Solsolera National Bancorp, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2016
January 26, 2017 at 02:31 am IST
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Solera National Bancorp, Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net income of $2,085,000 compared to $319,000 a year ago. Earnings per common share were $0.77 per share compared to $0.12 a year ago. Total interest income was $1.442 million against $1.357 million a year ago. Net interest income was $1.107 million against $1.052 million a year ago. Return on average assets was 5.46% against 0.89% a year ago. Return on average equity was 37.43% against 6.43% a year ago. Net interest income after provision for loan and lease losses was $1.11 million, compared to $1.07 million a year ago.
For the year, the company’s net income was $3.127 million or $1.15 per share compared to $1.778 million or $0.65 per share a year ago. Total interest income was $5.447 million against $5.342 million a year ago. Net interest income was $4.177 million against $4.207 million a year ago. Return on average assets was 2.12% against 1.25% a year ago. Return on average equity was 14.42% against 9.12% a year ago. Net interest income after provision for loan and lease losses was $4.18 million compared to $4.26 million a year ago. Tangible book value per share, including accumulated other comprehensive income, was $8.39 compared to $19.84 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.