Solera National Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 26, 2018 at 09:00 am EST
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Solera National Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest and dividend income was $1,473,000 against $1,175,000 a year ago. Total interest income was $1,743,000 against $1,442,000 a year ago. Net interest income was $1,353,000 against $1,107,000 a year ago. Net interest income after provision for loan and lease losses was $1,353,00 against $1,107,000 a year ago. Net income before taxes was $511,000 against loss of $124,000 a year ago. Net loss was $279,000 or $0.10 per share against $2,085,000 or $0.77 per share a year ago. Negative return on average assets was 0.65% against positive return on average assets of 5.46% a year ago. Negative return on average equity was 4.65% against positive return on average equity of 37.43% a year ago.
For the year, the company reported interest and dividend income of $5,211,000 against $4,384,000 a year ago. Total interest income was $6,292,000 against $5,477,000 a year ago. Net interest income was $4,845,000 against $4,177,000 a year ago. Net interest income after provision for loan and lease losses $4,845,000 against $4,177,000 a year ago. Net income before taxes was $1,711,000 against $918,000 a year ago. Net income was $509,000 or $0.19 per share against $3,127,000 or $1.15 per share a year ago. Tangible book value per share as at December 31, 2017 was $8.67 against $8.39 s at December 31, 2016. Return on average assets was 0.31% against 2.12% a year ago. Return on average equity was 2.14 % against 14.42% a year ago.
Solera National Bancorp, Inc. is the holding company for Solera National Bank (Bank). The Bank is a business-focused bank located in the Denver metropolitan area. The Bank serves the needs of emerging businesses and real estate investors. The Bank offers a range of commercial and consumer banking services. The Bank aggregates loans into five portfolio segments: commercial real estate, residential real estate, commercial and industrial, construction and land development, and consumer. The Bank's personal banking services include checking accounts, savings accounts, certificates of deposits (CDs), other products and services, certificate of deposit account registry service (CDARS) and others. The Bank's business banking services include checking accounts, savings accounts, business loans, CDs, remote deposit, CDARS, telephone banking, loans, treasury management and additional business services.