Solera National Bancorp Announces Second Quarter 2025 Financial Results
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Solera National Bancorp Announces Second Quarter 2025 Financial Results
Net income of $5.9 million ($1.38 per share), a NEW RECORD!
Q2 2025 pre-tax and pre-provision income of $8.6 million. Another new record!
American Banker has recognized Solera National as part of the 2025 Top-Performing Banks with under $2B of assets, #3.
LAKEWOOD, CO / ACCESS Newswire / July 25, 2025 / Solera National Bancorp, Inc. (OTC: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, 2025. See highlights below.
2Q25 Financial Highlights
Net income of $5.9 million ($1.38 per share), a $1.7 million or 40% increase from Q2 2024.
Net interest income increased $726 thousand or 11% from Q2 2024.
Solera had a pre-tax and pre-provision income of $8.6 million. 48% or $2.8 million increase from Q2 2024.
Non-interest income of $3.7 million or $2.5 million, or a 205% increase from Q2 2024.
Return on assets was 2.02%, a 66 bps improvement from Q2 2024.
Return on equity was 25.92%, a 549 bps improvement from Q2 2024.
Mike Quagliano, Executive Chairman of the Board, commented: "We exist for the benefit of the shareholders, and our relentless focus on customer excellence has led to 11 years of stellar earnings, with this latest quarter being the best yet."
Steve Snailum, COO, commented: "The agility of Solera is propelling us forward in the banking landscape. The commitment of the company and the board to advancing Solera's tech stack and streamlining the operations empowers us to swiftly overcome obstacles, streamline processes, and foster client relationships in a very unique way. We are committed to quicker advancement than the competition and maintaining stronger customer bonds. This record-breaking quarter truly showcases the dedication, skill, and effort that is on display daily at Solera National Bank."
Avram Shabanyan, EVP, commented: "Strong partnerships and a disciplined focus on client success fuel Solera Bank's continued growth in the self-directed space. Our continued commitment to customer-first solutions empowers individuals to utilize their retirement funds in alternative investment opportunities confidently."
Jay Hansen, Chief Financial Officer, commented: "Our performance this quarter reflects the strength of our diversified portfolio and disciplined risk management. Our ratios continue to improve, and our team members are in a great position for long-term success."
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September 2007. Solera National Bank is a community bank serving the needs of emerging businesses and real estate investors. At the core of Solera National Bank is welcoming, attentive, and respectful customer service, a focus on supporting a growing and diverse economy, and a passion to serve our community through service, education, and volunteerism. For more information, please visit http://www.SoleraBank.com.
This press release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this release, which are not historical facts and that relate to future plans or projected results of Solera National Bancorp, Inc. and its wholly-owned subsidiary, Solera National Bank, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
Source: Solera National Bank
Contacts: Jay Hansen, CFO (303) 209-8600
FINANCIAL TABLES FOLLOW
SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(unaudited)
($000s) | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | |||||
ASSETS | ||||||||||
