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Michael quagliano current chairman is a self made very successful business man & put his daughter already on the board so that always rubs bankers the wrong way and from my understanding SLRK business doesn’t really need many/typical bankers & tellers and that limits need for C-suite need beyond regulatory mandatory positions.
There was debate about installing a dividend policy and that had caused some friction as well. The new board addition is successful tech guy and probably will help install much more computerized systems etc for scale.
Excellent value play & acquisition target for a bigger organization to acquire “cheap” deposits.
It needs more transparency on management level & IR and more visualization of their strategy and business niche model IMO
Dividend would be the boosts that’s needed and I believe the ONLY sell supply of shares is stemming from former CEO and CFO, think CFO was about 30k shares CEO used to about 5% holder.
SLRK
Solera Bank is a small one branch niche bank BUT it’s different from your typical community bank.
They actually are not in the business in taking grandmas deposit and lending it to grandson Max to build a house.
The specialty niche is they work closely with crypto retirement product providers, which need a bank to set up a deposit account for them (think KYC etc regulation) and those deposit accounts will always have some leftover deposit in the account after transfer to product providers. Those deposit accounts are huge contribution to their above average Net Interest Margin NIM.
They mostly lend to business accounts and have had amazing growth rates & success!
Kreighton Reed (unfortunately not with SLRK any more) did an excellent podcast explaining SLRK business model and the vision of scaling it much much bigger and that’s what Jordan Wright quote “… scratching on the tech side of the business that will allow us to scale …” means
https://financialexperiencepodcast.com/episodes/finding-your-product-niche-as-a-small-community-bank
The obvious downside is the ownership structure of Michael Quagliano as majority shareholder and the past management shuffles that point to power struggles within the company IMO
Disclosure: full long position
Sure not reassuring from mgmt and clearly not building confidence!
It was liquidation galore 40k blocks up to 100k+ just plain BID hits. Feels like some 1 time item in PR coming ugh
1st trading hr = 1.4mil + volume
Interesting industry and one that I was going to stay out forever after RSFF (resolve staffing) went under with hyper growth but lacking financial strength and eventually collapsed.
But like Buffett went back into airline industry after digging through JOB and hearing/reading tons of evidence about worker shortage and employee retention and starting wages advertised $20+ for jobs that used to be college kids pick ups for play money.
This can be a very successful turnaround /growth play and I put chips down for the ride BUT any excessive M&A action or talk about takeover and synergistic benefits and I’m OUT! This company needs TLC on attention to in-house efficiency
Anyway, picked up boatload today and you are certainly right about a possible big tax loss seller BUT that pendulum will swing back in the other direction again too ;)
Thank you for your shared DD and gileads too. Bought good size bags yesterday & just now during drop…
Have a nice holiday, hopefully with some recovery in share price today first ??
What’s the story here? Constant selling? There dilution or where is the supply coming from?
Solera National Bancorp Announces Third Quarter 2021 Financial Results
Company Release - 10/21/2021 9:00 AM ET
LAKEWOOD, CO / ACCESSWIRE / October 21, 2021 / Solera National Bancorp, Inc. (OTC PINK:SLRK) ("Company"), the holding company for Solera National Bank ("Bank"), a business-focused bank primarily serving the Denver metropolitan area, today reported financial results for the three and nine months ended September 30, 2021.
Highlights for the quarter and six-months ended September 30, 2021 include:
-Pre-tax, pre-provision income climbed to a new record during the third quarter of 2021 at $4.6 million compared to $4.0 million for the second quarter of 2021.
-YTD net income was up 107% at $8.47 million for the nine-months ended September 30, 2021 compared to $4.09 million for the nine-months ended September 30, 2020.
-Cost of funds decreased to 17 basis points for the third quarter of 2021 and 18 basis points year-to-date 2021; this is a 50%, or 18 basis point, improvement over the 0.36% cost of funds for the nine-months ended September 30, 2020.
-The Company's efficiency ratio increased to 41.16% in the third quarter of 2021 compared to 35.06% for the second quarter of 2021, which reflects additional staff hired to support continued growth.
-Traditional gross loans were at $355 million for the nine-months ended September 30, 2021, a 49% increase compared to the nine-months ended September 30, 2020.
-Noninterest-bearing deposits rose 17%, or $55.5 million, quarter-over-quarter and $179.6 million, or 85%, year-over-year ending September 30, 2021 at $390.1 million.
