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Solera National Bancorp Announces Fourth Quarter 2021 Financial Results

LAKEWOOD, CO / ACCESSWIRE / February 3, 2022 / Solera National Bancorp, Inc. (OTC PINK:SLRK) ("Company"), the holding company for Solera National Bank ("Bank"), a business-focused bank primarily serving the Denver metropolitan area, today reported financial results for the three and twelve months ended December 31, 2021.

Highlights for the quarter and twelve-months ended December 31, 2021 include:

  • Pre-tax, pre-provision income grew 66% year-over-year to $16.2 million for the twelve months ended December 31, 2021, compared to $9.8 million for the twelve months ended December 31, 2020.
  • Net income increased 89% year over year to $11.1 million for the twelve months ended December 31, 2021, compared to $5.9 million for the year ended December 31, 2020.
  • Cost of funds remained low for the year ended December 2021 at 15 basis points for the fourth quarter of 2021 and 17 basis points year-to-date 2021; this is a 47%, or 15 basis point, improvement over the 32 basis points cost of funds for the twelve-months ended December 31, 2021.
  • The Company's efficiency ratio decreased to 35.66% for the year ended December 2021 compared to 41.16% for the year ended December 31, 2020.
  • Traditional gross loans were at $419.6 million for the year ended December 31, 2021, a 55% increase from $271.1 million for the twelve-months ended December 31, 2020.
  • Noninterest-bearing deposits rose 19%, or $73.9 million, quarter-over-quarter and $228.9 million, or 97%, year-over-year ending December 31, 2021 at $464.1 million.
  • Asset quality remains strong with criticized assets at 4.32% of total assets and nonperforming assets at 1.02% of total assets as of December 31, 2021.
  • Return on average assets increased by 41 basis points to 2.04% for the year ended December 2021 compared to 1.63% for the year ended December 2020.
  • Return on average equity increased to 20.84% as compared to 13.51% as of December 2020.

For the three months ended December 31, 2021, the Company reported net income of $2.6 million, or $0.61 per share, compared to $3.4 million, or $0.79 per share, for the third quarter of 2021 and $1.9 million, or $0.43 per share, for the three months ended December 31, 2020. The year ended December 31, 2021 with net income of $11.1 million, or $2.58 per share, compared to $5.9 million, or $1.42 per share, for the year ended December 31, 2020.

Cheri Walz, CFO, commented: "We ended the year with the same momentum as our growth in the third quarter. Our fourth-quarter results were not only driven by an increase in loans but also from adding record levels of noninterest-bearing deposits. Our Bank is very focused on maintaining strong asset quality and we will continue to do so as we grow. Additionally, our efficient operations helped us to control overhead expenses which also contributes to the favorable results we continue to see."

Total assets ended at $651.2 million for the twelve months ended December 31, 2021, an increase of 50% compared to total assets of $435.8 million as of December 31, 2020. Total deposits were $587.9 million at December 31, 2021, an increase of 54% compared to total deposits of $382.1 million at December 31, 2020. Net loans were $462.2 million at December 31, 2021, an increase of 37% from net loans of $337.7 million at December 31, 2020. After adjusting for Paycheck Protection Program Loans, net loans were $412.8 million at December 31, 2021, an increase of 55% from $265.5 million at December 31, 2020. At December 31, 2021, the Bank had $49.4 million in Paycheck Protection Program loans, net, as compared to $72.1 million at December 31, 2020. The loans are considered short-term and are paid off by the Small Business Administration as the borrower(s) qualify for forgiveness. The outstanding balance of Paycheck Protection Program loans is expected to continue declining through the remainder of next year.

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 diverse economy, and a passion to serve our community through service, education and volunteerism. For more information, please visit https://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.

For More Information Contact: February 3, 2022

Cheri Walz, Chief Financial Officer
720-764-9090
cwalz@solerabank.com

SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

($000s)
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020
ASSETS
Cash and due from banks
$4,124 $2,714 $2,525 $2,418 $4,384
Federal funds sold
12,000 15,000 2,700 2,000 6,200
Interest-bearing deposits with banks
1,251 1,267 880 828 807
Investment securities, available-for-sale
130,199 82,588 73,308 74,074 52,877
Investment securities, held-to-maturity
10,500 10,423 10,421 10,420 10,418
FHLB and Federal Reserve Bank stocks, at cost
2,853 1,626 2,330 2,766 1,322
Paycheck Protection Program (PPP) loans, gross
50,901 68,901 97,172 135,102 73,705
Net deferred (fees)/expenses, PPP loans
(1,493) (2,165) (3,118) (3,781) (1,520)
Net PPP loans
49,408 66,736 94,054 131,321 72,185
Traditional loans, gross
419,638 355,636 328,633 307,304 271,184
Net deferred (fees)/expenses, traditional loans
(422) (846) (688) (850) (782)
Allowance for loan and lease losses
(6,452) (5,633) (5,500) (5,500) (4,900)
Net traditional loans
412,764 349,157 322,445 300,954 265,502
Premises and equipment, net
18,830 12,939 13,019 13,093 13,155
Accrued interest receivable
2,756 2,334 2,080 2,444 1,886
Bank-owned life insurance
5,042 5,015 4,989 4,963 4,937
Other assets
1,450 2,086 3,241 5,839 2,119
TOTAL ASSETS
$651,177 $551,885 $531,992 $551,120 $435,792
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits
$464,050 $390,138 $334,620 $272,288 $235,172
Interest-bearing demand deposits
11,071 12,809 15,979 15,487 12,576
Savings and money market deposits
93,937 66,444 89,223 107,202 83,399
Time deposits
18,860 19,678 27,647 50,207 50,999
Total deposits
587,918 489,069 467,469 445,184 382,146
Accrued interest payable
36 36 41 54 50
Short-term borrowings
- - 4,735 34,133 -
Long-term FHLB borrowings
4,000 4,000 4,000 4,000 4,000
Accounts payable and other liabilities
294 2,804 1,589 18,828 1,566
TOTAL LIABILITIES
592,248 495,909 477,834 502,199 387,762
Common stock
43 43 43 43 43
Additional paid-in capital
38,748 38,748 38,748 38,668 38,518
Retained earnings
19,809 17,185 13,786 10,722 8,718
Accumulated other comprehensive (loss) gain
329 - 1,581 (512) 751
TOTAL STOCKHOLDERS' EQUITY
58,929 55,976 54,158 48,921 48,030
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$651,177 $551,885 $531,992 $551,120 $435,792

SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months Ended Twelve Months Ended
($000s, except per share data)
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Interest and dividend income
Interest and fees on traditional loans
$4,426 $3,498 $3,298 $3,005 $2,792 $14,227 $10,470
Interest and fees on PPP loans
821 1,152 1,259 986 1,027 4,218 2,069
Investment securities
876 614 647 533 411 2,670 1,502
Dividends on bank stocks
19 17 29 26 15 91 62
Other
5 3 3 3 11 108
Total interest income
$6,142 5,286 5,236 4,553 4,248 21,217 14,211
Interest expense
Deposits
189 192 200 174 187 755 955
FHLB & Fed borrowings
20 17 33 31 18 101 87
Total interest expense
209 209 233 205 205 856 1,042
Net interest income
5,933 5,077 5,003 4,348 4,043 20,361 13,169
Provision for loan and lease losses
837 149 5 605 782 1,596 2,147
Net interest income after
provision for loan and lease losses
5,096 4,928 4,998 3,743 3,261 18,765 11,022
Noninterest income
Customer service and other fees
264 250 353 206 135 1,073 422
Other income
118 118 114 114 115 464 448
Gain on sale of loan
- - - - 84 - 84
Gain on sale of securities
278 1,392 462 48 316 2,180 1,476
Total noninterest income
660 1,760 929 368 650 3,717 2,430
Noninterest expense
Employee compensation and benefits
1,189 1,279 1,085 811 891 4,364 3,576
Occupancy
174 175 165 155 106 669 420
Professional fees
115 92 65 56 34 328 163
Other general and administrative
665 695 603 484 383 2,447 1,619
Total noninterest expense
2,143 2,241 1,918 1,506 1,414 7,808 5,778
Net Income Before Taxes
$3,613 $4,447 $4,009 $2,605 $2,497 $14,674 $7,674
Income Tax Expense
990 1,048 945 601 649 3,584 1,740
Net Income
$2,623 $3,399 $3,064 $2,004 $1,848 $11,090 $5,934
Income Per Share
0.61 $0.79 $0.71 $0.47 $0.43 $2.58 $1.42
Tangible Book Value Per Share
13.70 $13.02 $12.60 $11.40 $11.23 $13.70 $11.23
WA Shares outstanding
4,299,953 4,299,953 4,298,634 4,291,286 4,276,953 4,297,216 4,184,786
Pre-Tax Pre-Provision Income
4,450 $4,596 $4,014 $3,210 $3,279 $16,270 $9,821
Net Interest Margin
4.05% 3.92% 3.88% 3.79% 4.04% 3.92% 3.74%
Cost of Funds
0.15% 0.17% 0.19% 0.19% 0.22% 0.17% 0.32%
Efficiency Ratio
33.94% 41.16% 35.06% 32.26% 32.94% 35.66% 41.16%
Return on Average Assets
1.74% 2.51% 2.26% 1.62% 1.76% 2.04% 1.63%
Return on Average Equity
18.26% 24.69% 23.78% 16.54% 15.73% 20.84% 13.51%
Community Bank Leverage Ratio (CBLR)
9.5% 10.3% 9.6% 10.1% 11.3% 9.5% 11.3%
Asset Quality:
Non-performing loans to gross loans
1.58% 1.89% 2.07% 0.31% 0.36%
Non-performing assets to total assets
1.02% 1.22% 1.28% 0.17% 0.22%
Allowance for loan losses to gross traditional loans
1.54% 1.58% 1.67% 1.79% 1.81%
Criticized loans/assets:
Special mention
17,745 $7,734 $7,018 $6,665 $7,730
Substandard: Accruing
3,766 4,729 4,772 10,666 10,709
Substandard: Nonaccrual
6,630 6,710 6,796 955 970
Doubtful
- - - - -
Total criticized loans
28,141 $19,173 $18,586 $18,286 $19,409
Other real estate owned
- - - - -
Investment securities
- - - - -
Total criticized assets
28,141 $19,173 $18,586 $18,286 $19,409
Criticized assets to total assets
4.32% 3.47% 3.49% 3.32% 4.45%

SOURCE: Solera National Bancorp, Inc.



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