Solera National Bancorp Announces Fourth Quarter 2024 Financial Results
Solera National Bancorp (OTC PINK:SLRK) reported strong financial results for Q4 2024. The company achieved its second-best quarterly performance with net income of $5.3 million ($1.24 per share) and pre-tax, pre-provision income of $6.8 million, marking a 20% increase from Q4 2023.
Key highlights include a 19% year-over-year increase in net interest income to $10.3 million, an $18 million reduction in special mention assets, and impressive performance metrics including a 1.82% return on assets, 23.86% return on equity, and 41.47% efficiency ratio. The bank's Tier 1 capital ratio stood at 9.55% at year-end 2024, with management aiming for a 10% target.
Solera National Bancorp (OTC PINK:SLRK) ha riportato risultati finanziari robusti per il quarto trimestre del 2024. L'azienda ha raggiunto la sua seconda migliore performance trimestrale con un utile netto di 5,3 milioni di dollari (1,24 dollari per azione) e un reddito pre-imposte e pre-accantonamenti di 6,8 milioni di dollari, segnando un aumento del 20% rispetto al quarto trimestre del 2023.
I punti salienti includono un aumento del 19% del reddito da interessi netti rispetto all’anno precedente, salito a 10,3 milioni di dollari, una riduzione di 18 milioni di dollari degli attivi in cattiva osservazione e metriche di performance impressionanti, tra cui un ritorno sugli attivi dell'1,82%, un ritorno sul capitale dell'equità del 23,86% e un rapporto di efficienza del 41,47%. Il rapporto di capitale di base della banca si è attestato al 9,55% alla fine dell'anno 2024, con la direzione che punta a un obiettivo del 10%.
Solera National Bancorp (OTC PINK:SLRK) reportó resultados financieros sólidos para el cuarto trimestre de 2024. La empresa logró su segunda mejor actuación trimestral con un ingreso neto de 5.3 millones de dólares (1.24 dólares por acción) y un ingreso previo a impuestos y provisiones de 6.8 millones de dólares, marcando un aumento del 20% respecto al cuarto trimestre de 2023.
Los aspectos destacados incluyen un aumento del 19% en ingresos por intereses netos en comparación con el año anterior, alcanzando los 10.3 millones de dólares, una reducción de 18 millones de dólares en activos de mención especial y métricas de desempeño impresionantes, que incluyen un retorno sobre activos del 1.82%, un retorno sobre capital del 23.86% y un ratio de eficiencia del 41.47%. El ratio de capital básico de la banca se situó en el 9.55% al final de 2024, con la dirección buscando un objetivo del 10%.
솔레라 내셔널 은행 지주회사 (OTC PINK:SLRK)는 2024년 4분기 강력한 재무 결과를 발표했습니다. 회사는 순이익 530만 달러 (주당 1.24 달러)와 세전 계상 전 순이익 680만 달러로 두 번째로 좋은 분기 실적을 달성했으며, 이는 2023년 4분기 대비 20% 증가한 수치입니다.
주요 하이라이트로는 전년 대비 19% 증가한 순이자 수익이 1030만 달러에 도달했으며, 특별 언급 자산은 1800만 달러 감소했고, 1.82%의 자산수익률, 23.86%의 자기자본수익률, 41.47%의 효율비율 등 인상적인 성과 지표가 포함되어 있습니다. 은행의 기본 자본 비율은 2024년 연말 기준 9.55%를 기록했으며, 경영진은 10% 목표를 설정하고 있습니다.
Solera National Bancorp (OTC PINK:SLRK) a annoncé des résultats financiers solides pour le quatrième trimestre 2024. L'entreprise a atteint sa deuxième meilleure performance trimestrielle avec un revenu net de 5,3 millions de dollars (1,24 dollar par action) et un revenu avant impôts et provisions de 6,8 millions de dollars, marquant une augmentation de 20 % par rapport au quatrième trimestre 2023.
Les points forts incluent une augmentation de 19 % des revenus d'intérêts nets par rapport à l'année précédente, atteignant 10,3 millions de dollars, une réduction de 18 millions de dollars des actifs en mention spéciale et des indicateurs de performance impressionnants, notamment un retour sur actifs de 1,82 %, un retour sur capitaux propres de 23,86 % et un ratio d’efficacité de 41,47 %. Le ratio de capital de base de la banque était de 9,55 % à la fin de l'année 2024, la direction visant un objectif de 10 %.
