SOLERA NATL BNCRP INC CO - SLRK STOCK NEWS

Solera National Bancorp, Inc. (OTC PINK:SLRK) reported a 160% increase in net income for Q1 2022, reaching $3.2 million. The bank achieved record pre-tax earnings of $4.8 million, up from $3.2 million in Q1 2021. Noninterest-bearing deposits surpassed $500 million, reflecting an 89% year-over-year growth. Net interest income surged 141% to $6.1 million, with a strong net interest margin of 3.81%. The tangible book value per share climbed to $12.61. Asset quality remained solid with criticized assets at 4.19%.

Solera National Bancorp, Inc. (OTC PINK:SLRK) announces the departure of CEO Scott Wilson, effective immediately. The Board of Directors will serve as interim leadership. Mike Quagliano, Executive Chairman, expressed confidence in the Board's ability to guide the company through this transition, highlighting Jordan Wright as a key figure in advancing FinTech initiatives. Cheri Walz, CFO, emphasized the company's unique business model and commitment to leverage emerging technologies for growth.

Solera National Bancorp has announced the resignations of key executives Kreighton Reed and Peter Lindquist from Solera National Bank. Reed's resignation took effect on January 24, 2022, while Lindquist departed on December 10, 2021. Chairman Mike Quagliano expressed gratitude for their contributions and emphasized the Bank's commitment to enhancing customer service and advancing technology initiatives aimed at long-term success.

Solera National Bancorp (OTC PINK:SLRK) reported significant financial growth for the year ended December 31, 2021. Pre-tax, pre-provision income soared 66% to $16.2 million, while net income surged 89% to $11.1 million year-over-year. The efficiency ratio improved to 35.66%, and traditional gross loans increased 55% to $419.6 million. Noninterest-bearing deposits reached $464.1 million, rising 19% quarter-over-quarter. Asset quality remained strong with criticized assets at 4.32% and nonperforming assets at 1.02% of total assets. Total assets grew 50% to $651.2 million.

Solera National Bancorp (OTC PINK:SLRK) announced the appointment of Cheri Walz as Chief Financial Officer. CEO Scott Wilson expressed enthusiasm over her extensive 25-year banking experience and proven leadership skills. Walz, who has held senior roles in multiple banks, aims to enhance Solera's business model and competitive positioning. She holds several professional certifications, including CPA and CTP, and a Bachelor's in Accounting. Solera National Bank focuses on serving emerging businesses and real estate investors in the Denver area.

Solera National Bancorp (OTC PINK:SLRK) reported strong financial results for the third quarter and nine months ended September 30, 2021. Pre-tax, pre-provision income was a record $4.6 million, up from $4.0 million in Q2 2021. Year-to-date net income surged 107% to $8.47 million, while traditional gross loans rose 49% to $355 million. Noninterest-bearing deposits increased by 85% year-over-year, totaling $390.1 million. Total assets reached $551.9 million, a 36% increase compared to 2020. The efficiency ratio rose to 41.16% due to increased staffing.

Solera National Bancorp held its annual shareholder meeting on September 16, 2021, with 72.8% of shares represented. Shareholders elected seven directors, including Drew M. Quagliano and Michael D. Quagliano. Voting results showed significant support for each director, with the highest votes going to Aaron Vosmek at 3,019,797. Furthermore, Eide Bailly was ratified as the independent accounting firm for the fiscal year ending December 31, 2021, with 3,106,961 votes in favor.

Solera National Bancorp announced the termination of Martin P. May as President and CEO on July 22, 2021. Concurrently, Board members Philip J. Randell and Richard M. Thorne will not seek re-election after their terms end at the upcoming Annual Meeting on September 16, 2021. Kreighton Reed, previously Executive VP of Business Development, has been appointed as interim President and CEO. May's leadership saw the bank's size double and focus narrow, enhancing its national presence.

Solera National Bancorp (OTC PINK:SLRK) reported a strong second quarter 2021, with pre-tax income reaching a record $4.0 million, up from $3.2 million in Q1. Year-to-date net income soared 157% to $5.07 million compared to $1.97 million in the same period last year. Traditional gross loans grew by 7% while noninterest-bearing deposits surged 23%. Despite a healthy efficiency ratio of 33.8%, nonperforming assets increased to 1.28% of total assets. The company maintained a solid capital ratio of 9.6%. Earnings per share increased from $0.48 to $1.18 year-over-year.