-Asset quality remained constant with criticized assets at 3.47% of total assets and nonperforming assets at 1.22% of total assets as of September 30, 2021.
-Return on average assets increased by 25 basis points to 2.51% for the third quarter of 2021 compared to 2.26% for the second quarter of 2021.
-Return on average equity increased by 4% to 24.69% quarter-over-quarter.
For the three months ended September 30, 2021, the Company reported net income of $3.4 million, or $0.79 per share, compared to $3.1 million, or $0.71 per share, for the second quarter of 2021 and $2.1 million, or $0.51 per share, for the three months ended September 30, 2020. For the nine months ended September 30, 2021, net income was $8.5 million, or $1.97 per share, compared to $4.1 million, or $0.98 per share, for the nine months ended September 30, 2020. Scott Wilson, CEO, commented: "The results of this quarter demonstrate our trajectory of consistent growth, outperforming our peers, and increasing our stockholders' equity. We couldn't be more excited for the future of the bank."
Total assets were $551.9 million at September 30, 2021, an increase of 36% compared to total assets of $404.7 million at September 30, 2020. Total deposits were $489.1 million at September 30, 2021, an increase of 44% compared to total deposits of $339.7 million at September 30, 2020. Net loans were $415.9 million at September 30, 2021, an increase of 28% from net loans of $324.6 million at September 30, 2020. After adjusting for Paycheck Protection Program Loans, net loans were $349.2 million at September 30, 2021, an increase of 50% from $233.5 million at September 30, 2020. At September 30, 2021, the Bank had $66.7 million in Paycheck Protection Program loans, net, as compared to $91.0 million at September 30, 2020. The loans are considered short-term and are paid off by the Small Business Administration as the borrower(s) qualify for forgiveness. The outstanding balance of Paycheck Protection Program loans is expected to continue declining through the remainder of the year.
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 diverse economy, and a passion to serve our community through service, education and volunteerism. For more information, please visit https://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.
**FINANCIAL TABLES deleted**
https://ir.solerabankonline.com/news-and-market-data/press-releases/news-details/2021/Solera-National-Bancorp-Announces-Third-Quarter-2021-Financial-Results/default.aspx
OXFORD BANK CORPORATION ANNOUNCES THIRD QUARTER 2021 OPERATING RESULTS
Oxford, Michigan – Oxford Bank Corporation (“the Company”) (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (“the Bank”), today announced increased operating results for the third quarter ended September 30, 2021.
The Company’s quarterly consolidated earnings for the three months ended September 30, 2021, were $2,496,000, or $1.10 per weighted average share compared to $1,621,000, or $0.70 per weighted average share for the same period one year ago. Year-to-date consolidated earnings were $8,858,000 or $3.87 per weighted average share for the nine months ended September 30, 2021 compared to $4,750,000 or $2.07 per weighted average share for the nine months ended September 30, 2020.
CEO David P. Lamb commented “Net income in the third quarter continued to benefit from the loan forgiveness process which accelerates the amortization of the SBA’s Payroll Protection Program (“PPP”) fees which are recognized as interest income. The stabilizing and opening of the economy allowed the Bank to discontinue the provision to the loan loss reserves (ALLL) in the second quarter.
Management will continue to review and analyze appropriate level of reserves but based upon the ongoing positive trends we have seen and see today, we anticipate our provision expense will continue at lower levels in the coming quarters.”
Total Assets of the Company increased to $729.4 million as of September 30, 2021 from $691.1 million at December 31, 2020 and from $723.8 million at September 30, 2020. “The increase in assets this past
quarter was due to seasonal increases in deposits, and from our new business relationships. We do expect a decrease in our asset size as our customers continue to use the PPP loan proceeds for the purposes they
were intended for and ongoing forgiveness of those loans.” reported CEO Lamb. “We continue to see strong loan demand from the many new PPP only customers moving their primary relationship to Oxford Bank. Our sterling reputation from the PPP has resulted in more referrals from a broader group of centers of influence like CPAs and attorneys as well as new clients referring us to their associates. The “conversion” from PPP to new relationship didn’t happen by accident as the team decided the first day of the PPP that we would help everyone we could in exchange for their commitment to move their full relationship to us. The work to make that happen although not quite as much as originating the PPP loans
is equally hard and a tribute to engagement and quality of our team. “
As of September 30, 2021, the SBA has forgiven $248 million of the Bank’s PPP loans, $68 million in the last quarter. “Management is pleased to report that even with that level of pay-offs, total loans only decreased by $102 million to $459.4 million at September 30, 2021 from $561.2 million at September 30, 2020. Overall, non-PPP loans were up 13.6% in a YTD over YTD comparison.” Added CEO David
Lamb.
