Western Liberty Bancorp Reports 2010 Financial Results
LAS VEGAS, March 25, 2011 (GLOBE NEWSWIRE) -- Western Liberty Bancorp, Inc. (Nasdaq:WLBC), the bank holding company for Service1 st Bank of Nevada, today reported exceptionally strong capital ratios, a recently fair valued loan portfolio and strong core deposits in 2010, marking the company's first two months of operations after the merger with Service1st Bank on October 28, 2010. Reflecting approximately $6 million in transaction-related expenses, Western Liberty booked a 2010 net loss of $7.7 million, or $0.65 per share. Western Liberty reported a net loss of $14.9 million, or $0.45 per share, in 2009, when it was solely a shell company. All results in this news release are unaudited; audited results will be filed in the company's Form 10K on or before March 31, 2011.
"Following the business combination of Western Liberty and Service1 st Bank, we are one of the best capitalized banks in the nation, with a balance sheet that has been marked-to-market in one of the hardest hit economies in the country," said William Martin, Chief Executive Officer. "We believe we are well positioned to benefit from any improvements in the greater Las Vegas economy and represent a strong value for investors."
"We completed the purchase accounting evaluation required by generally accepted accounting principles (GAAP) and marked our assets and liabilities to market as of the date of the merger," said George Rosenbaum. "Based on a discounted cash flow analysis, including estimated costs for sale or other disposition of loans, the total mark-to-market for the loan portfolio was a $15.1 million discount. In addition over the past three years, the total net charge-offs of the loan portfolio have been $17.2 million, of the $143 million peak value reached in June 2009. We believe the cumulative adjustments have brought the loan portfolio valuation into line with the currently depressed market values in the greater Las Vegas area. Though classified and nonperforming assets remain elevated, these balances reflect material valuation adjustments."
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