This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Solera National Bancorp Earnings Surge More Than Six-Fold To $620,000 In First Half Of 2013; Second Quarter Profits More Than Double To $439,000

LAKEWOOD, Colo., July 26, 2013 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc. (OTCQB:SLRK), the holding company for Solera National Bank, today reported its most profitable quarter in its history fueled by solid loan demand, higher gains on loans sold and improving credit quality. Net income increased 143% to $439,000, or $0.17 per share, for the second quarter of 2013, compared to $181,000, or $0.07 per share, for the preceding quarter, and grew 230% from $133,000, or $0.05 per share, for the second quarter a year ago. Year-to-date, Solera earned $620,000, or $0.24 per share, up more than six-fold compared to $94,000, or $0.04 per share, in the first six months of 2012.

"Second quarter earnings were the most profitable quarter in our history and marks another significant step in strengthening our franchise," said Douglas Crichfield, President and Chief Executive Officer. "Loan originations have been steady, and we continue to position our residential mortgage division for growth. Although we may see a marginal slowdown in residential mortgage refinancing activity, due to the recent rise in interest rates, continued improvement in the housing market should provide opportunities for increased volume and is expected to offset some of the decline in refinance activity. With building permits, sales volumes and average home prices all climbing across Colorado, we remain confident our mortgage bankers will continue to contribute to earnings."

"We recently received approval from the Office of the Comptroller of the Currency to open a full-service branch in our Boulder loan production office," added Crichfield. "We are delighted to be expanding in one of Colorado's most vibrant cities. We expect the branch to open in the fourth quarter of 2013." Boulder is located approximately 30 miles northwest of Denver and is the home of the University of Colorado's main campus.

Second Quarter 2013 Highlights (at or for the period ended June 30, 2013, except as noted):
  • Earnings per share were a record $0.17 in 2Q13, compared to $0.07 in 1Q13, and $0.05 in 2Q12.
  • Total revenues (which includes net interest income plus total noninterest income) increased 41% to $3.8 million in 2Q13, compared to $2.7 million in 1Q13 and grew over 200% from $1.3 million in 2Q12.
  • Net interest income was $1.1 million for both 2Q13 and 1Q13, a slight improvement from $1.0 million in 2Q12.
  • Fueled by gains on sale of mortgage loans, noninterest income totaled $2.7 million in 2Q13, compared to $1.7 million in 1Q13 and $230,000 in 2Q12.
  • Gross loans increased 12%, or $7.3 million, to $65.8 million from the like quarter a year ago, and grew 2%, or $1.6 million, from the previous quarter.
  • In June 2013, Solera National Bank completed the acquisition of customer deposits from Liberty Savings Bank, assuming approximately 500 new accounts and $6 million in core deposits from Liberty's Lakewood, CO branch.
  • Solera National Bank received Preferred Lender status from the Small Business Administration in the second quarter 2013.
  • The Bank's capital ratios significantly exceed regulatory requirements for a well-capitalized financial institution with total risk-based capital at 16.8%.
  • Tangible book value per share improved to $7.67 compared to $7.48 at March 31, 2013.

2013 Metro Denver Economic Update

"Metro Denver's economy is poised for a strong summer tourism season, as encouraging income information suggests consumers have greater spending ability. And increased consumer confidence reflects positive outlooks on the economic situation," according to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for July 2013.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.01 0.00%
FB $99.51 -0.24%
GOOG $677.65 -0.75%
TSLA $148.00 0.01%
YHOO $26.82 -0.85%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,853.42 -0.02 -0.00%
NASDAQ 4,273.90 -9.8530 -0.23%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs