Western Liberty Bancorp Reports Second Quarter 2012 Financial Results

LAS VEGAS--(BUSINESS WIRE)--

Western Liberty Bancorp, Inc. (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)

Nevada Economic Update

According to the July 31, 2012 report from the University of Nevada Las Vegas Center for Business and Economic Research (CBER), CBERs 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%.

Compared to the previous six months, CBERs Southern Nevada Leading Index slowed down, increasing by only 0.17% for May 2012. This is about 0.08 percentage points below the average for early 2012 and late 2011. Our neighboring states fared well; Arizonas component increased by 0.17% and Californias by 0.29%.

"Decreased activity at McCarran airport and lower stock prices werent enough to offset these gains. Changes in CBERs three other indexes for Southern Nevada were as follows:

Sources: http://cber.unlv.edu/commentary/CBER-31July2012.pdf

Balance Sheet Review

Link:
Western Liberty Bancorp Reports Second Quarter 2012 Financial Results