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Solera National Bancorp Announces Fourth Quarter 2023 Financial Results

YTD pre-tax and pre-provision income of $22.8 million

Net income of $16.7 million YTD (3.87 per share)

LAKEWOOD, CO / ACCESSWIRE / January 24, 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 and twelve months ended December 31, 2023. For the fourth quarter of 2023, net income was $3.5 million ($0.82 per share). Q4 2023 total interest income of $16.4 million increased $5.1 million or 45% from Q4 2022.

4Q23 Financial Highlights

  • The Company had a pre-tax and pre-provision income of $5.7 million.
  • Return on equity was 35.64%.
  • Earning asset yield increased to 5.90% from 5.13% in Q4 2022.
  • Total criticized loans have decreased by $16 million.
  • Efficiency ratio was 42.37%.

Michael Quagliano, Executive Chairman of the Board, commented: "Despite unprecedented 525 basis points increases by the Fed Reserve resulting in higher cost of funds, Solera National Bank managed to earn $3.87 per share for 2023. Solera National Bank is well positioned for any future."

Solera as a community: "We want to wish Kreighton Reed continued success in his new career."

Steve Snailum, COO, commented: "We have officially launched Prestige banking by Solera! Our goal is to provide concierge-style banking to both business and consumer customers looking for great rates and easy-to-use products. Our relationship managers are already working with numerous customers and businesses to help them achieve their goals. We have also launched a new live chat feature on our website and online banking platform. This enhancement lets customers interact with our terrific staff more efficiently and is quickly becoming the preferred method of communication for our customers. I am extremely proud of the hard work the team is putting in to take Solera to greater heights. We will continue to thrive and make a difference!"

Tim Pester, the Controller, commented: " In 2023, our bank witnessed substantial core earnings growth during a high-rate environment. This proactive approach positions Solera effectively to navigate the future market's uncertainties confidently."

Jay Hansen, CFO, commented: "We adjusted our tax accrual and needed a catchup in Q4. This was mainly due to our higher cost of funds in 2023, which increased our interest disallowance (TEFRA). We've already captured some security gains from the recent decrease in rates. More decreases could result in even more gains if the market allows for it. Plus, it's an election year to spice things up. Very excited about our position and the number of options we have."

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)
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
ASSETS
Cash and due from banks
$ 3,518 $ 2,156 $ 1,657 $ 1,957 $ 3,490
Federal funds sold
- - - 5,300 -
Interest-bearing deposits with banks
2,582 1,651 1,528 2,214 1,499
Investment securities, available-for-sale
183,500 169,673 173,552 170,033 164,176
Investment securities, held-to-maturity
200,825 199,875 204,900 205,425 207,048
FHLB and Federal Reserve Bank stocks, at cost
12,225 7,516 9,043 7,103 3,954
Paycheck Protection Program (PPP) loans, gross
79 86 111 111 578
Net PPP loans
79 86 111 111 572
Traditional loans, gross
787,280 746,198 745,666 717,943 578,584
Allowance for loan and lease losses
(9,607 ) (9,405 ) (9,404 ) (8,847 ) (8,005 )
Net traditional loans
777,673 736,793 736,262 709,096 570,188
Premises and equipment, net
28,173 28,918 27,625 26,816 25,266
Accrued interest receivable
7,272 7,232 6,557 7,044 5,825
Bank-owned life insurance
5,002 4,972 4,944 4,917 4,891
Other assets
7,799 12,611 8,952 10,291 8,408
TOTAL ASSETS
$ 1,228,648 $ 1,171,483 $ 1,175,131 $ 1,150,307 $ 995,317

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits
$ 512,705 $ 509,382 $ 539,522 $ 536,880 $ 551,990
Interest-bearing demand deposits
48,122 46,153 42,825 56,715 40,853
Savings and money market deposits
172,092 272,948 219,834 210,476 202,542
Time deposits
238,386 232,728 130,716 147,174 84,398
Total deposits
971,305 1,061,211 932,897 951,245 879,783

Accrued interest payable
1,680 1,042 150 70 438
Short-term borrowings
138,077 7,100 137,193 98,432 52,175
Long-term FHLB borrowings
34,000 34,000 34,000 34,000 4,000
Accounts payable and other liabilities
4,045 2,860 2,786 2,489 1,192
TOTAL LIABILITIES
1,149,107 1,106,213 1,107,026 1,086,236 937,588

