Business
Solera National Bancorp Announces Second Quarter and YTD 2022 Financial Results
Solera National Bancorp Announces Second Quarter and YTD 2022 Financial Results.
About this update from Solera National Bancorp, Inc.
[{"type":"text","content":"LAKEWOOD, CO / ACCESSWIRE / July 28, 2022 / 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, 2022. For the second quarter of 2022, net income was $5.1 million and $8.3 million year to date as of June 30, 2022.2Q22 Financial Highlights(Comparison to 2Q21 unless otherwise noted)The Company had record pre-tax and pre-provision earnings of $6.3 million in the second quarter of 2022 compared to $4.0 million in the second quarter of 2021. Year to date pre-tax and pre-provision earnings through June 30, 2022 increased to $11.1 million, which is $3.9 million higher over the prior year.Noninterest-bearing deposits rose 5% during the quarter to $544 million, which is a $28 million increase over the previous quarter and a 63% or $209 million increase from June 30, 2021.Net interest income of $7.6 million for the second quarter 2022 represents a 47% increase over the $5 million earned in the second quarter of 2021.Tangible book value per share was $12.18 per share as of June 30, 2022 compared to $12.60 per share as of June 30, 2021.The Company's impressive efficiency ratio of 36.19% decreased from 42.01% from the first quarter 2022.Net interest margin increased to 4.18% as of June 30, 2022 from 3.81% in the first quarter of 2022.Asset quality remained strong with a modest level of criticized assets of 2.34% of total assets and nonperforming assets of 0.68% of total assets as of June 30, 2022.For the three months ended June 30, 2022, the Company reported net income of $5.1 million, or $1.19 per share, compared to net income of $3.2 million, or $0.74 per share, for the three months ended March 31, 2022, and net income of $3.0 million, or $0.71 per share, for the three months ended June 30, 2021.Michael Quagliano, Executive Chairman of the Board, commented: "The numbers speak for themselves. Over the past quarter, the Bank was able to take advantage of the raising rate environment and we are ready to react to any future gyrations of the market. We have levers at our discretion to weather any storm. I extend a special thank you to the Board of Directors and all of our employees at Solera for their high level o...