Liberty Bell Bank has reported a net profit of $35,358, or $.01 per share, for 2007 compared to a net loss of $1.44 million for 2006 or $0.54 per share, an improvement of $0.55 per share.
The company’s net interest margin for the year 2007 increased to 3.19% or 30 basis points over 2.89% for the year 2006. Total assets of the bank raised 22% to $132.5 million, a growth of $23.9 million as against year-end 2006. The company has recorded an increase of 25% in the net interest income to $3.5 million from $713,000 in the same period a year ago.
Kevin Kutcher, president and CEO of Liberty Bell Bank, said: We have successfully emerged through the vulnerable initial three year period for start-up banks, and we did so in what has been a very difficult time for banks. We strategically invested in our future by establishing three full service offices in our first few years. While this delayed profitability, we believe our deposit, loan, asset and income increases and trends confirm the wisdom of that investment.