Financial Highlights (at or for the quarter ended March 31, 2012)
Nevada Economic Update
- No provision for potential loan losses needed to be recorded in the first quarter.
- Service1st Bank has exceptionally strong capital ratios with Total Capital/Total risk-weighted assets of 36.88%.
- Western Liberty also has exceptionally strong capital ratios with Total Capital/Total risk-weighted assets of 72.29%.
- Tangible book value was $5.53 per share, based on 13,466,535 shares outstanding.
- Total cash and cash equivalents held by Western Liberty is $92.9 million, of which $22.6 million is at the holding company level and $745,000 is at the holding company subsidiary LVSP.
- Noninterest bearing deposits jumped by $9.4 million and accounted for 48% of total deposits and core deposits (excluding time certificates of $100,000 or more) are 60% of total deposits.
- Total deposits increased $4.8 million to $126.0 million from the preceding quarter.
Although new reports confirm that Las Vegas continues to lag in the economic recovery, Marcus & Millichap, a national commercial real estate brokerage and advisory firm, projected the addition of 12,000 jobs locally this year and that office-using job growth will push start a recovery in the Las Vegas office market this year.
Further signs of recovery were reported by the Nevada State Department of Taxation with its April 26 report on February tax revenues. “Statewide taxable sales for February 2012 of $3.2 million represent a 10.2% increase over February 2011 and a 7.5% increase for the fiscal year. The largest increases in statewide taxable sales were realized by Food Services and Drinking Places, up 11.9%; Motor Vehicle and Parts Dealers, up 22.9%; General Merchandise Stores, up 16.9%; Merchant Wholesalers, Durable Goods, up 18.0%; and Clothing and Clothing Accessories Stores, up 11.3%.”