Liberty Bell Bank (Nasdaq:LBBB) today announced earnings for the third quarter 2008 of $58,565 or $0.02 per share, and 13% growth year-to-date in total assets. Asset growth was led by a 15% increase in the Bank�s loan portfolio funded through a 15% increase in deposits since year-end 2007. The Bank�s third quarter 2008 earnings represent a $128,502 increase over the comparable period last year. Highlights for the third quarter 2008 include: Total deposits increased $17 million or 15% since year-end 2007 and are up $32 million or 33% since the third quarter 2007. Total loans increased $15 million or 15% since year-end 2007 and are up $25 million or 28% since September 30, 2007. Net interest income increased $255,704 for the third quarter 2008 versus the third quarter 2007, an increase of 29%. Total non-interest (overhead) expense increased $112,239 or 12% over the third quarter 2007. No material delinquencies and only one non-accruing loan (with a balance of $370,000 or 0.3% of total loans). The Bank has had no material loan losses since inception. Received regulatory approval for a fourth branch location � to be located in Mount Laurel, NJ. �It�s especially rewarding to enjoy a profitable quarter particularly in the current environment, and it is exciting to have a branch approval in hand as we look forward to opening our fourth branch in the next few months � likely in January 2009. We�re especially glad, in retrospect, to have maintained a traditional community banking focus,� commented President and CEO Kevin Kutcher, who continued, �We remained attentive to prudent and moderately conservative loan underwriting that has served us especially well, as we�ve avoided material loan difficulties and we�ve funded our loan portfolio with the traditionally stable core deposits of households and community-based businesses.� Chairman of the Board Bill Dunkelberg added, �Community banks have little to do with the frightening financial headlines we read daily, and as we�ve said all along, this is largely a Wall Street type bank problem, not a Main Street (community) bank dilemma. By and large, community banks are fine, and we�re certainly among them and especially excited about our recent branch approval by our regulators. Banks with problems don�t get approvals to expand and grow.� �It is challenging to manage our interest spreads and margins, which are narrowed by aggressive Federal Reserve rate changes, while the price competition for deposits remains so fierce,� commented financial VP Dennis Costa. He added, �Beyond margin management, community banks are dealing with significant increases in FDIC insurance premiums to rebuild the FDIC insurance fund depleted by large bank failures. Fortunately we�re growing and gaining efficiencies. This was a profitable quarter for us, which is more than many are enjoying. A $58,000 profit for the third quarter of 2008 continues our upward trend in results of operations.� Liberty Bell Bank is a New Jersey chartered commercial bank that maintains offices in Cherry Hill, Moorestown, and Marlton, New Jersey. Some discussions in this press release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We caution the reader to be aware of the speculative nature of "forward-looking statements." Statements that are not historical in nature, including the words "anticipate," "estimate," "should," "expect," "believe," "intend," "look forward," �project� and similar expressions, are intended to identify forward-looking statements. Although these statements reflect management of the Bank's good faith belief based on current expectations, estimates and projections about (among other things) the banking industry and the markets in which the Bank operates, they are not guarantees of future performance. Whether actual results will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties, including but not limited to general economic, market, or business conditions, changes in interest rates, deposit flow, and the cost of funds, and demand for loan products and financial services; changes in the Bank's competitive position; the inability to control and predict certain expenses; changes in the quality or composition of loan and investment portfolios; the Bank's ability to manage growth; the opportunities that may be presented to, and pursued by, the Bank; competitive actions by other entities; stockholder actions beyond management's control; changes in laws or