Common stock
43 43 43 43 43
Additional paid-in capital
38,748 38,748 38,748 38,748 38,748
Retained earnings
54,421 50,877 46,240 42,562 37,978
Accumulated other comprehensive (loss) gain
(13,671 ) (24,398 ) (16,926 ) (17,282 ) (19,040 )
TOTAL STOCKHOLDERS' EQUITY
79,541 65,270 68,105 64,071 57,729
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 1,228,648 $ 1,171,483 $ 1,175,131 $ 1,150,307 $ 995,317

Solera National Bancorp, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

($000s, except per share data)
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Interest and dividend income
Interest and fees on traditional loans
$ 12,425 $ 11,638 $ 10,684 $ 9,691 $ 7,678
Interest and fees on PPP loans
- - - 11 2
Investment securities
3,704 3,826 3,679 3,549 3,500
Dividends on bank stocks
159 163 163 120 64
Other
88 59 23 17 18
Total interest income
$ 16,376 $ 15,686 $ 14,549 $ 13,388 $ 11,262
Interest expense
Deposits
6,066 5,680 4,307 3,947 2,322
FHLB & Fed borrowings
1,662 1,497 1,819 1,281 480
Total interest expense
7,728 7,177 6,126 5,228 2,802
Net interest income
8,648 8,509 8,423 8,160 8,460
Provision for loan and lease losses
203 9 559 759 5
Net interest income after
provision for loan and lease losses
8,445 8,500 7,864 7,401 8,455
Noninterest income
Customer service and other fees
528 372 417 405 303
Other income
617 822 972 747 726
Gain on sale of securities
68 - - 242 96
Total noninterest income
1,213 1,194 1,389 1,394 1,125
Noninterest expense
Employee compensation and benefits
2,046 1,957 2,101 2,015 1,949
Occupancy
342 341 336 292 310
Professional fees
383 148 96 112 110
Other general and administrative
1,378 1,362 2,124 1,104 1,406
Total noninterest expense
4,149 3,808 4,657 3,523 3,775
Net Income Before Taxes
$ 5,509 $ 5,886 $ 4,596 $ 5,273 $ 5,805
Income Tax Expense
1,965 985 968 689 821
Net Income
$ 3,544 $ 4,901 $ 3,628 $ 4,584 $ 4,984

Income Per Share
$ 0.82 $ 1.14 $ 0.84 $ 1.07 $ 1.16
Tangible Book Value Per Share
$ 18.50 $ 15.18 $ 15.84 $ 14.90 $ 13.43
WA Shares outstanding
4,299,953 4,299,953 4,299,953 4,299,953 4,299,953
Pre-Tax Pre-Provision Income
$ 5,712 $ 5,895 $ 5,155 $ 6,032 $ 5,810
Net Interest Margin
3.32 % 3.29 % 3.37 % 3.36 % 3.97 %
Cost of Funds
2.72 % 2.54 % 2.24 % 1.98 % 1.21 %
Efficiency Ratio
42.37 % 39.25 % 47.46 % 37.83 % 39.78 %
Return on Average Assets
2.31 % 1.67 % 1.25 % 1.71 % 2.05 %
Return on Average Equity
35.64 % 29.40 % 21.96 % 30.11 % 37.14 %
Leverage Ratio
7.6 % 7.6 % 7.3 % 7.2 % 7.9 %

Asset Quality:
Non-performing loans to gross loans
0.66 % 0.87 % 1.07 % 0.74 % 0.93 %
Non-performing assets to total assets
0.43 % 0.55 % 0.68 % 0.46 % 0.54 %
Allowance for loan losses to gross traditional loans
1.21 % 1.24 % 1.24 % 1.23 % 1.38 %

Criticized loans/assets:
Special mention
$ 9,688 $ 26,006 $ 29,164 $ 23,951 $ 23,566
Substandard: Accruing
1,685 1,695 1,720 2,195 1,739
Substandard: Nonaccrual
5,223 6,508 8,005 5,300 5,364
Doubtful
- - - - -
Total criticized loans
$ 16,596 $ 34,209 $ 38,889 $ 31,446 $ 30,669
Other real estate owned
- - - - -
Investment securities
- - - - -
Total criticized assets
$ 16,596 $ 34,209 $ 38,889 $ 31,446 $ 30,669
Criticized assets to total assets
1.35 % 2.91 % 3.31 % 2.73 % 3.08 %

SOURCE: Solera National Bancorp, Inc.



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