Q4 2024 pre-tax and pre-provision income of $6.8 million. 2 nd best ever!
Net income of $5.3 million ($1.24 per share). 2 nd best ever!
LAKEWOOD, CO / ACCESS Newswire / January 24, 2025 / 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 December 31, 2024. For the fourth quarter of 2024, net income was $5.3 million ($1.24 per share). Q4 2024 net interest income of $10.3 million increased $1.6 million or 19% from Q4 2023.
4Q24 Financial Highlights
The Company had a pre-tax and pre-provision income of $6.8 million. 20% or $1.1 million increase from Q4 24.
Net income of $5.3 million ($1.24 per share).
$18 million decrease in special mention assets.
Return on assets was 1.82%.
Return on equity was 23.86%.
Efficiency ratio was 41.47%.
Steve Snailum, COO, commented: "Solera delivers a tremendous end to a remarkable year! The bank is operating at a high level by expertly balancing efficiency and security. The team has been working hard to continue to leverage technology and expertise to deliver robust, secure, and expedient services to our customers. It is a great time to be a Solera employee and customer!"
Jay Hansen, Chief Financial Officer, commented: "Our goal is to get to a 10% Tier 1 capital ratio. We ended 2024 at 9.55% (point in time vs quarterly average), but could have sold $20M in securities to gain another 20 BPS on our ratio. Those securities will mature in March of 2025 and would have taken a loss of over $100K. We chose NOT to sell those securities because we don't sell securities for losses unless a business opportunity presents itself. We will get those 20 BPS in March 2025."
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)
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
ASSETS
Cash and due from banks
$
2,329
$
2,193
$
2,241
$
2,095
$
2,734
Federal funds sold
800
400
-
-
-
Interest-bearing deposits with banks
148
595
844
1,079
2,582
Investment securities, available-for-sale
322,375
317,180
183,311
185,120
183,579
Investment securities, held-to-maturity
-
-
200,457
200,575
200,825
FHLB and Federal Reserve Bank stocks, at cost
7,457
3,204
10,959
7,952
12,225
Paycheck Protection Program (PPP) loans, gross
20
35
50
65
79
Traditional loans, gross
792,733
797,516
792,739
820,936
787,280
Allowance for loan and lease losses
(10,913
)
(10,912
)
(10,810
)
(10,808
)
(9,607
)
Net traditional loans
781,820
786,604
781,929
810,128
777,672
Premises and equipment, net
33,476
32,289
30,625
29,448
28,173
Accrued interest receivable
7,750
6,940
7,808
7,807
7,272
Bank-owned life insurance
5,127
5,095
5,063
5,033
5,002
Other assets
10,544
8,734
8,325
8,607
6,547
TOTAL ASSETS
$
1,171,846
$
1,163,269
$
1,231,612
$
1,257,909
$
1,226,690
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits
$
485,332
$
497,661
$
503,819
$
508,615
$
511,616
Interest-bearing demand deposits
54,804
64,606
62,905
53,514
48,122
Savings and money market deposits
100,987
103,118
102,892
255,655
169,328
Time deposits
294,337
353,405
272,744
240,047
241,149
Total deposits
935,460
1,018,790
942,360
1,057,831
970,215
Accrued interest payable
2,587
2,618
2,104
1,347
2,677
Short-term borrowings
106,267
13,300
164,613
79,104
138,077
Long-term FHLB borrowings
34,000
34,000
34,000
34,000
34,000
Accounts payable and other liabilities
4,576
5,395
3,961
4,659
2,181
TOTAL LIABILITIES
1,082,891
1,074,104
1,147,038
1,176,941
1,147,150
Common stock
43
43
43
43
43
Additional paid-in capital
38,748
38,748
38,778
38,763
38,748
Retained earnings
72,455
67,163
61,667
57,440
54,420
Accumulated other comprehensive (loss) gain
(22,291
)
(16,789
)
(15,914
)
(15,278
)
(13,671
)
TOTAL STOCKHOLDERS' EQUITY
88,955
89,165
84,574
80,968
79,540
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,171,846
$
1,163,269
$
1,231,612
$
1,257,909
$
1,226,690
SOLERA NATIONAL BANCORP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
($000s, except per share data)
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
Interest and dividend income
Interest and fees on traditional loans
$
13,615
$
13,854
$
13,270
$
13,277
$
12,425
Interest and fees on PPP loans
-
-
-
-
-
Investment securities
3,297
3,544
3,721
3,693
3,704
Dividends on bank stocks
131
160
249
224
159
Other
13
19
22
30
88
Total interest income
$
17,056
$
17,577
$
17,262
$
17,224
$
16,376
Interest expense
Deposits
5,564
6,312
5,285
5,833
6,066
FHLB & Fed borrowings
1,223
1,332
2,831
2,200
1,662
Total interest expense
6,787
7,644
8,116
8,033
7,728
Net interest income
10,269
9,933
9,146
9,191
8,648
Provision for loan and lease losses
6
105
4
1,203
203
Net interest income after provision for loan and lease losses
10,263
9,828
9,142
7,988
8,445
Noninterest income
Customer service and other fees
470
389
468
443
528
Other income
954
1,138
738
616
617
Gain on sale of securities
-
858
-
60
68
Total noninterest income
1,424
2,385
1,206
1,119
1,213
Noninterest expense
Employee compensation and benefits
2,611
2,472
2,514
2,418
2,046
Occupancy
492
393
387
401
342
Professional fees
309
122
75
495
383
Other general and administrative
1,437
1,423
1,582
1,656
1,378
Total noninterest expense
4,849
4,410
4,558
4,970
4,149
Net Income Before Taxes
$
6,838
$
7,803
$
5,790
$
4,137
$
5,509
Income Tax Expense
1,526
2,294
1,564
1,118
1,965
Net Income
$
5,312
$
5,509
$
4,226
$
3,019
$
3,544
Income Per Share
$
1.24
$
1.28
$
0.98
$
0.70
$
0.82
Tangible Book Value Per Share
$
20.69
$
20.74
$
19.67
$
18.83
$
18.50
WA Shares outstanding
4,299,953
4,299,953
4,299,953
4,299,953
4,299,953
Pre-Tax Pre-Provision Income
$
6,844
$
7,908
$
5,794
$
5,340
$
5,712
Net Interest Margin
3.81
%
3.67
%
3.39
%
3.40
%
3.32
%
Cost of Funds
2.51
%
2.72
%
2.80
%
2.77
%
2.72
%
Efficiency Ratio
41.47
%
38.48
%
44.03
%
48.49
%
42.37
%
Return on Average Assets
1.82
%
1.84
%
1.36
%
0.97
%
1.18
%
Return on Average Equity
23.86
%
25.37
%
20.42
%
15.05
%
19.58
%
Leverage Ratio
9.5
%
9.1
%
8.2
%
7.7
%
7.6
%
Asset Quality:
Non-performing loans to gross loans
0.52
%
0.65
%
0.48
%
0.53
%
0.66
%
Non-performing assets to total assets
0.35
%
0.45
%
0.31
%
0.34
%
0.43
%
Allowance for loan losses to gross traditional loans
1.38
%
1.37
%
1.36
%
1.32
%
1.21
%
* Not meaningful due to the insignificant amount of non-performing loans.
