Business
Solera National Bancorp Announces Third Quarter 2021 Financial Results
Solera National Bancorp Announces Third Quarter 2021 Financial Results.
About this update from Solera National Bancorp, Inc.
[{"type":"text","content":"LAKEWOOD, CO / ACCESSWIRE / October 21, 2021 / Solera National Bancorp, Inc. (OTC PINK:SLRK) ("Company"), the holding company for Solera National Bank ("Bank"), a business-focused bank primarily serving the Denver metropolitan area, today reported financial results for the three and nine months ended September 30, 2021.Highlights for the quarter and six-months ended September 30, 2021 include:Pre-tax, pre-provision income climbed to a new record during the third quarter of 2021 at $4.6 million compared to $4.0 million for the second quarter of 2021.YTD net income was up 107% at $8.47 million for the nine-months ended September 30, 2021 compared to $4.09 million for the nine-months ended September 30, 2020.Cost of funds decreased to 17 basis points for the third quarter of 2021 and 18 basis points year-to-date 2021; this is a 50%, or 18 basis point, improvement over the 0.36% cost of funds for the nine-months ended September 30, 2020.The Company's efficiency ratio increased to 41.16% in the third quarter of 2021 compared to 35.06% for the second quarter of 2021, which reflects additional staff hired to support continued growth.Traditional gross loans were at $355 million for the nine-months ended September 30, 2021, a 49% increase compared to the nine-months ended September 30, 2020.Noninterest-bearing deposits rose 17%, or $55.5 million, quarter-over-quarter and $179.6 million, or 85%, year-over-year ending September 30, 2021 at $390.1 million.Asset quality remained constant with criticized assets at 3.47% of total assets and nonperforming assets at 1.22% of total assets as of September 30, 2021.Return on average assets increased by 25 basis points to 2.51% for the third quarter of 2021 compared to 2.26% for the second quarter of 2021.Return on average equity increased by 4% to 24.69% quarter-over-quarter.For the three months ended September 30, 2021, the Company reported net income of $3.4 million, or $0.79 per share, compared to $3.1 million, or $0.71 per share, for the second quarter of 2021 and $2.1 million, or $0.51 per share, for the three months ended September 30, 2020. For the nine months ended September 30, 2021, net income was $8.5 million, or $1.97 per share, compared to $4.1 million, or $0.98 per share, for the nine months ended September 30, 2020. Scott Wilson, CEO, commented: "The results ...