Solera National Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
July 23, 2018 at 09:00 am EDT
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Solera National Bancorp, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total interest income was $2,198,000 compared to $1,506,000 a year ago. Net interest income was $1,750,000 against $1,152,000 a year ago. Net income before taxes $577,000 against $430,000 a year ago. Net income of $443,000 or $0.13 per share compared to $292,000 or $0.11 per share a year ago. Return on average assets was 0.84% against 0.73% a year ago. Return on average equity was 5.82% against 4.95% a year ago. Tangible book value per share was $8.32 against $8.66 a year ago.
For the six months, the company reported total interest income was $4,063,000 compared to $2,944,000 a year ago. Net interest income was $3,148,000 against $2,256,000 a year ago. Net income before taxes $1,096,000 against $748,000 a year ago. Net income of $843,000 or $0.27 per share compared to $492,000 or $0.18 per share a year ago. Return on average assets was 0.88% against 0.63% a year ago. Return on average equity was 6.19% against 4.29% a year ago. Tangible book value per share was $8.32 against $8.66 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.