Solera National Bancorp Announces Second Quarter 2024 Financial Results
Solera National Bancorp (OTC Pink:SLRK) reported strong Q2 2024 financial results, with net income of $4.2 million ($0.98 per share) and pre-tax and pre-provision income of $5.8 million. The company saw significant growth, with net interest income increasing 9% year-over-year to $9.2 million. Total interest income rose 19% to $17.3 million compared to Q2 2023. The bank's performance improved across key metrics, with return on assets at 1.36% and return on equity at 20.42%, both up significantly from Q1 2024. Solera National Bank was recognized by American Banker as the 3rd best-performing bank in its peer group for institutions under $2 billion in assets.
Solera National Bancorp (OTC Pink:SLRK) ha riportato risultati finanziari solidi per il Q2 2024, con un utile netto di 4,2 milioni di dollari (0,98 dollari per azione) e un reddito prima delle imposte e delle accantonamenti di 5,8 milioni di dollari. L'azienda ha registrato una crescita significativa, con un incremento del reddito netto da interessi del 9% rispetto all'anno precedente, raggiungendo i 9,2 milioni di dollari. Il reddito totale da interessi è aumentato del 19%, raggiungendo i 17,3 milioni di dollari rispetto al Q2 2023. Le performance della banca sono migliorate su metriche chiave, con un ritorno sugli attivi dell'1,36% e un ritorno sul capitale del 20,42%, entrambi in notevole aumento rispetto al Q1 2024. Solera National Bank è stata riconosciuta da American Banker come la terza banca con le migliori performance nel suo gruppo di pari per le istituzioni con meno di 2 miliardi di dollari in attivi.
Solera National Bancorp (OTC Pink:SLRK) reportó sólidos resultados financieros en el Q2 2024, con un ingreso neto de 4,2 millones de dólares (0,98 dólares por acción) y un ingreso antes de impuestos y provisiones de 5,8 millones de dólares. La compañía experimentó un crecimiento significativo, con un aumento del ingreso neto por intereses del 9% interanual, alcanzando los 9,2 millones de dólares. Los ingresos totales por intereses subieron un 19%, alcanzando los 17,3 millones de dólares en comparación con el Q2 2023. El rendimiento del banco mejoró en métricas clave, con un retorno sobre activos del 1,36% y un retorno sobre patrimonio del 20,42%, ambos significativamente superiores al Q1 2024. Solera National Bank fue reconocido por American Banker como el tercer banco con mejor desempeño en su grupo de pares para instituciones con menos de 2 mil millones de dólares en activos.
솔레라 내셔널 뱅코프(OTC Pink:SLRK)는 2024년 2분기 금융 실적을 강력하게 보고했으며, 순이익은 420만 달러(주당 0.98 달러), 세금 및 예비충당금 전 소득은 580만 달러였습니다. 이 회사는 1년 전보다 순이자 소득이 9% 증가하여 920만 달러에 이르는 중요한 성장을 기록했습니다. 총 이자 수익은 지난해 2분기와 비교해 19% 증가하여 1,730만 달러에 달했습니다. 은행의 성과는 주요 지표에서 개선되었으며, 자산 수익률은 1.36%, 자기자본 수익률은 20.42%로, 둘 다 2024년 1분기 대비 크게 증가했습니다. 솔레라 내셔널 뱅크는 자산이 20억 달러 미만인 기관의 동료 그룹에서 미국 뱅커(American Banker)로부터 세 번째로 성과가 우수한 은행으로 인정받았습니다.