Solera National Bancorp (OTC PINK:SLRK) berichtete über starke Finanzergebnisse für das 4. Quartal 2024. Das Unternehmen erzielte die zweitbeste vierteljährliche Leistung mit einem Nettoeinkommen von 5,3 Millionen US-Dollar (1,24 US-Dollar pro Aktie) und einem Vorsteuer-, vor Rückstellungen Einkommen von 6,8 Millionen US-Dollar, was einem Anstieg von 20 % gegenüber dem 4. Quartal 2023 entspricht.
Zu den wichtigsten Highlights gehören ein 19%iger Anstieg der Nettozins- Einnahmen im Jahresvergleich auf 10,3 Millionen US-Dollar, ein Rückgang der besonderen Erwähnungen um 18 Millionen US-Dollar und beeindruckende Leistungskennzahlen, darunter eine Eigenkapitalrendite von 1,82%, eine Eigenkapitalrendite von 23,86% und ein Effizienzverhältnis von 41,47%. Die Tier-1-Kapitalquote der Bank lag zum Jahresende 2024 bei 9,55%, während das Management ein Ziel von 10% anstrebt.
- Net income reached $5.3 million ($1.24 per share), second-best quarterly performance
- Pre-tax and pre-provision income increased 20% to $6.8 million
- Net interest income grew 19% year-over-year to $10.3 million
- Special mention assets decreased by $18 million
- Strong performance metrics: 1.82% ROA, 23.86% ROE, 41.47% efficiency ratio
- Tier 1 capital ratio at 9.55% remains below management's 10% target
Q4 2024 pre-tax and pre-provision income of
Net income of
LAKEWOOD, CO / ACCESS Newswire / January 24, 2025 / 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 December 31, 2024. For the fourth quarter of 2024, net income was
4Q24 Financial Highlights
The Company had a pre-tax and pre-provision income of
$6.8 million .20% or$1.1 million increase from Q4 24.Net income of
$5.3 million ($1.24 per share).$18 million decrease in special mention assets.Return on assets was
1.82% .Return on equity was
23.86% .Efficiency ratio was
41.47% .
Steve Snailum, COO, commented: "Solera delivers a tremendous end to a remarkable year! The bank is operating at a high level by expertly balancing efficiency and security. The team has been working hard to continue to leverage technology and expertise to deliver robust, secure, and expedient services to our customers. It is a great time to be a Solera employee and customer!"
Jay Hansen, Chief Financial Officer, commented: "Our goal is to get to a
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)
( |
| 12/31/2024 |
|
| 9/30/2024 |
|
| 6/30/2024 |
|
| 3/31/2024 |
|
| 12/31/2023 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks |
| $ | 2,329 |
|
| $ | 2,193 |
|
| $ | 2,241 |
|
| $ | 2,095 |
|
| $ | 2,734 |
|
Federal funds sold |
|
| 800 |
|
|
| 400 |
|
|
| - |
|
|
| - |
|
|
| - |
|
Interest-bearing deposits with banks |
|
| 148 |
|
|
| 595 |
|
|
| 844 |
|
|
| 1,079 |
|
|
| 2,582 |
|
Investment securities, available-for-sale |
|
| 322,375 |
|
|
| 317,180 |
|
|
| 183,311 |
|
|
| 185,120 |
|
|
| 183,579 |
|
Investment securities, held-to-maturity |
|
| - |
|
|
| - |
|
|
| 200,457 |
|
|
| 200,575 |
|
|
| 200,825 |
|
FHLB and Federal Reserve Bank stocks, at cost |
|
| 7,457 |
|
|
| 3,204 |
|
|
| 10,959 |
|
|
| 7,952 |
|
|
| 12,225 |
|
Paycheck Protection Program (PPP) loans, gross |
|
| 20 |
|
|
| 35 |
|
|
| 50 |
|
|
| 65 |
|
|
| 79 |
|
Traditional loans, gross |
|
| 792,733 |
|
|
| 797,516 |
|
|
| 792,739 |
|
|
| 820,936 |
|
|
| 787,280 |
|
Allowance for loan and lease losses |
|
| (10,913 | ) |
|
| (10,912 | ) |
|
| (10,810 | ) |
|
| (10,808 | ) |
|
| (9,607 | ) |
Net traditional loans |
|
| 781,820 |
|
|
| 786,604 |
|
|
| 781,929 |
|
|
| 810,128 |
|
|
| 777,672 |
|
Premises and equipment, net |
|
| 33,476 |
|
|
| 32,289 |
|
|
| 30,625 |
|
|
| 29,448 |
|
|
| 28,173 |
|
Accrued interest receivable |
