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."
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