Solera National Bancorp (OTC Pink:SLRK) a publié d'excellents résultats financiers du T2 2024, avec un bénéfice net de 4,2 millions de dollars (0,98 dollar par action) et un revenu avant impôts et provisions de 5,8 millions de dollars. La société a connu une croissance significative, avec un revenu net d'intérêts en augmentation de 9 % d'une année sur l'autre pour atteindre 9,2 millions de dollars. Les revenus d'intérêts totaux ont augmenté de 19 % pour atteindre 17,3 millions de dollars par rapport au T2 2023. Les performances de la banque se sont améliorées sur des indicateurs clés, avec un rendement des actifs à 1,36 % et un rendement des capitaux propres à 20,42 %, tous deux en forte augmentation par rapport au T1 2024. Solera National Bank a été reconnue par American Banker comme la troisième banque la plus performante de son groupe de pairs pour les institutions ayant moins de 2 milliards de dollars d'actifs.
Solera National Bancorp (OTC Pink:SLRK) berichtete über starke Finanzergebnisse für Q2 2024 mit einem Nettogewinn von 4,2 Millionen Dollar (0,98 Dollar pro Aktie) und einem Vorsteuer- und Vorsorgegewinn von 5,8 Millionen Dollar. Das Unternehmen verzeichnete ein signifikantes Wachstum, da das Nettozinseinkommen im Jahresvergleich um 9 % auf 9,2 Millionen Dollar anstieg. Die gesamten Zinserträge stiegen im Vergleich zum Q2 2023 um 19 % auf 17,3 Millionen Dollar. Die Bankleistungen verbesserten sich bei wichtigen Kennzahlen, mit einem Rendite auf das Vermögen von 1,36 % und einem Rendite auf das Eigenkapital von 20,42 %, beide signifikant höher als im Q1 2024. Solera National Bank wurde von American Banker als die drittschlechteste Bank in ihrer Peer-Gruppe für Institutionen mit weniger als 2 Milliarden Dollar an Vermögen anerkannt.
- Net income of $4.2 million ($0.98 per share) in Q2 2024
- Pre-tax and pre-provision income increased 12% year-over-year to $5.8 million
- Net interest income grew 9% year-over-year to $9.2 million
- Total interest income rose 19% year-over-year to $17.3 million
- Return on assets improved to 1.36%, up 40% from Q1 2024
- Return on equity increased to 20.42%, up 36% from Q1 2024
- Efficiency ratio of 44.03%
- Total capital increased from $16 million to $111 million over 10 years
- Ranked 3rd best bank by American Banker for institutions under $2 billion in assets
- None.
Q2 2024 pre-tax and pre-provision income of
Net income of
American Banker recognizes Solera National Bank as a best-performing bank, #3.
LAKEWOOD, CO / ACCESSWIRE / July 22, 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 June 30, 2024. For the second quarter of 2024, net income was
2Q24 Financial Highlights
The Company had a pre-tax and pre-provision income of
$5.8 million .10% increase from Q1 24 and a12% increase from Q2 23.Total interest income of
$17.3 million increased$2.7 million or19% from Q2 2023.Return on assets was
1.36% , up40% from Q1 24.Return on equity was
20.42% , up36% from Q1 24.Efficiency ratio was
44.03% .
Michael Quagliano, Executive Chairman of the Board, commented: "I have never been more encouraged by Solera National Banks future and each of the staff members are proficient in his or her job! Solera had just over
Steve Snailum, COO, commented: "Solera continues to make strategic technological strides. In Q2, we launched our updated website, which more closely aligns with our customer commitment and capabilities. In Q3, we will launch an upgraded customer interaction platform that will provide customers and partners with an omnichannel experience. We have been and will remain focused on innovation that enhances customer experience, operational efficiency, and security."
