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Western Liberty Bancorp Reports Second Quarter 2012 Financial Results

Stocks in this article: WLBC

Western Liberty Bancorp, Inc. (NASDAQ:WLBC), the holding company for Service1st Bank of Nevada (Service1st Bank) and Las Vegas Sunset Properties (LVSP), today reported its tangible book value per share was $5.43, down slightly from $5.53 in the preceding quarter. Western Liberty reported second quarter loss of $1.5 million, or $0.11 per share, compared to $1.1 million, or $0.08 per share, in the first quarter of 2012, and $4.6 million, or $0.30 per share in the second quarter of 2011. For the six month period ended June 30, 2012, net losses narrowed to $2.5 million, or $0.19 per share, compared to $5.0 million, or $0.33 per share in the first half of 2011. All financial results are unaudited.

“Our loan portfolio continues to stabilize with nonperforming loans down $3.5 million from year end,” said William Martin, Chief Executive Officer. “While we still have a lot of work to do, we believe the steps we are taking will help us achieve our operating goals. Fortunately, capital remains exceptionally strong.”

Financial Highlights (at or for the six months ended June 30, 2012)

  • Service1st Bank has exceptionally strong capital ratios with Total Capital/Total risk-weighted assets of 35.98%.
  • Western Liberty also has exceptionally strong capital ratios with Total Capital/Total risk-weighted assets of 69.04%.
  • Tangible book value was $5.43 per share, based on 13,466,536 shares outstanding.
  • Total cash and cash equivalents held by Western Liberty is $85.1 million, of which $17.7 million is at the holding company level and $2.3 million is at the holding company subsidiary Las Vegas Sunset Properties, (LVSP).
  • Noninterest bearing deposits increased by $9.3 million and accounted for 48% of total deposits and core deposits (excluding time certificates of $100,000 or more) were 85% of total deposits.

Nevada Economic Update

According to the July 31, 2012 report from the University of Nevada Las Vegas’ Center for Business and Economic Research (CBER), “CBER’s Southern Nevada Coincident Index grew by 0.61% in May, the strongest showing since before the financial crisis in 2008. Nonfarm employment grew by 0.45% and household employment increased by 0.77%.

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