The Company paid off it’s PPP liquidity facility with the Federal Reserve in mid-July, 2021. Total deposits, bolstered by the PPP program and the new relationships obtained from that program, increased to $646.6 million at September 30, 2021 from $592.5 million at September 30, 2020, although we expect this to decline in the future to an extent, as customers continue to use the government stimulus funds of the PPP.
“As we announced on September 30th, I am pleased that Oxford Bank Corporation completed a ten-year subordinated debt offering with the first five years being fixed rate at 3.25%, which was tied for the
lowest offering rate in the state of Michigan on Bloomberg as of the time of the offering” noted CEO David Lamb. The proceeds will be used for general corporate purposes including investing in the growth
of the Bank.”
The Company’s total Shareholders’ equity increased to $62.8 million as of September 30, 2021, representing book value per share of $27.60, compared to total Shareholders’ equity of $52.6 million, or
$22.74 per share one year earlier. The subsidiary Bank’s Tier 1 capital totaled $72.4 million as of September 30, 2021, or 16.8% of risk weighted assets compared to $51.0 million, or 13.6% of risk weighted assets as of September 30, 2020.
Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. The Bank also has a Customer Service Center in Rochester Hills with transactional services provided by Interactive Teller Machines only. In addition, Oxford Bank has business banking centers in Wixom, downtown Oxford and Flint, MI. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit
www.oxfordbank.com.
https://www.oxfordbank.com/about-us/oxford-bank-news.html
I like your style LOL
$0.13 tomorrow that’s cool ~50%+
$0.20 next day that’s another cool ~50%+
I definitely think it is possible, not sure how likely…. BUT tons of supply taken out today and ASK is thin along with beautiful TA set up IMO
Depends how many EX shareholders suddenly read today’s PR and get the FOMO feeling! What if Ward really signs a major deal and MRGE stock opens up immediately first trade @ $0.50 then jumps to $1.00+ and keeps pumping….
Better get some of these lottery tickets down here around $0.10 IMO! I’m sure ALL iHub board members snatched up the $0.07s - $0.08s today
IMO it’s a t trade, Ameritrade streamer charts didn’t display the volume bar for that specific trade as if it didn’t occur. It traded like a prearranged block below high bid without filling high bid AND in sync MM OTCX moved of $0.08 ASK
Doubts or 2nd thought caused by MM OTCX coming back couple more times with supply @ $0.08 afterwards and the normal pattern of t trades used to be after close…. So anybody’s guess
FYI
09/30 t trade
16:03:00 363,482 @ $0.075
10/01 t trade
16:00:17 418,074 @ $0.0652
10/04 t trade
16:03:16 757,571 @ $0.0663
10/05 t trade
15:47:16 1,329,725 @ 0.074
And MM OTCX gone now ;)
If our CEO Ward be smart & really care about shareholders (incl himself & the recipients of “gifted@ shares) it would be smart to restore trust into the company and rebuild shareholder believe!
All it takes is an updated PP presentation just a couple slides OR an update on ALL our projects (dead or still in talks) … JUST something!
To ignore that all shareholders nearly got wiped out just 2 days ago and simply pretend and continue to “work” on making a deal without addressing the issues and/or even mention it…. That’s just plain old ignorant and disrespectful IMO
Damage has been done AND is lasting with share price resistance @ $0.10!!!! You can even see famous 8’s on the ASK side indicating our own “crazy 8’s shareholders” selling
It’s time to start “giving” shareholders more than just hope/believe bones …. The trust factor has been broken and with that shareholders NOW need some actual BEEF to believe again!
Just can’t think of a good reason why CEO Ward would NOT file here at this 12th hour!
But then again, still holding a bag of these lottos here, guess I like the crew here and won’t leave the ship LOL
That’s why the markets currently prices MRGE @ $0.07
Or did something else besides delisting fear happen to MRGE to cut price in 1/2 in one/two weeks?
Thin going down basically collapse and could be thin spring back up!
And somebody else agrees and picked up 50k @ $0.07….
Too late ;)
The trader just picked up $0.07 that will work great for a trade IMO ??
Orchestrated? No
Simply no respect for shareholders and no respect for the little “to do’s” of a public company!