Jay Hansen, Chief Financial Officer, commented: "American Banker has recognized Solera National Bank again in their peer group comparison for best publicly traded banks in the nation for under
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)
( |
| 6/30/2024 |
| 3/31/2024 |
| 12/31/2023 |
| 9/30/2023 |
| 6/30/2023 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks |
| $ | 2,241 |
| $ | 2,095 |
| $ | 2,734 |
| $ | 2,156 |
| $ | 1,657 |
|
Interest-bearing deposits with banks |
|
| 844 |
|
| 1,079 |
|
| 2,582 |
|
| 1,651 |
|
| 1,528 |
|
Investment securities, available-for-sale |
|
| 183,313 |
|
| 185,120 |
|
| 183,579 |
|
| 169,673 |
|
| 173,552 |
|
Investment securities, held-to-maturity |
|
| 200,457 |
|
| 200,575 |
|
| 200,825 |
|
| 199,875 |
|
| 204,900 |
|
FHLB and Federal Reserve Bank stocks, at cost |
|
| 10,959 |
|
| 7,952 |
|
| 12,225 |
|
| 7,516 |
|
| 9,043 |
|
Paycheck Protection Program (PPP) loans, gross |
|
| 50 |
|
| 65 |
|
| 79 |
|
| 86 |
|
| 111 |
|
Traditional loans, gross |
|
| 792,739 |
|
| 820,936 |
|
| 787,280 |
|
| 746,198 |
|
| 745,666 |
|
Allowance for loan and lease losses |
|
| (10,810 | ) |
| (10,808 | ) |
| (9,607 | ) |
| (9,405 | ) |
| (9,404 | ) |
Net traditional loans |
|
| 781,928 |
|
| 810,128 |
|
| 777,672 |
|
| 736,793 |
|
| 736,262 |
|
Premises and equipment, net |
|
| 30,625 |
|
| 29,448 |
|
| 28,173 |
|
| 28,918 |
|
| 27,625 |
|
Accrued interest receivable |
|
| 7,808 |
|
| 7,807 |
|
| 7,272 |
|
| 7,232 |
|
| 6,557 |
|
Bank-owned life insurance |
|
| 5,063 |
|
| 5,033 |
|
| 5,002 |
|
| 4,972 |
|
| 4,944 |
|
Other assets |
|
| 8,325 |
|
| 8,607 |
|
| 6,547 |
|
| 12,611 |
|
| 8,952 |
|
TOTAL ASSETS |
| $ | 1,231,612 |
| $ | 1,257,909 |
| $ | 1,226,690 |
| $ | 1,171,483 |
| $ | 1,175,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
| $ | 503,819 |
| $ | 508,615 |
| $ | 511,616 |
| $ | 509,382 |
| $ | 539,522 |
|
Interest-bearing demand deposits |
|
| 62,905 |
|
| 53,514 |
|
| 48,122 |
|
| 46,153 |
|
| 42,825 |
|
Savings and money market deposits |
|
| 102,892 |
|
| 255,655 |
|
| 169,328 |
|
| 272,948 |
|
| 219,834 |
|
Time deposits |
|
| 272,744 |
|
| 240,047 |
|
| 241,149 |
|
| 232,728 |
|
| 130,716 |
|
Total deposits |
|
| 942,360 |
|
| 1,057,831 |
|
| 970,215 |
|
| 1,061,211 |
|
| 932,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Accrued interest payable |
|
| 2,104 |
|
| 1,347 |
|
| 2,677 |
|
| 1,042 |
|
| 150 |
|
Short-term borrowings |
|
| 164,613 |
|
| 79,104 |
|
| 138,077 |
|
| 7,100 |
|
| 137,193 |
|
Long-term FHLB borrowings |
|
| 34,000 |
|
| 34,000 |
|
| 34,000 |
|
| 34,000 |
|
| 34,000 |
|
Accounts payable and other liabilities |
|
| 3,961 |
|
| 4,659 |
|
| 2,181 |
|
| 2,860 |
|
| 2,786 |
|
TOTAL LIABILITIES |
|
| 1,147,038 |
|
| 1,176,941 |
|
| 1,147,150 |
|
| 1,106,213 |
|
| 1,107,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common stock |
