increase in the loan loss provision expense of $780,000 and the loss on the sale of other real estate owned of $617,000. Additionally, net interest income was $137,000 less when compared to the third quarter of 2011 and non interest expenses increased $187,000 as compared to the same period last year largely due to expenses related to classified loans. These decreases were partially offset by an increase of $18,000 in fee income and a gain on sale of securities of $35,000.

Earnings for the nine months ended September 30, 2012 as compared to the nine months ended September 30, 2011 decreased $2.6 million or $0.86 per diluted share. This decrease is predominantly the result of expenses and charges related to resolving problem loans resulting in an increase in the loan loss provision expense of $1.3 million and the loss on the sale of other real estate owned of $843,000. Additionally, net interest income was $229,000 less when compared to the nine months ended September 30, 2011 and non-interest expenses increased $362,000 as compared to the same period last year largely due to expenses related to classified loans. These decreases were partially offset by a $151,000 recovery of a fraud loss recorded in 2011, an increase of $69,000 in fee income and a gain on sale of securities of $35,000.

The decrease in net interest income for both the three and nine month periods was due primarily to the reversal of interest earned on loans that were placed on non-accrual. The increase in the provision for loan losses was due to the Banks write-down of non-performing loans. In addition, specific reserves were established for several loan relationships.

Net interest margin for the nine months ended September 30, 2012 was 3.64%, a decrease of 0.22% from 3.86% for the nine months ended September 30, 2011. The margin decrease was mainly the result of a 0.37% lower yield from interest-earning assets partially offset by a 0.16% reduction in the rate paid for interest-bearing deposits.

Total assets at September 30, 2012 were $184.7 million, representing an increase of $11.8 million from December 31, 2011. The increase was due primarily to an increase in cash and cash equivalents which increased $11.6 million while investments increased $7.7 million. Gross loans, totaled $125.1 million at September 30, 2012, a decrease of $8.1 million from $133.2 million at December 31, 2011. The allowance for loan losses at September 30, 2012 was $1.9 million, an increase of $567,000 from $1.3 million at December 31, 2011. Other real estate owned at September 30, 2012 was $6.0 million, an increase of $1.5 million from $4.5 million at December 31, 2011.

Total deposits increased $14.1 million to $164.7 million at September 30, 2012 from $150.6 million at December 31, 2011. The increase was primarily due to an $8.2 million increase in non-interest bearing demand accounts and a $5.9 million increase in interest bearing accounts. The increase in interest bearing accounts was primarily money market deposit accounts which increased $12.3 million from $26.6 million at December 31, 2011 to $38.9 million at September 30, 2012. Certificates of deposit and brokered deposits, our highest cost deposits, decreased $6.2 million and $1.2 million, respectively, from December 31, 2011 to September 30, 2012.

The Bank continues to increase non-interest bearing deposit accounts. The total non-interest bearing deposit accounts at September 30, 2012 was $21.8 million as compared to $13.6 million at December 30, 2011. Non-interest bearing accounts were 9.1% of total deposits at December 31, 2011 and 13.3% of total deposits at September 30, 2012. The growth in deposits was primarily from the Banks local area market.

At September 30, 2012, our criticized/classified assets totaled $10.9 million, a $4.7 million decrease from $15.6 million at December 31, 2011.

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Liberty Bell Bank Reports Third Quarter and Year to Date Earnings

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