Posted: Aug. 15, 2012 | 11:41 a.m. Updated: Aug. 15, 2012 | 12:28 p.m.<\/p>\n
Western Liberty Bancorp Inc., the parent company of Service1st Bank of Nevada, posted a smaller second-quarter loss than last year, despite a modest increase in nonperforming assets mostly associated with its commercial real estate portfolio. <\/p>\n
The Las Vegas-based company lost $1.5 million, or 11 cents per share, compared with a loss of $4.6 million, or 30 cents a share, during second-quarter 2011. <\/p>\n
Western Liberty in the quarter increased the size of its loan portfolio to $104.8 million, up from $101.5 million in the second quarter of 2011. Nonperforming assets totaled $26.5 million, up from $14.1 million in the same period last year. <\/p>\n
\"Our loan portfolio continues to stabilize, with nonperforming loans down $3.5 million from year end,\" said William Martin, CEO of Western Liberty. \"While we still have a lot of work to do, we believe the steps we are taking will help us achieve our operating goals.\" <\/p>\n
Martin said the bank's \"capital remains exceptionally strong.\" <\/p>\n
The company said in its quarterly financial report released late Tuesday that most problem loans were in its commercial real estate portfolio. Western Liberty's total assets were $198.7 million, compared with $223.3 million in the second quarter of 2011. <\/p>\n
Service1st Bank operates two branches in Southern Nevada. Western Liberty also owns Las Vegas Sunset Properties, a company to manage under-performing and nonperforming loans as well as foreclosed real estate connected to the bank. <\/p>\n
Contact reporter Chris Sieroty at csieroty@reviewjournal.com<\/a> or 702-477-3893. <\/p>\n<\/p>\n See the rest here: Posted: Aug. 15, 2012 | 11:41 a.m Continue reading
\nWestern Liberty Reports Smaller Second-Quarter Loss; Nonperforming Assets Rise<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"