|
| 7,750 |
|
|
| 6,940 |
|
|
| 7,808 |
|
|
| 7,807 |
|
|
| 7,272 |
|
Bank-owned life insurance |
|
| 5,127 |
|
|
| 5,095 |
|
|
| 5,063 |
|
|
| 5,033 |
|
|
| 5,002 |
|
Other assets |
|
| 10,544 |
|
|
| 8,734 |
|
|
| 8,325 |
|
|
| 8,607 |
|
|
| 6,547 |
|
TOTAL ASSETS |
| $ | 1,171,846 |
|
| $ | 1,163,269 |
|
| $ | 1,231,612 |
|
| $ | 1,257,909 |
|
| $ | 1,226,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
| $ | 485,332 |
|
| $ | 497,661 |
|
| $ | 503,819 |
|
| $ | 508,615 |
|
| $ | 511,616 |
|
Interest-bearing demand deposits |
|
| 54,804 |
|
|
| 64,606 |
|
|
| 62,905 |
|
|
| 53,514 |
|
|
| 48,122 |
|
Savings and money market deposits |
|
| 100,987 |
|
|
| 103,118 |
|
|
| 102,892 |
|
|
| 255,655 |
|
|
| 169,328 |
|
Time deposits |
|
| 294,337 |
|
|
| 353,405 |
|
|
| 272,744 |
|
|
| 240,047 |
|
|
| 241,149 |
|
Total deposits |
|
| 935,460 |
|
|
| 1,018,790 |
|
|
| 942,360 |
|
|
| 1,057,831 |
|
|
| 970,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Accrued interest payable |
|
| 2,587 |
|
|
| 2,618 |
|
|
| 2,104 |
|
|
| 1,347 |
|
|
| 2,677 |
|
Short-term borrowings |
|
| 106,267 |
|
|
| 13,300 |
|
|
| 164,613 |
|
|
| 79,104 |
|
|
| 138,077 |
|
Long-term FHLB borrowings |
|
| 34,000 |
|
|
| 34,000 |
|
|
| 34,000 |
|
|
| 34,000 |
|
|
| 34,000 |
|
Accounts payable and other liabilities |
|
| 4,576 |
|
|
| 5,395 |
|
|
| 3,961 |
|
|
| 4,659 |
|
|
| 2,181 |
|
TOTAL LIABILITIES |
|
| 1,082,891 |
|
|
| 1,074,104 |
|
|
| 1,147,038 |
|
|
| 1,176,941 |
|
|
| 1,147,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common stock |
|
| 43 |
|
|
| 43 |
|
|
| 43 |
|
|
| 43 |
|
|
| 43 |
|
Additional paid-in capital |
|
| 38,748 |
|
|
| 38,748 |
|
|
| 38,778 |
|
|
| 38,763 |
|
|
| 38,748 |
|
Retained earnings |
|
| 72,455 |
|
|
| 67,163 |
|
|
| 61,667 |
|
|
| 57,440 |
|
|
| 54,420 |
|
Accumulated other comprehensive (loss) gain |
|
| (22,291 | ) |
|
| (16,789 | ) |
|
| (15,914 | ) |
|
| (15,278 | ) |
|
| (13,671 | ) |
TOTAL STOCKHOLDERS' EQUITY |
|
| 88,955 |
|
|
| 89,165 |
|
|
| 84,574 |
|
|
| 80,968 |
|
|
| 79,540 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
| $ | 1,171,846 |
|
| $ | 1,163,269 |
|
| $ | 1,231,612 |
|
| $ | 1,257,909 |
|
| $ | 1,226,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
| Three Months Ended |
|
|
|
|
|
| |||||||||||||
( |
| 12/31/2024 |
|
| 9/30/2024 |
|
| 6/30/2024 |
|
| 3/31/2024 |
|
| 12/31/2023 |
| |||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and fees on traditional loans |
| $ | 13,615 |
|
| $ | 13,854 |
|
| $ | 13,270 |
|
| $ | 13,277 |
|
| $ | 12,425 |
|
Interest and fees on PPP loans |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Investment securities |
|
| 3,297 |
|
|
| 3,544 |
|
|
| 3,721 |
|
|
| 3,693 |
|
|
| 3,704 |
|
Dividends on bank stocks |
|
| 131 |
|
|
| 160 |
|
|
| 249 |
|
|
| 224 |
|
|
| 159 |
|
Other |
|
| 13 |
|
|
| 19 |
|
|
| 22 |
|
|
| 30 |
|
|
| 88 |
|
Total interest income |
| $ | 17,056 |
|
| $ | 17,577 |
|
| $ | 17,262 |
|
| $ | 17,224 |
|
| $ | 16,376 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 5,564 |
|
|
| 6,312 |
|
|
| 5,285 |
|
|
| 5,833 |
|
|
| 6,066 |
|
FHLB & Fed borrowings |
|
| 1,223 |
|
|
| 1,332 |
|
|
| 2,831 |
|
|
| 2,200 |
|
|
| 1,662 |
|
Total interest expense |
|
| 6,787 |
|
|
| 7,644 |
|
|
| 8,116 |
|
|
| 8,033 |
|
|
| 7,728 |
|
Net interest income |
|
| 10,269 |
|
|
| 9,933 |
|
|
| 9,146 |
|
|
| 9,191 |
|
|
| 8,648 |
|
Provision for loan and lease losses |
|
| 6 |
|
|
| 105 |
|
|
| 4 |
|
|
| 1,203 |
|
|
| 203 |
|
Net interest income after provision for loan and lease losses |
|
| 10,263 |
|
|
| 9,828 |
|
|
| 9,142 |
|
|
| 7,988 |
|
|
| 8,445 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service and other fees |
