Company Release - 1/24/2024 2:30 PM ET
YTD pre-tax and pre-provision income of $22.8 million
Net income of $16.7 million YTD (3.87 per share)
LAKEWOOD, CO / ACCESSWIRE / January 24, 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 and twelve months ended December 31, 2023. For the fourth quarter of 2023, net income was $3.5 million ($0.82 per share). Q4 2023 total interest income of $16.4 million increased $5.1 million or 45% from Q4 2022.
4Q23 Financial Highlights
Michael Quagliano, Executive Chairman of the Board, commented: "Despite unprecedented 525 basis points increases by the Fed Reserve resulting in higher cost of funds, Solera National Bank managed to earn $3.87 per share for 2023. Solera National Bank is well positioned for any future."
Solera as a community: "We want to wish Kreighton Reed continued success in his new career."
Steve Snailum, COO, commented: "We have officially launched Prestige banking by Solera! Our goal is to provide concierge-style banking to both business and consumer customers looking for great rates and easy-to-use products. Our relationship managers are already working with numerous customers and businesses to help them achieve their goals. We have also launched a new live chat feature on our website and online banking platform. This enhancement lets customers interact with our terrific staff more efficiently and is quickly becoming the preferred method of communication for our customers. I am extremely proud of the hard work the team is putting in to take Solera to greater heights. We will continue to thrive and make a difference!"
Tim Pester, the Controller, commented: " In 2023, our bank witnessed substantial core earnings growth during a high-rate environment. This proactive approach positions Solera effectively to navigate the future market's uncertainties confidently."
Jay Hansen, CFO, commented: "We adjusted our tax accrual and needed a catchup in Q4. This was mainly due to our higher cost of funds in 2023, which increased our interest disallowance (TEFRA). We've already captured some security gains from the recent decrease in rates. More decreases could result in even more gains if the market allows for it. Plus, it's an election year to spice things up. Very excited about our position and the number of options we have."
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