|
| 43 |
|
| 43 |
|
| 43 |
|
| 43 |
|
| 43 |
|
Additional paid-in capital |
|
| 38,778 |
|
| 38,763 |
|
| 38,748 |
|
| 38,748 |
|
| 38,748 |
|
Retained earnings |
|
| 61,667 |
|
| 57,440 |
|
| 54,420 |
|
| 50,877 |
|
| 46,240 |
|
Accumulated other comprehensive (loss) gain |
|
| (15,914 | ) |
| (15,278 | ) |
| (13,671 | ) |
| (24,398 | ) |
| (16,926 | ) |
TOTAL STOCKHOLDERS' EQUITY |
|
| 84,574 |
|
| 80,968 |
|
| 79,540 |
|
| 65,270 |
|
| 68,105 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
| $ | 1,231,612 |
| $ | 1,257,909 |
| $ | 1,226,690 |
| $ | 1,171,483 |
| $ | 1,175,131 |
|
SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
| Three Months Ended |
| ||||||||||||||
( |
| 6/30/2024 |
| 3/31/2024 |
| 12/31/2023 |
| 9/30/2023 |
| 6/30/2023 |
| |||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Interest and fees on traditional loans |
| $ | 13,270 |
| $ | 13,277 |
| $ | 12,425 |
| $ | 11,862 |
| $ | 10,684 |
|
Interest and fees on PPP loans |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Investment securities |
|
| 3,721 |
|
| 3,693 |
|
| 3,704 |
|
| 3,602 |
|
| 3,679 |
|
Dividends on bank stocks |
|
| 249 |
|
| 224 |
|
| 159 |
|
| 163 |
|
| 163 |
|
Other |
|
| 22 |
|
| 30 |
|
| 88 |
|
| 59 |
|
| 23 |
|
Total interest income |
| $ | 17,262 |
| $ | 17,224 |
| $ | 16,376 |
| $ | 15,686 |
| $ | 14,549 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 5,285 |
|
| 5,833 |
|
| 6,066 |
|
| 5,680 |
|
| 4,307 |
|
FHLB & Fed borrowings |
|
| 2,831 |
|
| 2,200 |
|
| 1,662 |
|
| 1,497 |
|
| 1,819 |
|
Total interest expense |
|
| 8,116 |
|
| 8,033 |
|
| 7,728 |
|
| 7,177 |
|
| 6,126 |
|
Net interest income |
|
| 9,146 |
|
| 9,191 |
|
| 8,648 |
|
| 8,509 |
|
| 8,423 |
|
Provision for loan and lease losses |
|
| 4 |
|
| 1,203 |
|
| 203 |
|
| 9 |
|
| 559 |
|
Net interest income after provision for loan and lease losses |
|
| 9,142 |
|
| 7,988 |
|
| 8,445 |
|
| 8,500 |
|
| 7,864 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service and other fees |
|
| 469 |
|
| 443 |
|
| 528 |
|
| 372 |
|
| 417 |
|
Other income |
|
| 738 |
|
| 616 |
|
| 617 |
|
| 822 |
|
| 972 |
|
Gain on sale of loan |
|
| (1 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
Gain on sale of securities |
|
| - |
|
| 60 |
|
| 68 |
|
| - |
|
| - |
|
Total noninterest income |
|
| 1,206 |
|
| 1,119 |
|
| 1,213 |
|
| 1,194 |
|
| 1,389 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
| 2,514 |
|
| 2,418 |
|
| 2,046 |
|
| 1,957 |
|
| 2,101 |
|
Occupancy |
|
| 387 |
|
| 401 |
|
| 342 |
|
| 341 |
|
| 336 |
|
Professional fees |
|
| 75 |
|
| 495 |
|
| 383 |
|
| 148 |
|
| 96 |
|
Other general and administrative |
|
| 1,582 |
|
| 1,656 |
|
| 1,378 |
|
| 1,362 |
|
| 2,124 |
|
Total noninterest expense |
|
| 4,558 |
|
| 4,970 |
|
| 4,149 |
|
| 3,808 |
|
| 4,657 |
|
Net Income Before Taxes |
