LAKEWOOD, Colo., Jan. 31, 2014 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc . (OTCQB:SLRK), the holding company for Solera National Bank, today reported financial results for the three months and 12 months ended December 31, 2013.
For the quarter ended December 31, 2013, the Company reported a net loss of $638,000, or $0.25 per share, compared to net income of $113,000 or $0.04 per share for the three months ended December 31, 2012. For the year ended December 31, 2013, Solera reported a net loss of $655,000 or $0.25 per share, compared to net income of $281,000 or $0.11 per share for the year ended December 31, 2012.
The Company's net loss in both periods reflect a restructuring charge taken in the fourth quarter 2013 to terminate a lease on a facility in Cherry Creek, CO and costs related to suspending plans to expand the Company's Boulder, CO loan production office into a full-service banking facility. Fourth quarter and 2013 year-over-year comparisons reflected higher employee compensation and benefits related to expanding the residential mortgage lending business. Additionally, the Company incurred severance costs associated with the separation of executives during the fourth quarter 2013, while reducing idle overhead. The year's results also included severance costs related to the retirement of the Company's former CEO in the third quarter 2013.John P. Carmichael, President and CEO, commented: "The Company's results in fourth quarter and full year 2013 reflected decisive action taken to significantly scale back previous plans to expand Solera's residential mortgage lending business. Higher interest rates and the rapid decline in mortgage refinancing activity in the second half of 2013 made it clear that mortgage activity, particularly refinancings, will return to more historical levels, which has caused Solera to respond accordingly." As a result, he explained, the Company will leverage its existing infrastructure and capacity, continuing to support residential mortgage lending, and heighten the Bank's traditional focus on commercial banking through its loan production offices located in key market centers in Colorado.
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