Alpine Banks of Colorado announces financial results for first quarter 2024

GLENWOOD SPRINGS, Colo., May 02, 2024 (GLOBE NEWSWIRE) -- Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the quarter ended March 31, 2024. The Company reported net income of $10.6 million, or $98.32 per basic Class A common share and $0.66 per basic Class B common share, for first quarter 2024.

Highlights in first quarter 2024 include:

• Basic earnings per Class A common share decreased 3.9%, or $3.94, during first quarter 2024.
• Basic earnings per Class A common share decreased 45.5%, or $82.06 compared to first quarter 2023.
• Basic earnings per Class B common share decreased 3.9%, or $0.02, during first quarter 2024.
• Basic earnings per Class B common share decreased 45.5%, or $0.55 compared to first quarter 2023.
• Net interest margin for first quarter 2024 was 2.81%, compared to 2.84% in fourth quarter 2023, and 3.52% in first quarter 2023.
  

“The first quarter 2024 showed some promising trends for Alpine. Customer deposit balances increased during the quarter, allowing us to pay down a portion of our brokered deposits,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Our customer deposit base grew 5.3% in the first quarter 2024 from $5.17 billion to $5.44 billion. We plan to continue our focus on deposit growth for the remainder of 2024.”

Net Income
Net income for first quarter 2024 and fourth quarter 2023 was $10.6 million and $11.0 million, respectively. Interest income increased $0.9 million in first quarter 2024 compared to fourth quarter 2023, primarily due to increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by decreases in volume in the loan portfolio, the securities portfolio, and balances due from banks. Interest expense increased $1.5 million in first quarter 2024 compared to fourth quarter 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, along with an increase in volume of deposits. These increases were partially offset by a decrease in volume of other borrowings. Noninterest income decreased $1.2 million in first quarter 2024 compared to fourth quarter 2023, primarily due to decreases in earnings on bank-owned life insurance, service charges on deposit accounts, and other income. Noninterest expense increased $1.7 million in first quarter 2024 compared to fourth quarter 2023, due to increases in salary and employee benefit expenses and occupancy expenses, slightly offset by decreases in furniture and fixture expenses and other expenses A provision for loan losses reversal of $0.7 million was recorded in first quarter 2024 compared to a $2.7 million provision for loan losses recorded in the fourth quarter 2023.