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.
- 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.