|
| 470 |
|
|
| 389 |
|
|
| 468 |
|
|
| 443 |
|
|
| 528 |
|
Other income |
|
| 954 |
|
|
| 1,138 |
|
|
| 738 |
|
|
| 616 |
|
|
| 617 |
|
Gain on sale of securities |
|
| - |
|
|
| 858 |
|
|
| - |
|
|
| 60 |
|
|
| 68 |
|
Total noninterest income |
|
| 1,424 |
|
|
| 2,385 |
|
|
| 1,206 |
|
|
| 1,119 |
|
|
| 1,213 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
| 2,611 |
|
|
| 2,472 |
|
|
| 2,514 |
|
|
| 2,418 |
|
|
| 2,046 |
|
Occupancy |
|
| 492 |
|
|
| 393 |
|
|
| 387 |
|
|
| 401 |
|
|
| 342 |
|
Professional fees |
|
| 309 |
|
|
| 122 |
|
|
| 75 |
|
|
| 495 |
|
|
| 383 |
|
Other general and administrative |
|
| 1,437 |
|
|
| 1,423 |
|
|
| 1,582 |
|
|
| 1,656 |
|
|
| 1,378 |
|
Total noninterest expense |
|
| 4,849 |
|
|
| 4,410 |
|
|
| 4,558 |
|
|
| 4,970 |
|
|
| 4,149 |
|
Net Income Before Taxes |
| $ | 6,838 |
|
| $ | 7,803 |
|
| $ | 5,790 |
|
| $ | 4,137 |
|
| $ | 5,509 |
|
Income Tax Expense |
|
| 1,526 |
|
|
| 2,294 |
|
|
| 1,564 |
|
|
| 1,118 |
|
|
| 1,965 |
|
Net Income |
| $ | 5,312 |
|
| $ | 5,509 |
|
| $ | 4,226 |
|
| $ | 3,019 |
|
| $ | 3,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income Per Share |
| $ | 1.24 |
|
| $ | 1.28 |
|
| $ | 0.98 |
|
| $ | 0.70 |
|
| $ | 0.82 |
|
Tangible Book Value Per Share |
| $ | 20.69 |
|
| $ | 20.74 |
|
| $ | 19.67 |
|
| $ | 18.83 |
|
| $ | 18.50 |
|
WA Shares outstanding |
|
| 4,299,953 |
|
|
| 4,299,953 |
|
|
| 4,299,953 |
|
|
| 4,299,953 |
|
|
| 4,299,953 |
|
Pre-Tax Pre-Provision Income |
| $ | 6,844 |
|
| $ | 7,908 |
|
| $ | 5,794 |
|
| $ | 5,340 |
|
| $ | 5,712 |
|
Net Interest Margin |
|
| 3.81 | % |
|
| 3.67 | % |
|
| 3.39 | % |
|
| 3.40 | % |
|
| 3.32 | % |
Cost of Funds |
|
| 2.51 | % |
|
| 2.72 | % |
|
| 2.80 | % |
|
| 2.77 | % |
|
| 2.72 | % |
Efficiency Ratio |
|
| 41.47 | % |
|
| 38.48 | % |
|
| 44.03 | % |
|
| 48.49 | % |
|
| 42.37 | % |
Return on Average Assets |
|
| 1.82 | % |
|
| 1.84 | % |
|
| 1.36 | % |
|
| 0.97 | % |
|
| 1.18 | % |
Return on Average Equity |
|
| 23.86 | % |
|
| 25.37 | % |
|
| 20.42 | % |
|
| 15.05 | % |
|
| 19.58 | % |
Leverage Ratio |
|
| 9.5 | % |
|
| 9.1 | % |
|
| 8.2 | % |
|
| 7.7 | % |
|
| 7.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
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Asset Quality: |
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Non-performing loans to gross loans |
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| 0.52 | % |
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| 0.65 | % |
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| 0.48 | % |
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| 0.53 | % |
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| 0.66 | % |
Non-performing assets to total assets |
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| 0.35 | % |
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| 0.45 | % |
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| 0.31 | % |
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| 0.34 | % |
|
| 0.43 | % |
Allowance for loan losses to gross traditional loans |
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| 1.38 | % |
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| 1.37 | % |
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| 1.36 | % |
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| 1.32 | % |
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| 1.21 | % |
* Not meaningful due to the insignificant amount of non-performing loans. |
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Criticized loans/assets: |
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Special mention |
| $ | 10,730 |
