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

www.wlbancorp.com

FORWARD LOOKING STATEMENTS

This release may contain “forward-looking statements” that are subject to risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Western Liberty or management, are intended to help identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include our ability to maintain or expand our market share or net interest margins, and to implement our marketing and growth strategies. Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy, as those factors relate to our cost of funds and return on assets. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in our other filings with the SEC. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations.

 

Consolidated Balance Sheet (Dollars in thousands, except per share data) (Unaudited)

     

 

March 31,2012 December 31,2011 March 31,2011
 
Assets:
Cash and due from banks $ 8,525 $ 11,227 $ 8,749
Money market funds 100 100 52,206
Interest-bearing deposits in banks   84,277     78,026     29,488  
Cash and cash equivalents 92,902 89,353 90,443
 
Certificates of deposits - - 16,784
Securities, available for sale 300 472 1,345
Securities, held to maturity 2,007 2,031 3,737
Loans:
Construction, land development and other land 2,101 3,417 4,619
Commercial real estate 58,860 58,252 53,416
Residential real estate 10,101 4,704 3,980
Commercial and industrial 31,262 35,417 40,041
Consumer 18 30 131
Plus: net deferred loan costs   31     41     20  
Total loans 102,373 101,861 102,207
Less: allowance for loan losses   (2,687 )   (2,919 )   (1,290 )
Net loans 99,686 98,942 100,917
Premises and equipment, net 742 818 1,120
Other real estate owned, net 3,891 4,008 5,444
Goodwill, net - - 5,633
Other intangibles, net 647 670 744
Accrued interest receivable and other assets   1,815     1,996     2,624  
Total assets $ 201,990   $ 198,290   $ 228,791  
 
Liabilities:
Demand deposits, noninterest bearing $ 59,891 $ 50,488 $ 51,847
NOW and money market 38,002 37,306 39,721
Savings deposits 892 735 1,031
Time deposits $100,000 or more 4,631 26,479 33,335
Other time deposits   22,559     6,218     5,879  
Total deposits 125,975 121,226 131,813
Contingent consideration - - 1,816
Accrued interest and other liabilities   925     1,023     1,604  
Total liabilities 126,900 122,249 135,233
 
Shareholders' Equity:
Common stock 1 1 1
Additional paid-in capital 117,960 117,846 117,458
Accumulated deficit (38,778 ) (37,717 ) (23,898 )
Treasury stock (4,094 ) (4,094 ) -
Accumulated other comprehensive gain/(loss), net   1     5     (3 )

Total stockholders’ equity

  75,090     76,041     93,558  
Total liabilities and stockholders’ equity $ 201,990   $ 198,290   $ 228,791  
 
 

Consolidated Income Statement (Dollars in thousands, except per share data) (Unaudited)

  Three Months Ended   Three Months Ended

 

March 31,2012

December 31,2011   March 31,2011
Interest Income:  
Interest and fees on loans $ 1,643 $ 1,866 $ 3,782
Interest on securities, taxable and other   62     66       66  
Total interest and dividend income 1,705 1,932 3,848
Interest Expense:
Interest expense on deposits   115     122       112  
Net interest income 1,590 1,810 3,736
Provision for loan losses   0     1,287       1,364  
Net interest income (loss) after provision for loan losses 1,590 523 2,372
 
Other Operating Income:
Service charges 70 69 78
Contingent consideration recovery - 0 -
Other   149     48       43  
Total other operating income 219 117 121
 
Other Operating Expense:
Salaries and employee benefits 844 861 793
Occupancy, equipment and depreciation 332 377 374
Computer service charges 78 72 77
Federal deposit insurance 134 132 152
Legal and professional fees 750 837 936
Advertising and business development 29 12 20
Insurance 72 73 71
Telephone 18 19 26
Printing and supplies 27 24 142
Director fees 56 76 49
Stock-based compensation 114 119 141
Provision for unfunded commitments 0 31 (133 )
Oreo property impairment 117 111 -
Goodwill impairment - 0 -
Other   299     252       254  
Total other operating expense   2,870     2,996       2,902  
Net loss $ (1,061 ) $ (2,356 )   $ (409 )
 
Basic EPS $ (0.08 ) $ (0.17 ) $ (0.03 )
Diluted EPS $ (0.08 ) $ (0.17 ) $ (0.03 )
Average basic shares 13,466,535 14,278,467 15,088,023
Average diluted shares 13,466,535 14,278,467 15,088,023
 
 

Selected Consolidated Financial Highlights (Dollars in thousands, except per share data) (Unaudited)

     

 

 

March 31, 2012

December 31, 2011

March 31, 2011

Per Share data:
Book Value $ 5.58 $ 5.65 $ 6.21
Tangible Book Value $ 5.53 $ 5.60 $ 5.78
 
Selected Balance Sheet Data:
Total Assets $ 201,990 $ 198,290 $ 228,791
Cash and cash equivalents 92,902 89,353 90,443
Gross loans, including net deferred loan costs 102,373 101,861 102,207
Allowance for loan losses 2,687 2,919 1,290
Deposits 125,975 121,226 131,813
Stockholders' equity 75,090 76,041 93,558
 
Asset Quality:
Nonperforming loans $ 24,598 $ 24,054 $ 4,665
Other Real Estate Owned   3,891     4,008     5,444  
Nonperforming assets $ 28,489 $ 28,062 $ 10,109

Allowance for loan losses as a percentage of nonperforming loans

10.92 % 12.14 % 27.65 %

Allowance for loan losses as a percentage of portfolio loans

2.62 % 2.87 % 1.26 %

Nonperforming loans as a percentage of total portfolio loans

24.03 % 23.61 % 4.56 %
Nonperforming assets as a percentage of total assets 14.10 % 14.15 % 4.42 %
Net charge-offs to average portfolio loans 0.22 % 5.66 % 0.11 %
 
Capital Ratios:
Tier 1 equity to average assets 37.08 % 34.77 % 33.00 %
Tier 1 Risk-Based Capital ratio 71.28 % 70.36 % 70.60 %
Total Risk-Based Capital ratio 72.29 % 71.58 % 71.70 %
 




6 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 17,308.12 +42.13 0.24%
S&P 500 2,012.67 +1.31 0.07%
NASDAQ 4,580.7520 -12.6730 -0.28%

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