Headline: | Solera National Bancorp Announces Fourth Quarter 2024 Financial Results |
Location: | US |
Post Date: | Jan 24, 2025 2:05 PM |
TAG ID: | awire181789 |
DocID: | 973111 |
Word Count: | approx. 906 words |
Full story: | |
Q4 2024 pre-tax and pre-provision income of $6.8 million. 2 nd best ever! Net income of $5.3 million ($1.24 per share). 2 nd best ever! 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 $5.3 million ($1.24 per share). Q4 2024 net interest income of $10.3 million increased $1.6 million or 19% from Q4 2023. 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 10% Tier 1 capital ratio. We ended 2024 at 9.55% (point in time vs quarterly average), but could have sold $20M in securities to gain another 20 BPS on our ratio. Those securities will mature in March of 2025 and would have taken a loss of over $100K. We chose NOT to sell those securities because we don't sell securities for losses unless a business opportunity presents itself. We will get those 20 BPS in March 2025." 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) 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 ($000s, except per share data) 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 % Asset Quality: Non-performing loans to gross loans 0.52 % 0.65 % 0.48 % 0.53 % 0.66 % Non-performing assets to total assets 0.35 % 0.45 % 0.31 % 0.34 % 0.43 % Allowance for loan losses to gross traditional loans 1.38 % 1.37 % 1.36 % 1.32 % 1.21 % * Not meaningful due to the insignificant amount of non-performing loans. Criticized loans/assets: Special mention $ 10,730 $ 29,145 $ 25,244 $ 35,997 $ 9,688 Substandard: Accruing 14,911 22,410 23,030 19,108 1,685 Substandard: Nonaccrual 4,142 5,180 3,784 4,332 5,223 Doubtful - - - - - Total criticized loans $ 29,782 $ 56,735 $ 52,058 $ 59,437 $ 16,596 Other real estate owned - - - - - Investment securities - - - - - Total criticized assets $ 29,782 $ 56,735 $ 52,058 $ 59,437 $ 16,596 Criticized assets to total assets 2.54 % 4.88 % 4.23 % 4.73 % 1.35 % SOURCE: Solera National Bancorp, Inc. View the original press release on ACCESS Newswire |
|