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 Reports Third Quarter 2013 Results; Gross Loans Increase 18% Year-Over-Year

LAKEWOOD, Colo., Oct. 25, 2013 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc. (OTCQB:SLRK), the holding company for Solera National Bank, today reported a net loss of $638,000, or $0.25 per share, for the third quarter of 2013, compared to net income of $439,000, or $0.17 per share, for the second quarter of 2013, and earnings of $74,000, or $0.03 per share for the third quarter a year ago. Impacting third quarter earnings were lower gain on mortgage loans sold, higher expenses from nonrecurring items, and lower gain on the sale of securities. For the first nine months of 2013, Solera lost $18,000, or $0.01 per share, compared to net income of $168,000, or $0.07 per share, for the like period a year ago.

"After our strong second quarter performance, this quarter's financial results were disappointing, but not unexpected. We had anticipated a slowdown in residential mortgage refinancing activity given the increase in longer-term interest rates," said John P. Carmichael, President & Chief Executive Officer. "However, we are encouraged by the fact that third quarter activity for new home purchases remained strong despite the increase in interest rates. We funded $50.6 million for home purchases in the third quarter 2013, compared to $53.2 million during the second quarter 2013. Our decision to invest in the mortgage business was for the long term, and the division remains focused on financing new home purchases."

Residential construction continues to improve in the Metro Denver area, as residential building permits reached the highest point during August 2013, since June 2007, according to October's Metro Denver Economic Development Corporation's (Metro Denver EDC) monthly economic summary.

Third Quarter 2013 Highlights (at or for the period ended September 30, 2013, except as noted):
  • Net loss for 3Q13 was $0.25 per share, compared to net income of $0.17 per share for 2Q13 and $0.03 per share in 3Q12.  
  • Total revenue (which includes net interest income plus total noninterest income) was $2.9 million in 3Q13, compared to $3.8 million in 2Q13 and $1.4 million in 3Q12.  
  • Net interest income was $1.2 million for 3Q13, compared to $1.1 million in 2Q13 and $1.1 million in 3Q12.  
  • Residential mortgage originations totaled $62.3 million in 3Q13, compared to $84.4 million in 2Q13. Year-to-date, mortgage originations totaled $198.8 million.  
  • Due to the spike in interest rates in May 2013, mortgage refinancing activity declined to $11.6 million in 3Q13, from $31.2 million in 2Q13. By comparison, mortgage activity associated with new purchases remained stable with $50.6 million funded in 3Q13, compared to $53.2 million funded in 2Q13.  
  • Gross loans increased 10%, or $6.8 million, to $72.6 million from the 2Q13, and grew 18%, or $10.9 million, from 3Q12.  
  • The Bank's capital ratios significantly exceed regulatory requirements for a well-capitalized financial institution with total risk-based capital at 16.0%.  
  • Tangible book value per share, excluding accumulated other comprehensive income, was $7.21 at September 30, 2013, compared to $7.34 at September 30, 2012 and $7.49 at June 30, 2013.

2013 Metro Denver Economic Update

"Strong growth throughout Metro Denver's economy has helped to highlight the region as a leading area in which to live and do business," according to data compiled by the Metro Denver EDC. "Metro Denver is regarded as a strong location for business as robust job growth continues."

1 of 4

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 $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs