Q1 2024 pre-tax and pre-provision income of $5.3 million.
Net income of $3.0 million (0.70 per share).
LAKEWOOD, CO / ACCESSWIRE / April 26, 2024 / Solera National Bancorp, Inc. (OTC PINK:SLRK) ("Company"), the holding company for Solera National Bank ("Bank"), a business-focused bank located in the Denver metropolitan area, today reported financial results for the three months ended March 31, 2024. For the first quarter of 2024, net income was $3.0 million ($0.70 per share). Q1 2024 net interest income of $9.2 million increased $1.0 million or 13% from Q1 2023.
1Q24 Financial Highlights
The Company had a pre-tax and pre-provision income of $5.3 million.
Total interest income of $17.2 million increased $3.8 million or 29% from Q1 2023.
Earning asset yield increased to 6.03% from 5.25% or 15% from Q1 2023.
Return on equity was 15.05%.
Efficiency ratio was 48.49%.
Steve Snailum, COO, commented: "The customer experience is better than ever at Solera! We have been able to service a record number of customer requests through our phone support and new live chat option. We are also extremely excited to announce that we are launching a new and improved website at the end of April. Solera remains committed to offering great products, exceptional rates, and personalized service, all while maintaining a top-tier efficiency ratio."
Tim Pester, the Controller, commented: "Solera's adaptability and strategic foresight have positioned the bank to successfully navigate the Federal Reserve's current path of "rates higher for longer." To continue to steer through the constantly changing economic landscape, the bank will remain resilient and flexible."
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September 2007. Solera National Bank is a community bank serving the needs of emerging businesses and real estate investors. At the core of Solera National Bank is welcoming, attentive, and respectful customer service, a focus on supporting a growing and diverse economy, and a passion to serve our community through service, education, and volunteerism. For more information, please visit http://www.SoleraBank.com.
This press release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this release, which are not historical facts and that relate to future plans or projected results of Solera National Bancorp, Inc. and its wholly-owned subsidiary, Solera National Bank, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
Contacts: Jay Hansen, CFO (303) 209-8600
FINANCIAL TABLES FOLLOW
SOLERA NATIONAL BANCORP, INC. CONSOLIDATED BALANCE SHEET (unaudited)
($000s)
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
ASSETS
Cash and due from banks
$
2,095
$
2,734
$
2,156
$
1,657
$
1,957
Federal funds sold
-
-
-
-
5,300
Interest-bearing deposits with banks
1,079
2,582
1,651
1,528
2,214
Investment securities, available-for-sale
185,120
183,579
169,673
173,552
170,033
Investment securities, held-to-maturity
200,575
200,825
199,875
204,900
205,425
FHLB and Federal Reserve Bank stocks, at cost
7,952
12,225
7,516
9,043
7,103
Paycheck Protection Program (PPP) loans, gross
65
79
86
111
111
Traditional loans, gross
820,936
787,280
746,198
745,666
717,943
Allowance for loan and lease losses
(10,808
)
(9,607
)
(9,405
)
(9,404
)
(8,847
)
Net traditional loans
810,128
777,672
736,793
736,262
709,096
Premises and equipment, net
29,448
28,173
28,918
27,625
26,816
Accrued interest receivable
7,807
7,272
7,232
6,557
7,044
Bank-owned life insurance
5,033
5,002
4,972
4,944
4,917
