LAS VEGAS--(BUSINESS WIRE)-- <\/p>\n
Western Liberty Bancorp, Inc. (NASDAQ:WLBC - News), 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 $5.53, down slightly from $5.60 in the preceding quarter. Western Liberty narrowed its first quarter loss to $1.1 million, or $0.08 per share, in the first quarter of 2012, compared to $2.4 million, or $0.17 per share, in the fourth quarter of 2011. Net loss for the year ago quarter was $409,000, or $0.03 per share. All financial results are unaudited. <\/p>\n
Our loan portfolio is beginning to stabilize. No new properties moved into classified status during the quarter, and we are receiving solid interest from investors in some of our foreclosed properties, said William Martin, Chief Executive Officer. During December, we moved $4 million of foreclosed real estate into our new holding company asset resolution subsidiary, Las Vegas Sunset Properties (LVSP). Then during the first quarter of 2012, we moved an additional $18 million in classified loans to LVSP. These transfers improved the Banks ratio of classified assets to Tier 1 capital plus reserves to 29% at March 31, 2012, down from 84% at year end. While on a consolidated basis our nonperforming assets are still higher than we would like, at the Bank level we are much closer to achieving asset quality levels mandated by our regulators. <\/p>\n
Our capital levels at both Service1st Bank and Western Liberty Bancorp remain very strong. For Service1st Bank and Western Liberty Bancorp, we ended the quarter with a Tier 1 Risk based-capital of 35.61% and 71.28%, respectively, Martin continued. And, as an improving economy emerges in Las Vegas, we expect to be able to deploy capital and liquidity into loans as demand improves. <\/p>\n
While we earned a profit at the bank level of $62,000, expenses at the holding company generated a loss of $1.1 million in the first quarter of 2012, reflecting ongoing elevated expenses for legal and professional fees, and a $117,000 impairment charge for other real estate owned at LVSP, said Martin. We will continue to monitor asset quality and maintain our reserves at the appropriate level, as well as work diligently to keep expenses down. <\/p>\n
Financial Highlights (at or for the quarter ended March 31, 2012) <\/p>\n
Nevada Economic Update <\/p>\n
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. <\/p>\n
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%. <\/p>\n
According to the April 5, 2012, report from the University of Nevada Las Vegas Center for Business and Economic Research, CBERs Southern Nevada Index of Coincident Economic Indicators showed significant gains for March 2012, rising by more than 2% from the previous month. The index is constructed with two measures of employment. One is collected from a survey of businesses and one collected from a survey of households (the latter as part of the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics). Although both measures included in the index rose, the data from the household survey were the primary driver of the gain, increasing by over 3% from February 2012. CBERs Southern Nevada Index of Leading Indicators also rose by 0.36% in March, continuing on its trend of a slow recovery. The local, regional, and national components all contributed to this growth and allow us to forecast continued economic growth until late summer. CBERs other three indexes of current economic activity were mixed: <\/p>\n<\/p>\n
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Western Liberty Bancorp Reports First Quarter 2012 Financial Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" LAS VEGAS--(BUSINESS WIRE)-- Western Liberty Bancorp, Inc. (NASDAQ:WLBC - News), 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 $5.53, down slightly from $5.60 in the preceding quarter Continue reading