It’s an Ego that feels the deal / deal
Making is all that matters and will fix everything that was done subpar along the way IMO
Self inflicted!
A simple filing Mr Ward!
No facts No PR and without that ONCE you loose buying power/ability (due to past due filing status) shareholders become helpless victims! Only option sell or hold (and drink)
Up 40%+
Here are our MM coming to play MM OTCX on BID and MM ASCM boxing
Let’s see if there is some buying keeping it up
Here I thought yesterday was taco Tuesday lol
It’s messy lol
50% gain with periods of no trades…. Invites MM to gain back control and find a price where volume shows up again…. Mostly lower.
Does have the fee of a wash out / capitulation trade last couple days where sellers panic sell into BIDS but the ASK (sellers) don’t drop their offers and then the pendulum swings the other way fast & wild!
Needs confirmation: MORE buying volume rest of trading day today and in perfect condition another Green Day tomorrow
Every shareholder here should hit the ASK last hour today with 5k taps…. Do wonders ;)
First buys $0.125 & $0.1225
Some additional buy orders in the $0.11s for the desperate sellers to get out ;)
Buyer here ;)
Let’s see what the seller Max pain price point is
Self inflicted partially as the board always puts out timeline / deadline for Mexico to announce something! So Mexico to announce infrastructure plan with Mirage name by end of July…. Well it’s over, July is over and nothing so expectations missed again, reason to sell, panic sell, liquidate and move on…
All this while there have been countless deadlines come & gone and we still pin our hope on certain dates or events!
Stop looking at MRGE, it’s your DD & investment/risk capital level that determines your own comfort with MRGE!
Guess how bitcoin owners felt when prices dropped HUGE after it had hit $100 OR when prices dropped from $20,000 high back down to $4,000….
If you stayed the course ONLY the end result matters it’s @ $40,000+
The path how you get there can either be ignored OR cause you a lot of stress OR even make you sell in emotional distress!
Stay safe, if it’s emotionally & financially making you nervous THEN your position size needs adjustment IMO
In reality the News flow for MRGE/pipeline infrastructure/energy projects/ nat gas storage needs WITH Mexico for private companies has been pretty good lately IMO
Sorry I was out but tape seems to capitulate for MRGE & penny stock tier
The bid ask spread widens and with some shareholders liquidating they simply hammered right into BID after BID pushing BIDS lower.
ONLY positive the ASK offerings didn’t drop lower as much so once this latest liquidation is done it has the potential for a quick bounce back IMO
Press Release
https://ir.solerabankonline.com/news-and-market-data/press-releases/news-details/2021/Departure-of-Directors-or-Certain-Officers-Appointment-of-Certain-Officers/default.aspx
Departure of Directors or Certain Officers; Appointment of Certain Officers
Company Release - 7/23/2021 5:00 PM ET
LAKEWOOD, CO / ACCESSWIRE / July 23, 2021 / On July 22, 2021, Solera National Bancorp, Inc. (the "Company") and Solera National Bank (the 'Bank'), a national bank and subsidiary of the Company terminated the employment of Martin P. May as President and Chief Executive Officer of the Company and Bank.
On July 22, 2021, Messrs. Philip J. Randell and Richard M. Thorne members of the Board of Directors of both the Company and the Bank indicated that they will not stand for reelection as directors of the Company upon the expiration of their terms at the Company's 2021 Annual Meeting of Shareholders to be held on September 16, 2021. Additionally, Mr. May resigned from the Board of Directors of both the Company and the Bank on July 22, 2021.
On July 22, 2021, the Bank appointed Mr. Kreighton Reed as interim President and Chief Executive Officer of the Bank. Mr. Reed joined the Bank in 2016 and was most recently the Bank's Executive Vice President of Business Development. Mr. Reed stated, "Mr. May will be missed. He is known for how easy he is to approach, his kindness and thoughtfulness, and most impressively his professionalism and strong character. During May's tenure at the Bank, it has more than doubled in size not only in the size of the Bank, but also the number of employees. May's vision transformed Solera from a sleepy, local community bank to a bank with national presence and customers. It was his vision to narrow our focus to just a few products that has enabled us to be recognized as a leader in the banking industry. The impact he has had on this bank is profound and needs to be applauded."
The Company thanks Messrs. May, Randell and Thorne for their service and commitment to the Company.
