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Solera National Bancorp Announces First Quarter 2024 Financial Results

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
1.32 % 1.21 % 1.24 % 1.24 % 1.23 %

Criticized loans/assets:
Special mention
$ 35,997 $ 9,688 $ 26,006 $ 29,164 $ 23,951
Substandard: Accruing
19,108 1,685 1,695 1,720 2,195
Substandard: Nonaccrual
4,332 5,223 6,508 8,005 5,300
Doubtful
- - - - -
Total criticized loans
$ 59,437 $ 16,596 $ 34,209 $ 38,889 $ 31,446
Other real estate owned
- - - - -
Investment securities
- - - - -
Total criticized assets
$ 59,437 $ 16,596 $ 34,209 $ 38,889 $ 31,446
Criticized assets to total assets
4.73 % 1.35 % 2.91 % 3.31 % 2.73 %

SOURCE: Solera National Bancorp, Inc.



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