The holding company for Solera National Bank, Solera National Bancorp, Inc (OTCMKTS:SLRK), on April 30, 2022, reported financial results for three months ending March 31, 2022.
Trading Data
On Friday, SLRK stock moved up 0.91% to $11.05 with more than 425 shares, compared to its average volume of 2.4K shares. The stock moved within a range of $11.00 – 11.05 after opening trade at $11.
Solera National Bancorp Announces First Quarter 2022 Financial Results
For quarter one of 2022, the net income was $3.2 million, up 160% year-over-year. Solera recorded pre-tax and pre-provision earnings of $4.8 million in the quarter, a significant increase over the $3.2 million in 2021. The firm’s non-interest-bearing deposits surged by 11% during the quarter to $515.9 million, which is an increase of 89%. Solera’s Net interest income of $6.1 million is 141% higher than the $4.3 million in 2021. The company’s impressive efficiency ratio was 42% while the net interest margin ended at 3.81%.
Michael Quagliano, Executive Chairman of the Board said that the company had a record in pre-tax and pre-provision income at $4.8 million. Quaglino added that the firm continues to see record growth in the noninterest-bearing deposit accounts.
Jordan Wright, Vice Chairman of the Board said that the bank is highly performant, and the firm has begun only scratching the surface on the tech side of the business, which would enable it to scale and support future growth.
Cheri Walz, CFO said that the company commenced 2022 with robust financial performance growing its noninterest-bearing deposits to a record $244 million. Walz added that the total loans reached $434 million even as the investment portfolio grew to $193 million.
Key Quote
Michael Quagliano, Executive Chairman of the Board, commented: “The Company hit a record for our pre-tax and pre-provision income at $4.8 million. We continue to see record growth in our noninterest- bearing deposit accounts and we are ahead of last year’s record pace.”
Technical Data
SLRK stock is trading above the 20-Day and 50-Day Moving averages of $11.06 and $11.48 respectively. However, the stock is trading below the 200-Day moving average of $11.73.
