Service1st Bank of Nevada’s parent company narrowed its second-quarter loss but saw an increase in nonperforming assets.
Western Liberty Bancorp said Tuesday it lost $1.5 million, or 11 cents per share, in the quarter ending June 30. That’s compared to a loss of $4.6 million, or 30 cents per share, during the same period last year.
The company increased the size of its loan portfolio by 3.3 percent this past year to $104.8 million. At the same time, its deposits slipped 5.6 percent to $124.3 million.
Western Liberty’s nonperforming assets nearly doubled in value this past year to $26.5 million. However, its ratio of nonperforming assets to total assets more than doubled to about 13.4 percent.
The company’s total assets dropped by 11 percent this past year to $199 million.
Las Vegas-based Service1st has locations on West Sunset Road and South Eastern Avenue. Its parent company also owns Las Vegas Sunset Properties, which was formed last year to own and manage certain nonperforming and sub-performing assets connected to the bank.