regulations; changes in the policies of federal or state regulators and agencies; and other circumstances, many of which are beyond the Bank's control. Consequently, all of the forward-looking statements made in this release are qualified by these cautionary statements and there can be no assurance that the actual results anticipated by the Bank will be realized, or that they will have the expected consequences to, or effects on, the Bank or the Bank's business or operations. Except as required by applicable law, the Bank does not intend to publish updates or revisions of any forward-looking statements it makes to reflect new information, future events or otherwise. � Liberty Bell Bank � � Balance Sheets September 30, 2008 and December 31, 2007 (Unaudited) � � � � 2008 � � 2007 � Assets � Cash and due from banks $ 1,323,493 $ 2,508,526 Federal funds sold � 5,420,000 � � 3,355,000 Cash and cash equivalents 6,743,493 5,863,526 Investment securities available for sale, at fair value 22,209,923 20,061,756 Loans (net of allowance for loan losses of $1,101,950 and $811,950 as of September 30, 2008 and December 31, 2007, respectively) 115,504,946 100,559,806 Bank premises and equipment, net 4,599,560 4,813,415 Accrued interest receivable and other assets � 1,315,810 � � 1,225,156 � Total assets $ 150,373,732 � $ 132,523,659 � Liabilities and Shareholders' Equity � Liabilities Deposits Noninterest-bearing $ 8,221,523 $ 8,758,547 Interest-bearing � 120,719,861 � � 102,277,093 Total deposits 128,941,384 111,035,640 Borrowings 7,500,000 7,500,000 Accrued interest payable and other accrued liabilities � 401,903 � � 437,798 � Total liabilities � 136,843,287 � � 118,973,438 � Shareholders' Equity Common stock, $5 par value, 5,000,000 shares authorized; Issued and outstanding, 2,690,593 shares at September 30, 2008 and December 31, 2007, respectively 13,452,965 13,452,965 Additional paid-in capital 7,216,926 7,178,575 Accumulated deficit (7,214,524) (7,109,457) Accumulated other comprehensive (loss) income � 75,078 � � 28,138 Total shareholders' equity � 13,530,445 � � 13,550,221 Total liabilities and shareholders' equity $ 150,373,732 � $ 132,523,659 � Liberty Bell Bank � � � � Statements of Operations (Unaudited) Three Months Ended, Nine Months Ended, September 30, September 30, � 2008 2007 2008 2007 � Interest and Dividend Income Interest and fees on loans $ 1,893,246 $ 1,648,552 $ 5,638,544 $ 4,734,792 Interest and dividends on securities 273,370 281,559 773,329 887,815 Interest on deposits with banks 340 1,337 1,733 4,391 Interest on federal funds sold � 18,162 � � 11,763 � � 94,741 � � 34,131 Total interest income � 2,185,118 � � 1,943,211 � � 6,508,347 � � 5,661,129 � Interest Expense Interest on deposits 974,088 932,897 3,200,161 2,544,423 Interest on borrowings � 75,692 � � 130,680 � � 227,199 � � 504,026 Total interest expense � 1,049,780 � � 1,063,577 � � 3,427,360 � � 3,048,449 Net interest income � 1,135,338 � � 879,634 � � 3,080,987 � � 2,612,680 � Provision for Loan Losses � 40,000 � � 10,000 � � 290,000 � � 35,000 Net interest income after provision for loan losses � 1,095,338 � � 869,634 � � 2,790,987 � � 2,577,680 � Noninterest Income Service charges on deposit accounts 17,960 11,310 51,843 33,687 Other income 21,859 13,742 99,389 77,777 Gain on sale of investment securities available for sale � -- � � - � � 8,522 � � - Total noninterest income � 39,819 � � 24,782 � � 159,754 � � 111,464 � Noninterest Expenses Compensation and benefits 549,773 508,988 1,627,550 1,541,286 Occupancy 152,166 137,323 421,526 399,163 Equipment and data processing 80,905 97,700 274,374 256,939 Marketing and business development 35,326 35,989 88,065 91,414 Professional services 111,120 79,040 244,577 184,772 Other operating expenses � 147,302 � � 105,313 � � 399,715 � � 260,958 Total noninterest expenses � 1,076,592 � � 964,353 � � 3,055,807 � � 2,734,532 � Income (loss) Before Income Tax Expense 58,565 (69,937) (105,067) (45,388) � Income Tax Expense - - - - � � � � � � � Net income (loss) $ 58,565 � $ (69,937) � $ (105,067) � $ (45,388) � � � � � � � Net income (loss) Per Common Share, Basic and Diluted $ 0.02 � $ ( 0.03) � $ (0.04) � $ ( 0.02) � Weighted Average Shares Outstanding, Basic � 2,690,593 � � 2,690,593 � � 2,690,593 � � 2,690,593 Weighted Average Shares Outstanding, Diluted � 2,690,593 � � 2,768,810 � � 2,690,593 � � 2,744,375
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