Solera National Bancorp Announces Second Quarter 2021 Financial Results
Jul. 22, 2021 9:00 AM ETSolera National Bancorp, Inc. (SLRK)
Quarterly earnings continue to soar topping $4.0 million, pre-tax.
LAKEWOOD, CO / ACCESSWIRE / July 22, 2021 / Solera National Bancorp, Inc. (SLRK) ("Company"), the holding company for Solera National Bank ("Bank"), a business-focused bank primarily serving the Denver metropolitan area, today reported financial results for the second quarter and first half of 2021.
Highlights for the quarter and six-months ended June 30, 2021 include:
Pre-tax, pre-provision income climbed to a new record during second quarter 2021 at $4.0 million compared to $3.2 million for first quarter 2021.
YTD net income was up 157% at $5.07 million for the six-months ended June 30, 2021 compared to $1.97 million for the six-months ended June 30, 2020.
Cost of funds remained consistent at 19 basis points for both the second quarter and year-to-date 2021; this is a 54%, or 22 basis point, improvement over the 0.41% cost of funds for the six-months ended June 30, 2020.
The Company's impressive efficiency ratio remained stable throughout first half of 2021 averaging 33.8% for the six-months ended June 30, 2021.
Traditional gross loans continued their controlled growth increasing 7%, or $21.5 million, during the second quarter 2021.
Noninterest-bearing deposits climbed 23%, or $62.3 million, quarter-over-quarter and $146.7 million, or 78%, year-over-year ending June 30, 2021 at $334.6 million.
Asset quality remained healthy with a modest level of criticized assets of 3.49% of total assets. However, nonperforming assets worsened to 1.28% of total assets as of June 30, 2021.
Return on average assets of 2.26% for the three months ended June 30, 2021, was impressive but inflated by $462,000 of gains on the sales of securities and virtually no provision for loan losses recorded. Net of the securities gains, ROAA would have been approximately 1.92%.
Return on average equity was similarly impacted by the aforementioned items allowing the metric to accelerate to 23.8% for the three-months ended June 30, 2021 compared to 16.5% for the linked quarter. Similarly, net of the securities gains, ROAE would have been approximately 20.19%.
For the six-months ended June 30, 2021, the Company reported net income of $5.07 million, or $1.18 per share, compared to $1.97 million, or $0.48 per share, for the six-months ended June 30, 2020. Martin P. May, President and CEO, commented: "Solera had yet another quarter of exciting results to share with our stockholders. Franchise value continues to make meaningful strides forward and I'm proud that the team's unwavering dedication to taking care of our customers is being displayed so clearly in our results."
Operational Highlights
Net interest income after provision for loan and lease losses was $5.00 million for the quarter ended June 30, 2021 compared to $3.74 million for the quarter ended March 31, 2021 and $2.55 million for the quarter ended June 30, 2020. Net interest income after provision for loan and lease losses for the six-months ended June 30, 2021 of $8.74 million increased $4.0 million, or 84%, from the same prior year period. This improvement was partially aided by lower provision expense ($400,000 less) and an increase in interest and fee income earned on Paycheck Protection Program (PPP) loans ($1.82 million higher).
Year-over-year rates on loans are down, but loan growth has led to a $1.22 million, or 24%, increase in interest and fees on traditional loans for the first six-months of 2021 compared to the same period in 2020. Further contributing to the growth in net interest income was the $159,000 decline in interest expense for the first six-months of 2021 compared to the same period in 2020 despite the $126.7 million increase in total deposits during this time.
For the six-months ended June 30, 2021, net interest margin increased 18 basis points to 3.84% from 3.66% for the six-months ended June 30, 2020. Mr. May commented: "The improvement in the Bank's net interest margin comes exclusively from the progress made on cost of funds, which declined 54% year-over-year. Without this progress, the Bank would be experiencing margin compression due to the low interest rate environment and the extremely competitive market for high-quality borrowers, which are demanding low interest rates." For the second quarter 2021, net interest margin was 3.88%, up 9 basis points from 3.79% for the linked quarter, and up 38 basis points from 3.50% for second quarter 2020.
Total noninterest income in second quarter 2021 was $929,000 compared to $368,000 for the linked quarter. The increase in second quarter 2021 was due to gains on the sale of investment securities totaling $462,000 compared to $48,000 for first quarter 2021. Additionally, customer service and other fees improved 71% quarter-over-quarter, from $206,000 for first quarter 2021 to $353,000 for second quarter 2021 due to the increased number of customers serviced by the Bank and expanded product offerings. For the six-months ended June 30, 2021, noninterest income was $1.30 million, a $604,000 improvement over the $693,000 earned during the first six months of 2020.
