Solera National Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 26, 2015 at 09:00 am EST
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Solera National Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total interest income of $1,383,000 compared to $1,537,000 a year ago. Net interest income was $1,096,000 compared to $1,223,000 a year ago. Net income was $401,000 compared to net loss of $638 million a year ago. Income per share was $0.15 compared to loss per share of $0.25 a year ago. Tangible book value per share was $6.71 compared to $6.96 a year ago. The 2014 results were negatively impacted by approximately $370,000 in write downs and other charges related to two OREO properties, both of which have been sold as of early January 2015, in addition to approximately $290,000 of expenses associated with the Company's proxy contest.
For the year, the company reported total interest income of $6,050,000 compared to $5,817,000 a year ago. Net interest income was $4,841,000 compared to $4,599,000 a year ago. Net loss was $433,000 compared to $655 million a year ago. Loss per share was $0.16 compared to $0.25 a year ago. Tangible book value per share was $6.85 compared to $6.96 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.