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Solera National Bancorp Announces Fourth Quarter Results

Year to Date Net Income of $18.2 million

LAKEWOOD, CO / ACCESSWIRE / January 31, 2023 / 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 12 months ended December 31, 2022. For the fourth quarter of 2022, net income was $4.98 million for the quarter and $18.16 million for the year as of December 31, 2022.

2022 Financial Highlights

The Company experienced record earnings in 2022. Net income for the year was $18.2 million compared to $11.1 million for 2021. The company had tremendous growth in 2022 growing its assets from $651.17 million as of December 31, 2021 to $994.88 million as of December 31, 2022.

  • Income per share increased 64.7% to $4.25 per share as of December 31, 2022, from $2.58 per share for 2021.
  • Efficiency ratio for 2022 finished at 37.5%.
  • Return on equity increased to 33.29% from the prior year of 20.84%.
  • Pre-tax Pre-Prevision income was $23.56 million for 2022 which was a $7.29 Million increase from 2021.

Michael Quagliano, Executive Chairman of the Board, commented: "We are all sad to announce our friend and fellow Solera Bank warrior (Cheri Walz EVP/CFO) has taken up with a local tribe 10 min from her home. I am certain it was a hard decision, but we are happy you're back home with your loved ones. You did great things for this Bank. You will be missed."

Solera has completed a successful search for a new CFO, and we are very excited about the wealth of knowledge and experience that our candidate will bring to the bank. Specifics regarding the position will be included in a separate press release once the new CFO officially assumes their position.

Steve Snailum, COO, commented: "We have worked extremely hard to maximize financial performance and prepare for the future. Our commitment to our customers and shareholders remains a dominate cultural theme for our bank. The employees of the bank have worked tirelessly to execute their duties with skill, poise and enthusiasm. Operationally, Solera is continuing to stay on the cutting edge of efficiency and security through vigilant process management and quality control."

Kreighton Reed, commented: "Our growth in 2022 was unparalleled in the banks history. After more than 10 years of a lower interest rate environment Solera was able to take advantage of the higher yield environment and add a mix of higher yielding assets that will reward shareholders for years to come. Our efficiency ratio and our return on equity are strong indicators that we put the shareholder first."

Tim Pester, Controller, commented: "Solera National Bank recorded another stellar quarter, and an even better 2022. With record highs in year end net income and great returns on both equity and assets. This is thanks to the hard work from an incredible team. The bank was able to keep cost of funds low in spite of a rising rate environment thanks to the large portfolio of non-interest bearing deposits. Solera is continuing to push the growth of non-interest and other stable deposits to help fund growth in loans and investments. With these deposit tools, Solera is setting itself up to be profitable now and in the future"

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: Steve Snailum, COO (303) 209-8600

FINANCIAL TABLES FOLLOW

SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(unaudited)
($000s)
12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
ASSETS
Cash and due from banks
$ 3,490 $ 2,683 $ 4,714 $ 4,025 $ 4,124
Federal funds sold
- - - 31,000 12,000
Interest-bearing deposits with banks
1,499 2,379 1,788 2,459 1,251
Investment securities, available-for-sale
165,775 154,044 171,151 141,175 130,199
Investment securities, held-to-maturity
205,450 205,475 125,890 51,965 10,500
FHLB and Federal Reserve Bank stocks, at cost
3,954 3,843 5,400 1,626 2,853
Paycheck Protection Program (PPP) loans, gross
578 589 10,709 37,951 50,901
Net deferred (fees)/expenses, PPP loans
(6 ) (7 ) (271 ) (1,026 ) (1,493 )
Net PPP loans
572 582 10,438 36,925 49,408
Traditional loans, gross
578,012 539,568 461,447 433,506 419,638
Net deferred (fees)/expenses, traditional loans
(391 ) (417 ) (433 ) (444 ) (422 )
Allowance for loan and lease losses
(8,005 ) (8,004 ) (7,153 ) (7,153 ) (6,452 )
Net traditional loans
569,616 531,147 453,861 425,909 412,764
Premises and equipment, net
25,266 25,040 14,104 14,195 18,830
Accrued interest receivable
5,825 5,833 4,352 3,689 2,756
Bank-owned life insurance
4,891 4,864 5,094 5,068 5,042
Other assets
8,546 11,003 19,410 3,910 1,450
TOTAL ASSETS
994,884 $ 946,893 $ 816,202 $ 721,946 $ 651,177

LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits
$ 551,990 $ 543,260 $ 543,956 $ 515,929 $ 464,050
Interest-bearing demand deposits
40,853 33,236 10,392 10,100 11,071
Savings and money market deposits
202,542 170,148 113,819 117,799 93,937
Time deposits
84,398 108,520 17,735 18,743 18,860
Total deposits
879,783 855,164 685,902 662,571 587,918

Accrued interest payable
438 238 124 33 36
Short-term borrowings
52,175 37,223 72,634 - -
Long-term FHLB borrowings
4,000 4,000 4,000 4,000 4,000
Accounts payable and other liabilities
759 628 1,166 1,102 294
TOTAL LIABILITIES
937,155 897,253 763,826 667,706 592,248