| $ | 5,790 |
| $ | 4,137 |
| $ | 5,509 |
| $ | 5,886 |
| $ | 4,596 |
|
Income Tax Expense |
|
| 1,564 |
|
| 1,118 |
|
| 1,965 |
|
| 985 |
|
| 968 |
|
Net Income |
| $ | 4,226 |
| $ | 3,019 |
| $ | 3,544 |
| $ | 4,901 |
| $ | 3,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income Per Share |
| $ | 0.98 |
| $ | 0.70 |
| $ | 0.82 |
| $ | 1.14 |
| $ | 0.84 |
|
Tangible Book Value Per Share |
| $ | 19.67 |
| $ | 18.83 |
| $ | 18.50 |
| $ | 15.18 |
| $ | 15.84 |
|
WA Shares outstanding |
|
| 4,299,953 |
|
| 4,299,953 |
|
| 4,299,953 |
|
| 4,299,953 |
|
| 4,299,953 |
|
Pre-Tax Pre-Provision Income |
| $ | 5,794 |
| $ | 5,340 |
| $ | 5,712 |
| $ | 5,895 |
| $ | 5,155 |
|
Net Interest Margin |
|
| 3.39 | % |
| 3.40 | % |
| 3.32 | % |
| 3.29 | % |
| 3.37 | % |
Cost of Funds |
|
| 2.80 | % |
| 2.77 | % |
| 2.72 | % |
| 2.54 | % |
| 2.24 | % |
Efficiency Ratio |
|
| 44.03 | % |
| 48.49 | % |
| 42.37 | % |
| 39.25 | % |
| 47.46 | % |
Return on Average Assets |
|
| 1.36 | % |
| 0.97 | % |
| 1.18 | % |
| 1.67 | % |
| 1.25 | % |
Return on Average Equity |
|
| 20.42 | % |
| 15.05 | % |
| 19.58 | % |
| 29.40 | % |
| 21.96 | % |
Leverage Ratio |
|
| 8.2 | % |
| 7.7 | % |
| 7.6 | % |
| 7.6 | % |
| 7.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to gross loans |
|
| 0.48 | % |
| 0.53 | % |
| 0.66 | % |
| 0.87 | % |
| 1.07 | % |
Non-performing assets to total assets |
|
| 0.31 | % |
| 0.34 | % |
| 0.43 | % |
| 0.55 | % |
| 0.68 | % |
Allowance for loan losses to gross traditional loans |
|
| 1.36 | % |
| 1.32 | % |
| 1.21 | % |
| 1.24 | % |
| 1.24 | % |
* Not meaningful due to the insignificant amount of non-performing loans. |
|
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|
|
|
|
|
|
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|
|
| |
|
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| |
Criticized loans/assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special mention |
| $ | 25,244 |
| $ | 35,997 |
| $ | 9,688 |
| $ | 26,006 |
| $ | 29,164 |
|
Substandard: Accruing |
|
| 23,030 |
|
| 19,108 |
|
| 1,685 |
|
| 1,695 |
|
| 1,720 |
|
Substandard: Nonaccrual |
|
| 3,784 |
|
| 4,332 |
|
| 5,223 |
|
| 6,508 |
|
| 8,005 |
|
Doubtful |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Total criticized loans |
| $ | 52,058 |
| $ | 59,437 |
| $ | 16,596 |
| $ | 34,209 |
| $ | 38,889 |
|
Other real estate owned |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Investment securities |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Total criticized assets |
| $ | 52,058 |
| $ | 59,437 |
| $ | 16,596 |
| $ | 34,209 |
| $ | 38,889 |
|
Criticized assets to total assets |
|
| 4.23 | % |
| 4.73 | % |
| 1.35 | % |
| 2.91 | % |
| 3.31 | % |
SOURCE: Solera National Bancorp, Inc.
View the original press release on accesswire.com
FAQ
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