Total noninterest expense in second quarter 2021 was $1.92 million, compared with $1.51 million for first quarter 2021. For the six-months ended June 30, 2021, total noninterest expense was $3.42 million compared with $2.94 million for the same prior-year period. The increases are the result of franchise growth creating a need for additional resources, primarily personnel, and higher costs directly correlated with more customers. Noninterest expenses have remained well managed throughout the Bank's rapid growth, at 1.68% of average assets (excluding PPP loans) for the six-months ended June 30, 2021 compared to 1.99% for the six-months ended June 30, 2020.
The Company's second quarter 2021 efficiency ratio (noninterest expense divided by the sum of net interest income and noninterest income) remained notable at 35.06% compared to 32.26% for the linked quarter. The efficiency ratio for the six-months ended June 30, 2021 was a marked improvement at 33.77% compared to 47.75% for the six-months ended June 30, 2020.
The Company's income tax expense is approximately 23%, which is a combined rate of 21% for Federal and approximately 4% for State, aided by tax concessions on tax-exempt securities.
Balance Sheet Review and Asset Quality Strength
Total assets of $531.99 million at June 30, 2021 declined 3%, or $19.13 million from $551.12 million at March 31, 2021 and increased 35%, or $136.79 million from $395.20 million at June 30, 2020. The decrease compared to the linked quarter was primarily due to the net decline in PPP loans as forgiveness outpaced new originations. During second quarter 2021, the Bank funded 78 new PPP loans totaling $5.87 million and received forgiveness on 243 PPP loans totaling $43.80 million. This decline was partially offset by growth in the Bank's traditional loan portfolio of $21.48 million. Total asset growth from June 30, 2020 to June 30, 2021 consisted of PPP loans ($108.97 million), a 50% expansion in traditional loans ($107.02 million), additions to the investment portfolio ($18.81 million) and a $4.71 million increase in premises and equipment primarily for a corporate jet.
The allowance for loan and lease losses (ALLL) at June 30, 2021 was unchanged from the linked quarter at $5.50 million, or 1.67% of gross traditional loans, compared to 1.79% of gross traditional loans at March 31, 2021, and $3.77 million, or 1.72% of gross loans at June 30, 2020. Total criticized assets of $18.59 million at June 30, 2021 remained relatively flat compared to the linked quarter, $18.29 million at March 31, 2021 and increased from $13.72 million at June 30, 2020. Criticized assets to total assets remain manageable at 3.49% of total assets as of June 30, 2021 compared to 3.47% as of June 30, 2020. Non-performing loans increased from $955,000 to $6.80 million at June 30, 2021. Ms. Melissa K. Larkin, Chief Financial Officer noted: "Ironically, this change was the primary driver behind a flat ALLL for the quarter, despite the increase in the size the Bank's traditional loan portfolio. When a loan moves to nonaccrual, a specific impairment test is required by GAAP (Generally Accepted Accounting Principles). Since this particular loan is well secured, the specific reserve calculation was less than that applied under the pooled analysis and led to the reduction in the Bank's ALLL as a percentage of gross loans for second quarter 2021."
Total investment securities available-for-sale declined to $73.31 million at June 30, 2021 compared to $74.07 million at March 31, 2021 and increased from $58.50 million at June 30, 2020. Held-to-maturity investment securities were essentially unchanged from the linked quarter at $10.42 million and increased $4.01 million from June 30, 2020. For the six-months ended June 30, 2021, the Company realized $510,000 in gains on the sale of $18.51 million in corporate and municipal bonds.
Total deposits at June 30, 2021 were $467.47 million compared to $445.18 million at March 31, 2021 and $340.72 million at June 30, 2020. Noninterest-bearing demand deposits of $334.62 million, which represent 72% of total deposits, at June 30, 2021 increased $62.33 million, or 23%, versus the linked quarter, and increased $146.74 million from $187.88 million at June 30, 2020. Most other funding sources including short-term borrowings, time deposits and savings and money market deposits declined during second quarter 2021. The majority of these funds were short-term sources used to help fund the volume of PPP loans originated by the Bank and have declined, as expected, given the influx of cash as PPP loans have been forgiven.
