Business
CORRECTION: Solera National Bancorp Announces Fourth Quarter 2023 Financial Results
CORRECTION: Solera National Bancorp Announces Fourth Quarter 2023 Financial Results.
About this update from Solera National Bancorp, Inc.
[{"type":"text","content":"(This release corrects the release that was posted on January 24, 2024 to update financial information.)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 25, 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 HighlightsThe Company had a pre-tax and pre-provision income of $5.7 million.Return on equity was 19.58%.Earning asset yield increased to 5.90% from 5.13% in Q4 2022.Total criticized loans have decreased by $16 million.Efficiency ratio was 42.37%.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 c...