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.