Commercial and residential loans past due have remained inconsequential for all periods presented, with the only notable past dues coming from the student loan participation pool. $2.06 million of the student loan participation pool were 30 days+ past due at June 30, 2021. This was down slightly from $2.41 million 30 days+ past due at March 31, 2021. Of the $2.06 million past due, $1.19 million were 90 days+ past due as of June 30, 2021. The student loans are backed by an approximately 97.5% guarantee of the U.S. Treasury (TSRMF) under the Higher Education Act of 1965. This guarantee includes all principal and interest so net credit losses in this portfolio are expected to be minimal. Additionally, the Bank purchased the pool at a discount resulting in the Bank's maximum exposure to credit losses slightly less than 1%.
Capital Strength
The Company's capital ratios continue to be well in excess of the highest required regulatory benchmark levels. Last year, the Bank elected to adopt the community bank leverage ratio (CBLR) as allowed by federal banking agencies for qualified institutions. The CBLR provides for a simple measure of capital adequacy and is calculated by taking Tier 1 capital divided by average total assets for the quarter. Solera calculates the CBLR using Bank-only financial statements. As of June 30, 2021, the Bank's CBLR was 9.6%, which is above the required 9% minimum to qualify for using this simplified method. The Bank's CBLR was 10.1% at March 31, 2021 and 11.0% at June 30, 2020. The declining trend is a direct result of asset growth. Removing PPP loans from the Bank's balance sheet, the Bank's CBLR would have been 12.4% at June 30, 2021, 13.1% at March 31, 2021 and 13.3% at June 30, 2020.
Tangible book value per share, including accumulated other comprehensive income, was $12.60 at June 30, 2021 compared to $11.40 at March 31, 2021, and $10.47 at June 30, 2020. Total stockholders' equity was $54.16 million at June 30, 2021 compared to $48.92 million at March 31, 2021 and $43.40 million at June 30, 2020. Total stockholders' equity at June 30, 2021 included an accumulated other comprehensive gain of $1.58 million compared to a loss of $512,000 at March 31, 2021 and a gain of $1.02 million at June 30, 2020. The fair value of the Bank's available-for-sale investment portfolio increased as of June 30, 2021 due to a drop in longer-term interest rates.
The Company's retained earnings continued to increase, reaching $13.79 million at June 30, 2021, a 190% increase from $4.75 million at June 30, 2020.
Annual Meeting
Ms. Larkin commented: "The Company's Annual Meeting material should be arriving via mail in mid-August. Please be sure to review the material and vote. The meeting will be held at the Bank's main location, 319 S. Sheridan Blvd. Lakewood, CO. Shareholders are invited to attend in person but may also vote electronically. We are grateful for your continued support of Solera."
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 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: Martin P. May, President & CEO (303) 937-6422 and Melissa K. Larkin, EVP & CFO (303) 937-6423
**FINANCIAL TABLES FOLLOW** deleted
https://ir.solerabankonline.com/corporate-home/default.aspx
Mexico’s drug cartels are stealing oil again
https://www.zerohedge.com/energy/mexicos-drug-cartels-are-stealing-oil-again
Certainly highly manipulated / controlled price action.
Nomis and chapell have been sizeable sellers and invited smart short position.
Short position levels show how they picked up chapell supply and covered without any price pressure
Chapell shows another 7.6million shares current short position 6/30 7.9 million shares …. Mhhh
https://www.secform4.com/insider-trading/1293310.htm
https://www.marketbeat.com/stocks/NASDAQ/HGEN/short-interest/
At some valuation level there are strategic and corporate buyers going to step in!
De risked on multiple levels and EUA application filed other applications in Europe are filed…. Somewhere this gets snapped up, unfortunately cheaper than shareholders here anticipated IMO
Added a little $16.01
Wish the chart picture would provide more confidence lol
Michael Wards vision for MRGE & Mexico natural gas storage & pipeline supply from US all the way to the isthmus corridor is still valid.
While other cross border pipeline are starting service they provide more supply to the northern & western Regions of Mexico
https://www.eia.gov/todayinenergy/detail.php?id=48276
Another important natural gas US to Mexico imports pipeline is Tuxpan by TC Energy And recent expansions inland
https://www.tcenergy.com/stories/2020/2020-09-18sur-de-texas--tuxpan-1st-anniversary/
https://www.naturalgasintel.com/sur-de-texas-tuxpan-marine-pipeline-start-up-to-ease-southern-mexico-gas-shortfall/
But relying on just one main import line is dangerous
https://www.naturalgasintel.com/mexico-natural-gas-market-spotlight-sur-de-texas-tuxpan-pipeline-poised-to-become-main-import-option/
None of this addresses any national security issues and storage shortfalls and this little salt caverns Mexico is looking at currently the Jaf gas field is not enough IMO
Clearly
Avg daily Volume has been declining noticeably over the past weeks. In addition a new trading pattern or better a new supply demand for shares is showing up.