Other assets
8,607
6,547
12,611
8,952
10,291
TOTAL ASSETS
$
1,257,909
$
1,226,690
$
1,171,483
$
1,175,131
$
1,150,307
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits
$
508,615
$
511,616
$
509,382
$
539,522
$
536,880
Interest-bearing demand deposits
53,514
48,122
46,153
42,825
56,715
Savings and money market deposits
255,655
169,328
272,948
219,834
210,476
Time deposits
240,047
241,149
232,728
130,716
147,174
Total deposits
1,057,831
970,215
1,061,211
932,897
951,245
Accrued interest payable
1,347
2,677
1,042
150
70
Short-term borrowings
79,104
138,077
7,100
137,193
98,432
Long-term FHLB borrowings
34,000
34,000
34,000
34,000
34,000
Accounts payable and other liabilities
4,659
2,181
2,860
2,786
2,489
TOTAL LIABILITIES
1,176,941
1,147,150
1,106,213
1,107,026
1,086,236
Common stock
43
43
43
43
43
Additional paid-in capital
38,763
38,748
38,748
38,748
38,748
Retained earnings
57,440
54,420
50,877
46,240
42,562
Accumulated other comprehensive (loss) gain
(15,278
)
(13,671
)
(24,398
)
(16,926
)
(17,282
)
TOTAL STOCKHOLDERS' EQUITY
80,968
79,540
65,270
68,105
64,071
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,257,909
$
1,226,690
$
1,171,483
$
1,175,131
$
1,150,307
SOLERA NATIONAL BANCORP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
($000s, except per share data)
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Interest and dividend income
18
18
17
Interest and fees on traditional loans
$
13,277
$
12,425
$
11,862
$
10,684
$
9,691
Interest and fees on PPP loans
-
-
-
-
11
Investment securities
3,693
3,704
3,602
3,679
3,549
Dividends on bank stocks
224
159
163
163
120
Other
30
88
59
23
17
Total interest income
$
17,224
$
16,376
$
15,686
$
14,549
$
13,388
Interest expense
Deposits
5,833
6,066
5,680
4,307
3,947
FHLB & Fed borrowings
2,200
1,662
1,497
1,819
1,281
Total interest expense
8,033
7,728
7,177
6,126
5,228
Net interest income
9,191
8,648
8,509
8,423
8,160
Provision for loan and lease losses
1,203
203
9
559
759
Net interest income after provision for loan and lease losses
7,988
8,445
8,500
7,864
7,401
Noninterest income
Customer service and other fees
443
528
372
417
405
Other income
616
617
822
972
747
Gain on sale of securities
60
68
-
-
242
Total noninterest income
1,119
1,213
1,194
1,389
1,394
Noninterest expense
Employee compensation and benefits
2,418
2,046
1,957
2,101
2,015
Occupancy
401
342
341
336
292
Professional fees
495
383
148
96
112
Other general and administrative
1,656
1,378
1,362
2,124
1,104
Total noninterest expense
4,970
4,149
3,808
4,657
3,523
Net Income Before Taxes
$
4,137
$
5,509
$
5,886
$
4,596
$
5,273
Income Tax Expense
1,118
1,965
985
968
689
Net Income
$
3,019
$
3,544
$
4,901
$
3,628
$
4,584
Income Per Share
$
0.70
$
0.82
$
1.14
$
0.84
$
1.07
Tangible Book Value Per Share
$
18.83
$
18.50
$
15.18
$
15.84
$
14.90
WA Shares outstanding
4,299,953
4,299,953
4,299,953
4,299,953
4,299,953
Pre-Tax Pre-Provision Income
$
5,340
$
5,712
$
5,895
$
5,155
$
6,032
Net Interest Margin
3.40
%
3.32
%
3.29
%
3.37
%
3.36
%
Cost of Funds
2.77
%
2.72
%
2.54
%
2.24
%
1.98
%
Efficiency Ratio
48.49
%
42.37
%
39.25
%
47.46
%
37.83
%
Return on Average Assets
0.97
%
1.18
%
1.67
%
1.25
%
1.71
%
Return on Average Equity
15.05
%
19.58
%
29.40
%
21.96
%
30.11
%
Leverage Ratio
7.7
%
7.6
%
7.6
%
7.3
%
7.2
%
Asset Quality:
Non-performing loans to gross loans
0.53
%
0.66
%
0.87
%
1.07
%
0.74
%
Non-performing assets to total assets
0.34
%
0.43
%
0.55
%
0.68
%
0.46
%
Allowance for loan losses to gross traditional loans
