Business
Solera National Bancorp Announces Second Quarter 2024 Financial Results
Solera National Bancorp Announces Second Quarter 2024 Financial Results.
About this update from Solera National Bancorp, Inc.
[{"type":"text","content":"Q2 2024 pre-tax and pre-provision income of $5.8 million.Net income of $4.2 million (0.98 per share).American Banker recognizes Solera National Bank as a best-performing bank, #3. LAKEWOOD, CO / ACCESSWIRE / July 22, 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 ended June 30, 2024. For the second quarter of 2024, net income was $4.2 million ($0.98 per share). Q2 2024 net interest income of $9.2 million increased $0.7 million or 9% from Q2 2023.2Q24 Financial HighlightsThe Company had a pre-tax and pre-provision income of $5.8 million. 10% increase from Q1 24 and a 12% increase from Q2 23.Total interest income of $17.3 million increased $2.7 million or 19% from Q2 2023.Return on assets was 1.36%, up 40% from Q1 24.Return on equity was 20.42%, up 36% from Q1 24.Efficiency ratio was 44.03%.Michael Quagliano, Executive Chairman of the Board, commented: "I have never been more encouraged by Solera National Banks future and each of the staff members are proficient in his or her job! Solera had just over $16,000,000 in total capital when I took over, and now, 10 years later, we have $111,000,000 in total capital. Most of the increase came from organic earnings."Steve Snailum, COO, commented: "Solera continues to make strategic technological strides. In Q2, we launched our updated website, which more closely aligns with our customer commitment and capabilities. In Q3, we will launch an upgraded customer interaction platform that will provide customers and partners with an omnichannel experience. We have been and will remain focused on innovation that enhances customer experience, operational efficiency, and security."Jay Hansen, Chief Financial Officer, commented: "American Banker has recognized Solera National Bank again in their peer group comparison for best publicly traded banks in the nation for under $2 billion in assets. The ranking is based on data from year-end 2023 and uses the institutions' three-year average return on average equity to determine the ranking. For 2023, we were ranked the 3rd best bank, up one position from the previous year. Our entire team is very proud of this achievement...