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| $ | 29,145 |
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| $ | 25,244 |
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| $ | 35,997 |
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| $ | 9,688 |
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Substandard: Accruing |
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| 14,911 |
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| 22,410 |
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| 23,030 |
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| 19,108 |
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| 1,685 |
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Substandard: Nonaccrual |
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| 4,142 |
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| 5,180 |
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| 3,784 |
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| 4,332 |
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| 5,223 |
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Doubtful |
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| - |
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| - |
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| - |
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| - |
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| - |
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Total criticized loans |
| $ | 29,782 |
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| $ | 56,735 |
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| $ | 52,058 |
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| $ | 59,437 |
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| $ | 16,596 |
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Other real estate owned |
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| - |
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| - |
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| - |
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| - |
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| - |
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Investment securities |
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| - |
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| - |
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| - |
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| - |
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| - |
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Total criticized assets |
| $ | 29,782 |
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| $ | 56,735 |
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| $ | 52,058 |
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| $ | 59,437 |
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| $ | 16,596 |
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Criticized assets to total assets |
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| 2.54 | % |
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| 4.88 | % |
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| 4.23 | % |
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| 4.73 | % |
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| 1.35 | % |
SOURCE: Solera National Bancorp, Inc.
View the original press release on ACCESS Newswire
FAQ
What was SLRK's net income in Q4 2024?
How much did SLRK's net interest income grow in Q4 2024?
What was SLRK's efficiency ratio in Q4 2024?
What is SLRK's current Tier 1 capital ratio and target?
How much did SLRK reduce its special mention assets in Q4 2024?
