Q2 2024 pre-tax and pre-provision income of $5.8 million.

Net income of $4.2 million (0.98 per share).

American Banker recognizes Solera National Bank as a best-performing bank, #3.

LAKEWOOD, CO / ACCESSWIRE / July 22, 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 ended June 30, 2024. For the second quarter of 2024, net income was $4.2 million ($0.98 per share). Q2 2024 net interest income of $9.2 million increased $0.7 million or 9% from Q2 2023.

2Q24 Financial Highlights

• The Company had a pre-tax and pre-provision income of $5.8 million. 10% increase from Q1 24 and a 12% increase from Q2 23.

• Total interest income of $17.3 million increased $2.7 million or 19% from Q2 2023.

• Return on assets was 1.36%, up 40% from Q1 24.

• Return on equity was 20.42%, up 36% from Q1 24.

• Efficiency ratio was 44.03%.

Michael Quagliano, Executive Chairman of the Board, commented: "I have never been more encouraged by Solera National Banks future and each of the staff members are proficient in his or her job! Solera had just over $16,000,000 in total capital when I took over, and now, 10 years later, we have $111,000,000 in total capital. Most of the increase came from organic earnings."

Steve Snailum, COO, commented: "Solera continues to make strategic technological strides. In Q2, we launched our updated website, which more closely aligns with our customer commitment and capabilities. In Q3, we will launch an upgraded customer interaction platform that will provide customers and partners with an omnichannel experience. We have been and will remain focused on innovation that enhances customer experience, operational efficiency, and security."

Jay Hansen, Chief Financial Officer, commented: "American Banker has recognized Solera National Bank again in their peer group comparison for best publicly traded banks in the nation for under $2 billion in assets. The ranking is based on data from year-end 2023 and uses the institutions' three-year average return on average equity to determine the ranking. For 2023, we were ranked the 3^rd best bank, up one position from the previous year. Our entire team is very proud of this achievement."

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.

Contacts: Jay Hansen, CFO (303) 209-8600

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SOURCE: Solera National Bancorp, Inc.