Business
Solera National Bancorp Announces Second Quarter 2023 Financial Results
Solera National Bancorp Announces Second Quarter 2023 Financial Results.
About this update from Solera National Bancorp, Inc.
[{"type":"text","content":"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)The Company had pre-tax, pre-provision, and pre-one-time expense earnings of $6.1 million in the second quarter of 2023 compared to $6.3 million.Return on equity was 21.96%.Allowance for loan losses is now $9.4 million. Solera's allowance ratio is 1.24%. Q2 2023 provision was $559 thousand.Efficiency ratio stayed low at 47.46%.Net interest income increased by $855 thousand or 11%.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, co...