Western Liberty Bancorp Reports 2010 Financial Results
Financial Highlights (at or for the periods ended December 31, 2010)
- Service1st Bank has exceptionally strong capital ratios with Tier 1 Capital/risk-adjusted assets of 30.6%.
- Western Liberty also has exceptionally strong capital with Tier 1 Capital/risk-adjusted assets of 35.9%.
- Western Liberty's tangible common equity to tangible assets at year end was 34.8%, compared to 7.2% average for the 331 institutions that are included in the SNL US Bank Index.
- Book value was $6.22 per share and tangible book value was $5.79 per share, at year end, based on 15,088,023 shares outstanding.
- Total cash and cash equivalents held by Western Liberty Bancorp was $103.2 million, of which $53.5 million is at the holding company level.
- Noninterest bearing deposits accounted for 42% of total deposits and core deposits (excluding time certificates) were more than 70% of total deposits.
- Goodwill and core deposit intangible assets recorded as a result of the merger totaled $6.4 million.
- Service1st Bank generated a net profit from October 28, 2010, to December 31, 2010, of $186,000 which was offset at the holding company level by merger-related expenses and on-going compliance expenses.
- Transaction-related costs associated with the merger added approximately $6 million to operating expenses in 2010 and contributed to the majority of the loss in 2010.
"We continue to work with our advisors to meet all regulatory requirements, and our regularly scheduled annual exam was in the second quarter last year," said Martin. "With more than 20 years of experience as a bank regulator with the Office of the Comptroller of the Currency, I fully understand the complexities of this process and believe we have made substantial progress in complying with our regulatory order. Our three top priorities are to improve the regulatory status of the bank, to prevent any further deterioration of book value, and to achieve profitability in the near term and maximize profitability in the long term."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV