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Solera National Bancorp Announces Third Quarter 2024 Financial Results

Q3 2024 pre-tax and pre-provision income of $7.9 million. A New Record!

Net income of $5.5 million ($1.28 per share). A New Record!

Decreased our assets by $68M (From Q2 2024).

LAKEWOOD, CO / ACCESSWIRE / October 17, 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 September 30, 2024. For the third quarter of 2024, net income was $5.5 million ($1.28 per share). Q3 2024 net interest income of $9.9 million increased $1.4 million or 17% from Q3 2023.

3Q24 Financial Highlights

  • The Company had a pre-tax and pre-provision income of $7.9 million. 36% increase from Q2 24 and a 34% increase from Q3 23.

  • Net income of $5.5 million ($1.28 per share).

  • $933K gains on the sale of securities ($857K) & planes ($76K).

  • Total interest income of $17.6 million increased $1.9 million or 12% from Q3 2023.

  • Return on assets was 1.84%, up 36% from Q2 24.

  • Return on equity was 25.37%, up 24% from Q2 24.

  • Efficiency ratio was 38.48%.

Jordan Wright, Board Member, "For some time now, our board has talked about how, in order to be great, you have to be willing to do things a little differently than everyone else. This quarter, along with the many quarters that have preceded it, continues to show how that approach is playing out. Since I joined the board in 2021, I have never been more excited about our position in the market. When rates were low, Solera National Bank waited for the right opportunity to deploy capital. Over the last few years, we've found excellent opportunities to invest in, and we're running an extremely efficient shop. I'm so proud of this quarter and the incredible effort our team has put into the success of Solera National Bank for the last few years that made this quarter possible!"

Orren Adams, Director of Oversight and Compliance, "Having a fiscal quarter under my belt as the Director of Oversight and Compliance, I am excited to help the Bank navigate its strong financial tailwinds, direct best practices, and address complex banking regulations while working with the strong management team led by a focused Board of Directors."

Steve Snailum, COO, commented: "Solera delivers a fantastic quarter for all stakeholders! The magic of this place is at an all-time high, and the atmosphere of the bank is better than ever. We continue to operate with the customer as the guiding light. From launching an omnichannel customer service experience platform, to adding security features like ACH and Check Positive Pay, to introducing newly designed debit cards with enhanced features, Solera continues to demonstrate its commitment to excellence."

Jay Hansen, Chief Financial Officer, commented: "Solera took advantage of the market and sold several of our securities for gains, reclassed all of our investments to available for sale (AFS), increased our capital ratios, and increased our ALLL ratio. Our entire team is dedicated to the continued success of this organization and embraces the challenges the banking industry faces. The team is very proud of achieving an unprecedented milestone in quarterly income."

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)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

ASSETS

Cash and due from banks

$

2,193

$

2,241

$

2,095

$

2,734

$

2,156

Interest-bearing deposits with banks

595

844

1,079

2,582

1,651

Investment securities, available-for-sale

317,182

183,313

185,120

183,579

169,673

Investment securities, held-to-maturity

-

200,457

200,575

200,825

199,875

FHLB and Federal Reserve Bank stocks, at cost

3,204

10,959

7,952

12,225

7,516

Paycheck Protection Program (PPP) loans, gross

35

50

65

79

86

Traditional loans, gross

797,516

792,739

820,936

787,280

746,198

Allowance for loan and lease losses

(10,912

)

(10,810

)

(10,808

)

(9,607

)

(9,405

)

Net traditional loans

786,603

781,928

810,128

777,672

736,793

Premises and equipment, net

32,289

30,625

29,448

28,173

28,918

Accrued interest receivable

6,940

7,808

7,807

7,272

7,232

Bank-owned life insurance

5,095

5,063

5,033

5,002

4,972

Other assets

8,734

8,325

8,607

6,547

12,611

TOTAL ASSETS

$

1,163,269

$

1,231,612

$

1,257,909

$

1,226,690

$

1,171,483

LIABILITIES AND STOCKHOLDERS' EQUITY

Noninterest-bearing demand deposits

$

497,661

$

503,819

$

508,615

$

511,616

$

509,382

Interest-bearing demand deposits

64,606

62,905

53,514

48,122

46,153

Savings and money market deposits

103,118

102,892

255,655

169,328

272,948

Time deposits

353,405

272,744

240,047

241,149

232,728

Total deposits

1,018,790

942,360

1,057,831

970,215

1,061,211

Accrued interest payable

2,618

2,104

1,347

2,677

1,042

Short-term borrowings

13,300

164,613

79,104

138,077

7,100

Long-term FHLB borrowings

34,000

34,000

34,000

34,000

34,000

Accounts payable and other liabilities

5,395

3,961

4,659

2,181

2,860

TOTAL LIABILITIES

1,074,104

1,147,038

1,176,941

1,147,150

1,106,213

Common stock

43

43

43

43

43

Additional paid-in capital

38,748

38,778

38,763

38,748

38,748

Retained earnings

67,163

61,667

57,440

54,420

50,877

Accumulated other comprehensive (loss) gain

(16,789

)

(15,914

)

(15,278

)

(13,671

)

(24,398

)

TOTAL STOCKHOLDERS' EQUITY

89,165

84,574

80,968

79,540

65,270

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,163,269

$

1,231,612

$

1,257,909

$

1,226,690

$

1,171,483

SOLERA NATIONAL BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months Ended
($000s, except per share data)

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Interest and dividend income

Interest and fees on traditional loans

$

13,854

$

13,270

$

13,277

$

12,425

$

11,862

Interest and fees on PPP loans

-

-

-

-

-

Investment securities

3,544

3,721

3,693

3,704

3,602

Dividends on bank stocks

160

249

224

159

163

Other

19

22

30

88

59

Total interest income

$

17,577

$

17,262

$

17,224

$

16,376

$

15,686

Interest expense

Deposits

6,312

5,285

5,833

6,066

5,680

FHLB & Fed borrowings

1,332

2,831

2,200

1,662

1,497

Total interest expense

7,644

8,116

8,033

7,728

7,177

Net interest income

9,933

9,146

9,191

8,648

8,509

Provision for loan and lease losses

105

4

1,203

203

9

Net interest income after
provision for loan and lease losses

9,828

9,142

7,988

8,445

8,500

Noninterest income

Customer service and other fees

389

468

443

528

372

Other income

1,138

738

616

617

822

Gain on sale of securities

858

-

60

68

-

Total noninterest income

2,385

1,206

1,119

1,213

1,194

Noninterest expense

Employee compensation and benefits

2,472

2,514

2,418

2,046

1,957

Occupancy

393

387

401

342

341

Professional fees

122

75

495

383

148

Other general and administrative

1,423

1,582

1,656

1,378

1,362

Total noninterest expense

4,410

4,558

4,970

4,149

3,808

Net Income Before Taxes

$

7,803

$

5,790

$

4,137

$

5,509

$

5,886

Income Tax Expense

2,294

1,564

1,118

1,965

985

Net Income

$

5,509

$

4,226

$

3,019

$

3,544

$

4,901

Income Per Share

$

1.28

$

0.98

$

0.70

$

0.82

$

1.14

Tangible Book Value Per Share

$

20.74

$

19.67

$

18.83

$

18.50

$

15.18

WA Shares outstanding

4,299,953

4,299,953

4,299,953

4,299,953

4,299,953

Pre-Tax Pre-Provision Income

$

7,908

$

5,794

$

5,340

$

5,712

$

5,895

Net Interest Margin

3.67

%

3.39

%

3.40

%

3.32

%

3.29

%

Cost of Funds

2.72

%

2.80

%

2.77

%

2.72

%

2.54

%

Efficiency Ratio

38.48

%

44.03

%

48.49

%

42.37

%

39.25

%

Return on Average Assets

1.84

%

1.36

%

0.97

%

1.18

%

1.67

%

Return on Average Equity

25.37

%

20.42

%

15.05

%

19.58

%

29.40

%

Leverage Ratio

9.1

%

8.2

%

7.7

%

7.6

%

7.6

%

Asset Quality:

Non-performing loans to gross loans

0.65

%

0.48

%

0.53

%

0.66

%

0.87

%

Non-performing assets to total assets

0.45

%

0.31

%

0.34

%

0.43

%

0.55

%

Allowance for loan losses to gross traditional loans

1.37

%

1.36

%

1.32

%

1.21

%

1.24

%

* Not meaningful due to the insignificant amount of non-performing loans.

Criticized loans/assets:

Special mention

$

29,145

$

25,244

$

35,997

$

9,688

$

26,006

Substandard: Accruing

22,410

23,030

19,108

1,685

1,695

Substandard: Nonaccrual

5,180

3,784

4,332

5,223

6,508

Doubtful

-

-

-

-

-

Total criticized loans

$

56,735

$

52,058

$

59,437

$

16,596

$

34,209

Other real estate owned

-

-

-

-

-

Investment securities

-

-

-

-

-

Total criticized assets

$

56,735

$

52,058

$

59,437

$

16,596

$

34,209

Criticized assets to total assets

4.88

%

4.23

%

4.73

%

1.35

%

2.91

%

SOURCE: Solera National Bank



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