Western Liberty Bancorp posts slimmer loss for first quarter

Western Liberty Bancorp, the holding company for Service1st Bank, reported Friday that it slashed its first-quarter loss from a year earlier.

In a statement Friday, the company said it lost $409,000, or 3 cents per share, in the three months ended March 31, compared with a loss of $1.8 million, or 16 cents per share, a year earlier, before Western Liberty acquired Service1st.

Taken separately, the bank earned $745,000, but regulatory compliance expenses at the holding company offset the profit.

Western Liberty reported $229 million in assets. Commercial real estate loans accounted for 52 percent of its outstanding loans, and commercial loans comprised another 39 percent.

Nonperforming assets totaled $10 million, or 4.4 percent of total assets.