Solera National Bancorp Earnings Increase 16% To $281,000, Or $0.11 Per Share In 2012

LAKEWOOD, Colo., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc. (OTCQB:SLRK), the holding company for Solera National Bank, reported today earnings increased 16% to $281,000, or $0.11 per share in 2012 compared to $242,000, or $0.09 per share in 2011. Growing loan demand generated a 7% year-over-year increase in loans and contributed to profitability in 2012. Net income for the fourth quarter of 2012 was $113,000, or $0.04 per share, compared to $74,000, or $0.03 per share in the preceding quarter and $166,000, or $0.07 per share in the fourth quarter a year ago.

"We ended the year with a significant expansion into the residential mortgage market and are excited about this new investment in our franchise. Our existing commercial lending business produced steady earnings throughout 2012, and we believe there will be opportunities to leverage our existing capabilities with the new lines we are adding," said Douglas Crichfield, President and Chief Executive Officer.

"In 2012, we posted our third consecutive year of profitability; more than double what we earned in 2010 and up 16% from 2011," Crichfield continued. "We have excellent credit quality, ending the year with our non-performing loans to gross loans at only 0.02%, down from 1.10% at the end of 2011."   

Financial Highlights (at or for the period ended December 31, 2012)
  • Net income increased 16% to $281,000 in 2012 from $242,000 in 2011. 
  • Solera earned $0.04 per share in the fourth quarter of 2012, compared to $0.03 per share in the preceding quarter and $0.07 per share in the fourth quarter a year ago.
  • Gross loans increased 7%, or $4.0 million, to $59.6 million from year-end 2011.
  • Total deposits increased 5% during 2012, ending at $124.7 million.
  • The Bank's capital ratios continue to significantly exceed regulatory requirements for a well-capitalized financial institution with total risk-based capital at 19.3%
  • Tangible book value, excluding unrealized gains on securities, improved to $7.39 per share up from $7.26 per share a year earlier. 

"The New Year brings new momentum for Metro Denver's economy, and Metro Denver's employment position continues to improve. Employment in Metro Denver rose 0.4% in November and 5,200 jobs were added since October. Home resale activity in Metro Denver increased 20.3% over-the-year in November. The year-to-date total shows an even stronger increasing trend, as home sales closed rose 18.4% compared to the same period in 2011," according to data compiled by the Metro Denver Economic Development Corporation in its Monthly Economic Summary for January 2013.