This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Western Liberty Bancorp Reports First Quarter 2012 Financial Results

Total loans were stable at $102.4 million at March 31, 2012, compared to $101.9 million at December 31, 2011, and $102.2 million at March 31, 2011. Commercial real estate loans accounted for 58% of the total loan portfolio and commercial and industrial loans comprised 30%. Construction and land development loans accounted for 2% and residential real estate loans were 10% of total loans at quarter end. Of the total loan portfolio, 69% is secured by real estate and 32% of the commercial real estate loan portfolio is owner occupied. Half of the loan portfolio is adjustable rate loans, with most of these loans indexed to the national prime rate with interest rate floors above the current prime rate index.

Western Liberty’s total deposits increased $4.8 million from the preceding quarter to $126.0 million at March 31, 2012, with 48% in noninterest bearing demand accounts. At December 31, 2011, total deposits were $121.2 million, compared to $131.8 million at March 31, 2011. “Our core deposit base continues to consist entirely of customers from our home-town, providing a stable and low cost funding source for the Bank,” said Martin. Noninterest-bearing deposits grew by $9.4 million during the first quarter, and accounted for 48 of total deposits, while certificates of deposits declined by $5.5 million. Interesting bearing deposits (NOWs, Money Market and Savings) increased marginally by $854,000.

Total shares outstanding were 13.5 million at quarter end. Shareholders’ equity was $75.1 million at the end of March compared to $76.0 million at the end of December and $93.6 at the end of March 2011. Tangible book value per share was $5.53 at quarter end compared to $5.60 in the preceding quarter and $5.78 a year ago.

Asset Quality

Nonperforming assets totaled $28.5 million, or 14.1% of total assets at March 31, 2012, compared to $28.1 million, or 14.2% of total assets at December 31, 2011, and $10.1 million, or 4.4% of total assets at March 31, 2011. Loans measured for impairment, which include nonperforming loans as well as loans that continue to perform but have some identified weakness, improved to $28.0 million, down from $29.3 million at December 31, 2011. The majority of loans measured for impairment were in the commercial real estate portfolio.

4 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs