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Solera National Bancorp Earnings Increase 33% In Second Quarter Of 2012

Stocks in this article: SLRK

Solera National Bancorp, Inc. (OTCQB:SLRK), the holding company for Solera National Bank, reported today that net income increased 33% to $133,000, or $0.05 per share, in the second quarter of 2012 compared to $100,000, or $0.04 per share in the second quarter a year ago. Increased loan demand, further improvements in asset quality and lower cost of funds contributed to profitability in the second quarter and in the first six months of 2012. Solera’s net income was $94,000, or $0.04 per share for the first six months of 2012, compared to a net loss of $83,000, or $(0.03) per share, for the like period a year ago.

“We are delighted to post a 33% jump in net income this quarter over the second quarter of 2011, marking our seventh profitable quarter out of the past nine quarters,” said Douglas Crichfield, President and Chief Executive Officer. “And, together with our strong capital, we are focused on growing our business and achieving industry-leading performance and returns for the benefit of our customers, employees, communities and our shareholders.”

“At the beginning of July 2012, we announced the termination of the consent order and that we are no longer subject to any formal or informal regulatory restrictions. This is a tremendous accomplishment for us as our regulator recognized the enhancements in the Bank’s operational processes and financial performance,” said Crichfield. “In addition, Solera National Bank was recognized this month as the Diversity Corporation of the Year by Colorado Biz magazine. We are delighted to be recognized for serving our diverse business community here in Denver – because that is what we do.”

“Metro Denver continues its modest recovery in the residential and commercial real estate markets,” Crichfield noted. According to data compiled by the Metro Denver Economic Development Corporation in a recent Monthly Economic Summary, “Metro Denver existing home sales in June were 12.6 percent higher than sales reported a year earlier, and June average sales prices for detached homes and condominiums rose 11 percent and 14.6 percent over the year, respectively.” Commercial real estate vacancy rates continue to decline while lease rates are up further suggesting renewed economic strength.

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