You can observe a larger block being posted on the ASK side in the am and slowly moved lower. Any buyers back off and wait for lower prices as there is a motivated seller. This seller eventually ends up hitting the quoted Bid price and mostly market sells any leftover quantity of shares from the difference bid quantity to his sell size.
There is no news and no volume! It’s simply frustrated or nervous retail holders selling out or reducing their holdings!
Can’t blame them but it’s not the right time to sell IMO. Wait for the always returning pop in price to reduce to comfortable risk size.
All that happened is…. Nothing happened and it’s simply continue to wait for AMLO or Mexican govt to announce our projects…. Patience
Ask some longtime holders here for how many years they have held onto their shares and what their avg prices are
Thank you! Excellent DD
Here are the other 2 pipelines mentioned
https://www.google.com/search?q=pipeline+Guaymas+-El+Oro&client=safari&hl=en-us&prmd=nmiv&source=lnms&tbm=isch&sa=X&ved=2ahUKEwj0wvOQ_ePxAhVTFVkFHfO8BjcQ_AUoA3oECAIQAw&biw=414&bih=715#imgrc=n7jmv1CKLwkHhM
https://www.google.com/search?q=gasducto+tuxan+tula&ie=UTF-8&oe=UTF-8&hl=en-us&client=safari#imgrc=mX3BS6jN3s0vNM
Mexico needs to get the ball rolling or other projects like Panama Canal will receive major infrastructure & capital upgrades which in turn will bind major energy corporations and their supply flow through longterm supply agreements, IMO
https://seekingalpha.com/news/3714866-energy-transfer-signs-mou-to-study-lpg-re-export-through-panama
Fortitude Gold Reports Positive Golden Mile Metallurgical Test Results
Colorado Springs, Colorado – July 8, 2021 – Fortitude Gold Corp. (OTCQB: FTCO) (the “Company”) today announced positive metallurgical test results from its Golden Mile property with column leach tests reporting up to 85% gold recovery. These positive results move the property closer to a production decision. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A.
Third party metallurgical test work at Golden Mile, including 60-day column leach tests, have returned up to 85% gold recovery. These positive gold recovery results confirm the Golden Mile mineralization is amenable to heap leach processing. With gold continuing to report to solution, the column leach test work is planned to continue out to 90 days. Material crush size tested included minus 9.5 mm and minus 37.5 mm which had similar gold recoveries (see graph), indicating the larger crush size of 37.5 mm (~1 ½ inch) is possible with the associated cost benefits of less crushing.
“With these excellent gold recovery results, we move the Golden Mile property closer to crossing the threshold of a production decision,” stated Fortitude Gold’s CEO and President, Mr. Jason Reid. “Up to eighty-five percent gold extraction after 60 days under column leach and with the recovery curve continuing to demonstrate additional extraction is possible, we have checked the very important project due diligence box of metallurgy. Metallurgical gold extraction was one of two primary due diligence items remaining, the other being continuity of mineralization. One exploration drill is currently on-site, and another is being mobilized to the Golden Mile property as we prepare for an infill and step-out drill program to commence later this month. This exploration program targets additional mineralization and a resource that warrants a production decision. Numerous revisions to the Golden Mile project and process facility layout, open-pit design, environmental background studies and infrastructure evaluations are underway. Our goal is to complete our due diligence of this potential project as soon as possible, make a positive production decision, and turn Golden Mile into a gold mine. These excellent third-party metallurgical test results advance the Golden Mile property with another large step forward towards production.”
https://www.fortitudegold.com/news/fortitude-gold-reports-positive-golden-mile-metallurgical-test-results
Fortitude Gold Increases Monthly Dividend
Colorado Springs, Colorado – July 6, 2021 – Fortitude Gold Corp. (OTCQB: FTCO) (the “Company”) today announced it has increased its monthly dividend 16.7% to $0.035 per common share, or $0.42 annually. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A.
https://www.fortitudegold.com/news/fortitude-gold-increases-monthly-dividend
Thank you
Cheers