Common stock
43 43 43 43 43
Additional paid-in capital
38,748 38,748 38,748 38,748 38,748
Retained earnings
37,978 32,994 28,094 23,008 19,809
Accumulated other comprehensive (loss) gain
(19,040 ) (22,145 ) (14,509 ) (7,559 ) 329
TOTAL STOCKHOLDERS' EQUITY
57,729 49,640 52,376 54,240 58,929
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
994,884 $ 946,893 $ 816,202 $ 721,946 $ 651,177

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

Three Months Ended Twelve Months Ended
($000s, except per share data)
12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Interest and dividend income







Interest and fees on traditional loans
$ 7,678 $ 6,140 $ 4,935 $ 4,561 $ 4,426 $ 23,314 $ 14,227
Interest and fees on PPP loans
2 277 824 581 821 1,684 4,218
Investment securities
3,500 3,130 2,215 1,201 876 10,046 2,670
Dividends on bank stocks
64 68 51 17 19 200 91
Other
18 18 2 - 38 11
Total interest income
$ 11,262 9,633 8,027 6,360 $ 6,142 35,282 21,217
Interest expense
Deposits
2,322 1,062 300 221 189 3,905 755
FHLB & Fed borrowings
480 327 159 17 20 983 101
Total interest expense
2,802 1,389 459 238 209 4,888 856
Net interest income
8,460 8,244 7,568 6,122 5,933 30,394 20,361
Provision for loan and lease losses
5 859 10 702 837 1,576 1,596
Net interest income after
provision for loan and lease losses
8,455 7,385 7,558 5,420 5,096 28,818 18,765
Noninterest income
Customer service and other fees
303 257 321 300 264 1,181 1,073
Other income
726 551 183 262 118 1,722 464
Gain on sale of loan
- - - 943 - 943 -
Gain on sale of securities
96 478 1,179 278 1,753 2,180
Total noninterest income
1,125 1,286 1,683 1,505 660 5,599 3,717
Noninterest expense
Employee compensation and benefits
1,949 1,690 1,800 1,651 1,189 7,090 4,364
Occupancy
310 198 177 215 174 900 669
Professional fees
110 65 119 101 115 395 328
Other general and administrative
1,406 974 825 841 665 4,046 2,447
Total noninterest expense
3,775 2,927 2,921 2,808 2,143 12,431 7,808
Net Income Before Taxes
$ 5,805 $ 5,744 $ 6,320 $ 4,117 $ 3,613 $ 21,986 $ 14,674
Income Tax Expense
821 843 1,235 919 990 3,818 3,584
Net Income
$ 4,984 $ 4,901 $ 5,085 $ 3,198 $ 2,623 $ 18,168 $ 11,090
Income Per Share
1.16 $ 1.14 $ 1.18 $ 0.74 $ 0.61 $ 4.25 $ 2.58
Tangible Book Value Per Share
13.43 $ 11.54 $ 12.18 $ 12.61 $ 13.73 $ 13.43 $ 13.70
WA Shares outstanding
4,299,953 4,299,953 4,299,953 4,299,953 4,297,216 4,276,953 4,297,216
Pre-Tax Pre-Provision Income
5,810 $ 6,603 $ 6,330 $ 4,819 $ 4,450 $ 23,562 $ 16,270
Net Interest Margin
3.97 % 4.18 % 3.81 % 4.05 % 3.92 % 4.04 % 3.92 %
Cost of Funds
1.21 % 0.66 % 0.25 % 0.15 % 0.15 % 0.62 % 0.17 %
Efficiency Ratio
39.78 % 32.34 % 36.19 % 42.01 % 33.94 % 37.33 % 35.66 %
Return on Average Assets
2.05 % 2.22 % 2.64 % 1.86 % 1.74 % 2.20 % 2.04 %
Return on Average Equity
37.14 % 38.43 % 38.16 % 22.61 % 18.26 % 33.29 % 20.84 %
Community Bank Leverage Ratio (CBLR)
7.9 % 8.1 % 8.4 % 8.9 % 11.3 %
Asset Quality:
Non-performing loans to gross loans
0.93 % 1.01 % 1.20 % 1.30 % 1.58 %
Non-performing assets to total assets
0.54 % 0.57 % 0.68 % 0.78 % 1.02 %
Allowance for loan losses to gross traditional loans
1.38 % 1.48 % 1.55 % 1.65 % 1.54 %
Criticized loans/assets:
Special mention
23,566 $ 19,385 $ 11,661 $ 11,742 $ 17,745
Substandard: Accruing
1,739 1,911 1,931 12,882 3,766
Substandard: Nonaccrual
5,364 5,431 5,530 5,631 6,629
Doubtful
- - - - -
Total criticized loans
30,669 $ 26,727 $ 19,122 $ 30,255 $ 28,140
Other real estate owned
- - - - -
Investment securities
- - - - -
Total criticized assets
30,669 $ 26,727 $ 19,122 $ 30,255 $ 28,140
Criticized assets to total assets
3.08 % 2.82 % 2.34 % 4.19 % 4.32 %

SOURCE: Solera National Bank



View source version on accesswire.com:
https://www.accesswire.com/737570/Solera-National-Bancorp-Announces-Fourth-Quarter-Results

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