Cash and due from banks | $ | 1,969 | $ | 2,401 | $ | 1,576 | $ | 2,193 | $ | 2,241 |
Federal funds sold | - | - | 800 | 400 | - | |||||
Interest-bearing deposits with banks | 2,963 | 1,033 | 148 | 595 | 844 | |||||
Investment securities, available-for-sale | 422,112 | 290,397 | 322,375 | 317,180 | 183,311 | |||||
Investment securities, held-to-maturity | - | - | - | - | 200,457 | |||||
FHLB and Federal Reserve Bank stocks, at cost | 5,004 | 5,525 | 7,457 | 3,204 | 10,959 | |||||
Paycheck Protection Program (PPP) loans, gross | - | 5 | 20 | 35 | 50 | |||||
Traditional loans, gross | 754,518 | 766,687 | 792,753 | 797,516 | 792,739 | |||||
Allowance for loan and lease losses | (11,219 | ) | (10,914 | ) | (10,913 | ) | (10,912 | ) | (10,810 | ) |
Net traditional loans | 743,299 | 755,773 | 781,840 | 786,604 | 781,929 | |||||
Premises and equipment, net | 35,128 | 33,236 | 33,476 | 32,289 | 30,625 | |||||
Accrued interest receivable | 10,244 | 7,153 | 7,750 | 6,940 | 7,808 | |||||
Bank-owned life insurance | 5,190 | 5,159 | 5,127 | 5,095 | 5,063 | |||||
Other assets | 13,433 | 11,103 | 8,820 | 8,734 | 8,325 | |||||
TOTAL ASSETS | $ | 1,239,342 | $ | 1,111,785 | $ | 1,169,389 | $ | 1,163,269 | $ | 1,231,612 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Noninterest-bearing demand deposits | $ | 463,861 | $ | 466,455 | $ | 484,604 | $ | 497,661 | $ | 503,819 |
Interest-bearing demand deposits | 65,761 | 60,507 | 54,734 | 64,606 | 62,905 | |||||
Savings and money market deposits | 138,964 | 104,560 | 100,987 | 103,118 | 102,892 | |||||
Time deposits | 436,547 | 287,378 | 294,338 | 353,405 | 272,744 | |||||
Total deposits | 1,105,133 | 918,900 | 934,663 | 1,018,790 | 942,360 | |||||
Accrued interest payable | 2,528 | 1,808 | 2,587 | 2,618 | 2,104 | |||||
Short-term borrowings | (1 | ) | 60,191 | 104,607 | 13,300 | 164,613 | ||||
Long-term FHLB borrowings | 34,000 | 34,000 | 34,000 | 34,000 | 34,000 | |||||
Accounts payable and other liabilities | 5,337 | 6,087 | 4,576 | 5,395 | 3,961 | |||||
TOTAL LIABILITIES | 1,146,997 | 1,020,987 | 1,080,434 | 1,074,104 | 1,147,038 | |||||
Common stock | 43 | 43 | 43 | 43 | 43 | |||||
Additional paid-in capital | 38,778 | 38,763 | 38,748 | 38,748 | 38,778 | |||||
Retained earnings | 83,008 | 77,076 | 72,455 | 67,163 | 61,667 | |||||
Accumulated other comprehensive (loss) gain | (29,484 | ) | (25,084 | ) | (22,291 | ) | (16,789 | ) | (15,914 | ) |
TOTAL STOCKHOLDERS' EQUITY | 92,345 | 90,798 | 88,955 | 89,165 | 84,574 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,239,342 | $ | 1,111,785 | $ | 1,169,389 | $ | 1,163,269 | $ | 1,231,612 |
SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended | |||||||||||||||||||
($000s, except per share data) | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | ||||||||||||||
Interest and dividend income | |||||||||||||||||||
Interest and fees on traditional loans | $ | 12,791 | $ | 13,101 | $ | 13,615 | $ | 13,854 | $ | 13,270 | |||||||||
Investment securities | 4,831 | 3,490 | 3,297 | 3,544 | 3,721 | ||||||||||||||
Dividends on bank stocks | 180 | 175 | 131 | 160 | 249 | ||||||||||||||
Other | 21 | 49 | 13 | 19 | 22 | ||||||||||||||
Total interest income | $ | 17,823 | $ | 16,815 | $ | 17,056 | $ | 17,577 | $ | 17,262 | |||||||||
Interest expense | |||||||||||||||||||
Deposits | 6,235 | 4,959 | 5,564 | 6,312 | 5,285 | ||||||||||||||
FHLB & Fed borrowings | 1,410 | 1,550 | 1,223 | 1,332 | 2,831 | ||||||||||||||
Total interest expense | 7,645 | 6,509 | 6,787 | 7,644 | 8,116 | ||||||||||||||
