Year to Date Net Income of $18.2 million

LAKEWOOD, CO / ACCESSWIRE / January 31, 2023 / 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 12 months ended December 31, 2022. For the fourth quarter of 2022, net income was $4.98 million for the quarter and $18.16 million for the year as of December 31, 2022.

2022 Financial Highlights

The Company experienced record earnings in 2022. Net income for the year was $18.2 million compared to $11.1 million for 2021. The company had tremendous growth in 2022 growing its assets from $651.17 million as of December 31, 2021 to $994.88 million as of December 31, 2022.

• Income per share increased 64.7% to $4.25 per share as of December 31, 2022, from $2.58 per share for 2021.
• Efficiency ratio for 2022 finished at 37.5%.
• Return on equity increased to 33.29% from the prior year of 20.84%.
• Pre-tax Pre-Prevision income was $23.56 million for 2022 which was a $7.29 Million increase from 2021.

Michael Quagliano, Executive Chairman of the Board, commented: "We are all sad to announce our friend and fellow Solera Bank warrior (Cheri Walz EVP/CFO) has taken up with a local tribe 10 min from her home. I am certain it was a hard decision, but we are happy you're back home with your loved ones. You did great things for this Bank. You will be missed."

Solera has completed a successful search for a new CFO, and we are very excited about the wealth of knowledge and experience that our candidate will bring to the bank. Specifics regarding the position will be included in a separate press release once the new CFO officially assumes their position.

Steve Snailum, COO, commented: "We have worked extremely hard to maximize financial performance and prepare for the future. Our commitment to our customers and shareholders remains a dominate cultural theme for our bank. The employees of the bank have worked tirelessly to execute their duties with skill, poise and enthusiasm. Operationally, Solera is continuing to stay on the cutting edge of efficiency and security through vigilant process management and quality control."

Kreighton Reed, commented: "Our growth in 2022 was unparalleled in the banks history. After more than 10 years of a lower interest rate environment Solera was able to take advantage of the higher yield environment and add a mix of higher yielding assets that will reward shareholders for years to come. Our efficiency ratio and our return on equity are strong indicators that we put the shareholder first."

Tim Pester, Controller, commented: "Solera National Bank recorded another stellar quarter, and an even better 2022. With record highs in year end net income and great returns on both equity and assets. This is thanks to the hard work from an incredible team. The bank was able to keep cost of funds low in spite of a rising rate environment thanks to the large portfolio of non-interest bearing deposits. Solera is continuing to push the growth of non-interest and other stable deposits to help fund growth in loans and investments. With these deposit tools, Solera is setting itself up to be profitable now and in the future"

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: Steve Snailum, COO (303) 209-8600

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SOURCE: Solera National Bank