Solera National Bancorp Announces Fourth Quarter 2023 Financial Results [Yahoo! Finance]
SOLERA NATL BNCRP INC CO (SLRK)
NASDAQ:AMEX Investor Relations:
solerabank.com
Company Research
Source: Yahoo! Finance
LAKEWOOD, CO / ACCESSWIRE / January 24, 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 and twelve months ended December 31, 2023. For the fourth quarter of 2023, net income was $3.5 million ($0.82 per share). Q4 2023 total interest income of $16.4 million increased $5.1 million or 45% from Q4 2022. 4Q23 Financial Highlights The Company had a pre-tax and pre-provision income of $5.7 million. Return on equity was 35.64%. Earning asset yield increased to 5.90% from 5.13% in Q4 2022. Total criticized loans have decreased by $16 million. Efficiency ratio was 42.37%. Michael Quagliano, Executive Chairman of the Board, commented: "Despite unprecedented 525 basis points increases by the Fed Reserve resulting in higher cost of funds, Solera National Bank managed to earn $3.87 per share for
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