Alpine Banks of Colorado announces financial results for first quarter 2024 - Seite 2

Net income for the three months ended March 31, 2024, and March 31, 2023, was $10.6 million and $19.7 million, respectively. Interest income increased $8.2 million in first quarter 2024 compared to first quarter 2023, primarily due increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by a decrease in volume in the securities portfolio. Interest expense increased $17.9 million in first quarter 2024 compared to first quarter 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, along with increases in volume in deposit balances. These increases were partially offset by a decrease in the volume of other borrowings. Noninterest income increased $0.2 million in 2024 compared to 2023, primarily due to increases in earnings on bank-owned life insurance and service charges on deposit accounts slightly offset by a decrease in other income. Noninterest expense increased $3.3 million in 2024 compared to 2023, due to increases in other expenses, salary and employee benefit expenses, furniture and fixtures expenses, and occupancy expenses. Provision for loan losses decreased $1.1 million in 2024 due to portfolio declines and a small volume of loan charge-offs, compared to the three months ended March 31, 2023.

Net interest margin decreased from 2.84% to 2.81% from fourth quarter 2023 to first quarter 2024. Net interest margin for the three months ended March 31, 2024, and March 31, 2023, was 2.81% and 3.52%, respectively.

Assets
Total assets increased $166.3 million, or 2.6%, to $6.59 billion as of March 31, 2024, compared to December 31, 2023, primarily due to increased cash and due from banks, partially offset by decreased loans receivable and investment securities balances. The Alpine Bank Wealth Management* division had assets under management of $1.25 billion on March 31, 2024, compared to $1.15 billion on December 31, 2023, an increase of 8.4%.

Loans
Loans outstanding as of March 31, 2024, totaled $4.0 billion. The loan portfolio decreased $16.3 million, or 0.4%, during first quarter 2024 compared to December 31, 2023. This decrease was driven by a $64.8 million decrease in real estate construction loans, a $15.0 million decrease in commercial real estate loans and a $0.2 million decrease in other loans. This decrease was slightly offset by a $55.3 million increase in residential real estate loans and a $7.9 million increase in commercial and industrial loans.