Net interest income | 10,178 | 10,306 | 10,269 | 9,933 | 9,146 | ||||||||||||||
Provision for loan and lease losses | 310 | 7 | 6 | 105 | 4 | ||||||||||||||
Net interest income after provision for loan and lease losses | 9,868 | 10,299 | 10,263 | 9,828 | 9,142 | ||||||||||||||
Noninterest income | |||||||||||||||||||
Customer service and other fees | 291 | 300 | 470 | 389 | 468 | ||||||||||||||
Other income | 677 | 807 | 954 | 1,138 | 738 | ||||||||||||||
Gain on sale of securities | 2,709 | - | - | 858 | - | ||||||||||||||
Total noninterest income | 3,677 | 1,107 | 1,424 | 2,385 | 1,206 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Employee compensation and benefits | 2,827 | 2,656 | 2,611 | 2,472 | 2,514 | ||||||||||||||
Occupancy | 553 | 448 | 492 | 393 | 387 | ||||||||||||||
Professional fees | 330 | 259 | 309 | 122 | 75 | ||||||||||||||
Other general and administrative | 1,593 | 1,694 | 1,437 | 1,423 | 1,582 | ||||||||||||||
Total noninterest expense | 5,303 | 5,057 | 4,849 | 4,410 | 4,558 | ||||||||||||||
Net Income Before Taxes | $ | 8,242 | $ | 6,349 | $ | 6,838 | $ | 7,803 | $ | 5,790 | |||||||||
Income Tax Expense | 2,309 | 1,711 | 1,526 | 2,294 | 1,564 | ||||||||||||||
Net Income | $ | 5,933 | $ | 4,638 | $ | 5,312 | $ | 5,509 | $ | 4,226 | |||||||||
Income Per Share | $ | 1.38 | $ | 1.08 | $ | 1.24 | $ | 1.28 | $ | 0.98 | |||||||||
Tangible Book Value Per Share | $ | 21.48 | $ | 21.12 | $ | 20.69 | $ | 20.74 | $ | 19.67 | |||||||||
WA Shares outstanding | 4,299,953 | 4,299,953 | 4,299,953 | 4,299,953 | 4,299,953 | ||||||||||||||
Pre-Tax Pre-Provision Income | $ | 8,552 | $ | 6,356 | $ | 6,844 | $ | 7,908 | $ | 5,794 | |||||||||
Net Interest Margin | 3.56 | % | 3.93 | % | 3.81 | % | 3.67 | % | 3.39 | % | |||||||||
Cost of Funds | 2.66 | % | 2.49 | % | 2.51 | % | 2.72 | % | 2.80 | % | |||||||||
Efficiency Ratio | 47.58 | % | 44.31 | % | 41.47 | % | 38.48 | % | 44.03 | % | |||||||||
Return on Average Assets | 2.02 | % | 1.63 | % | 1.82 | % | 1.84 | % | 1.36 | % | |||||||||
Return on Average Equity | 25.92 | % | 20.64 | % | 23.86 | % | 25.37 | % | 20.42 | % | |||||||||
Leverage Ratio | 9.8 | % | 10.4 | % | 9.5 | % | 9.1 | % | 8.2 | % | |||||||||
Asset Quality: | |||||||||||||||||||
Non-performing loans to gross loans | 0.60 | % | 0.42 | % | 0.52 | % | 0.65 | % | 0.48 | % | |||||||||
Non-performing assets to total assets | 0.37 | % | 0.29 | % | 0.35 | % | 0.45 | % | 0.31 | % | |||||||||
Allowance for loan losses to gross traditional loans | 1.49 | % | 1.42 | % | 1.38 | % | 1.37 | % | 1.36 | % | |||||||||
* Not meaningful due to the insignificant amount of non-performing loans. | |||||||||||||||||||
Criticized loans/assets: | |||||||||||||||||||
Special mention | $ | 2,842 | $ | 11,103 | $ | 10,730 | $ | 29,145 | $ | 25,244 | |||||||||
Substandard: Accruing | 39,971 | 19,641 | 14,911 | 22,410 | 23,030 | ||||||||||||||
Substandard: Nonaccrual | 4,526 | 3,251 | 4,142 | 5,180 | 3,784 | ||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||
Total criticized loans | $ | 47,339 | $ | 33,995 | $ | 29,782 | $ | 56,735 | $ | 52,058 | |||||||||
Other real estate owned | - | - | - | - | - | ||||||||||||||
Investment securities | - | - | - | - | - | ||||||||||||||
Total criticized assets | $ | 47,339 | $ | 33,995 | $ | 29,782 | $ | 56,735 | $ | 52,058 | |||||||||
Criticized assets to total assets | 3.82 | % | 3.06 | % | 2.55 | % | 4.88 | % | 4.23 | % | |||||||||
SOURCE: Solera National Bancorp, Inc.
View the original press release on ACCESS Newswire
F.Bennett--AMWN