LAKEWOOD, Colo., April 29, 2013 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc. (OTCQB:SLRK), the holding company for Solera National Bank, today reported earnings increased 60% to $181,000, or $0.07 per share for the first quarter of 2013, compared to $113,000, or $0.04 per share, for the fourth quarter of 2012. First quarter profits were driven by increased loan demand and solid credit quality.
- In February 2013, Solera announced it will acquire approximately $12 million in core deposits from Liberty Savings Bank. This transaction is expected to close in the second quarter of 2013.
- Solera National Bank received its SBA Preferred Lender status from the U.S. Government's Small Business Administration (SBA) on April 12, 2013.
- Net income increased 60% to $181,000, from the preceding quarter, primarily due to the increase in noninterest income which was bolstered by $1.5 million in gains from the sale of loans, primarily due to our residential mortgage division.
- Total revenue increased to $2.7 million in the first quarter of 2013, up from $1.1 million in the first quarter of 2012.
- Gross loans increased 17%, or $9.2 million, to $64.2 million from the like quarter a year ago, and grew 8%, or $4.6 million, from the fourth quarter 2012.
- Total deposits increased 4% to $123.5 million, and noninterest-bearing demand deposits grew 8%, compared to a year ago.
- The Bank's capital ratios significantly exceed regulatory requirements for a well-capitalized financial institution with total risk-based capital at 17.1%
- Tangible book value, excluding unrealized gains on securities, improved to $7.48 per share up from $7.25 per share a year earlier.