American Banker ranks Solera number 5 for publicly traded banks under $2B.
LAKEWOOD, CO / ACCESSWIRE / July 28, 2023 / 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 six months ended June 30, 2023. For the second quarter of 2023, net income was $3.6 million ($0.84 per share) and $8.2 million year to date.
2Q23 Financial Highlights
(Comparison to 2Q22 unless otherwise noted)
Michael Quagliano, Executive Chairman of the Board, commented: "We continue to take what the market will give us."
Steve Snailum, COO, commented: "Solera National Bank will complete a conversion of its core banking system during Q3 2023. The whole team has been hard at work making this transition possible, and we are very excited to continue providing outstanding service while upgrading our capabilities and functionality. Our people continue to represent a significant competitive advantage for the bank, and this quarter has been no exception. You can count on the Solera team to be a trusted and reliable resource now and for years to come."
Kreighton Reed, EVP, commented: "Our self-directed department continues to flourish. This quarter we continued to add to the bench strength of our staff by adding numerous team members with years of self-directing experience. Investing in certified and experienced staff will pay dividends with our customer experience as we continue to expand our offerings in this niche space. The summer months are typically a slower time for the self-directed sector. We were delighted that we saw an increase in account openings in the latter half of the quarter compared to the same period last year. A sign that investors are ready to get off the sidelines and invest in this "new normal" economy."
Tim Pester, the Controller, commented: "As Solera's prepares to transition to a new banking system in Q3 2023, increases in market rates and significant one-time costs associated with the conversion emerged in Q2 2023. Nevertheless, the bank is excited to see that earnings remained strong despite the rising rates and one-time expenses. As core earnings have continued to grow, we are eager to see how the remainder of the year plays out once these one-time conversion costs are behind Solera."
Jay Hansen, CFO, commented: "We are still growing as fast as our capital allows. We won't have these high rates forever, and we need to take advantage of them. Our future is looking great! Just compare our key ratios to most other banks, and you too will see the excitement."
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
