Solera National Bancorp, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2015
January 26, 2016 at 02:00 pm
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Solera National Bancorp, Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net income of $319,000 compared to $401,000 in the fourth quarter of 2014. Earnings per common share were $0.12 for the fourth quarter of 2015, compared to $0.15 for the prior year quarter. Net interest income after provision for loan and lease losses was $1.05 million, compared to $1.07 million for the quarter ended December 31, 2014. Total interest income was $1.357 million against $1.383 million a year ago. Net interest income was $1.052 million against $1.096 million a year ago. Return on average assets was 0.89% against 1.10% a year ago. Return on average equity was 6.43% against 8.83% a year ago.
For the year, the company's net income was $1.78 million or $0.65 per share compared to a net loss of $433,000 or $0.16 per share for the twelve months ended December 31, 2014. Net interest income after provision for loan and lease losses was $4.26 million compared to $4.42 million for the twelve months of 2014. Total interest income was $5.342 million against $6.050 million a year ago. Net interest income was $4.207 million against $4.841 million a year ago. Return on average assets was 1.25% against negative return on average assets of 0.28% a year ago. Return on average equity was 9.12% against negative return on average equity of 2.40% a year ago. Tangible book value per share, including accumulated other comprehensive income, was $7.18 at December 31, 2015, compared to $6.67 at December 31, 2014.
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.