Alpine Banks of Colorado Announces Financial Results for Second Quarter 2023

GLENWOOD SPRINGS, Colo., July 31, 2023 (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 second quarter ended June 30, 2023. The Company reported net income of $14.7 million, or $134.31 per basic Class A common share, and $0.90 per basic Class B common share, for second quarter 2023.

Highlights in second quarter 2023 include:

• Basic earnings per Class A common share decreased 25.5%, or $46.07, during second quarter 2023.
• Basic earnings per Class A common share increased 6.6%, or $19.40 during the last 12 months ended June 30, 2023.
• Basic earnings per Class B common share decreased 25.5%, or $0.31, during second quarter 2023.
• Basic earnings per Class B common share increased 6.6%, or $0.13 during the last 12 months ended June 30, 2023.
• Net interest margin for second quarter 2023 was 3.15%, compared to 3.52% in first quarter 2023, and 3.31% in second quarter 2022.
  

“The second quarter of 2023 produced solid results for Alpine Bank,” said Alpine Banks of Colorado President and Vice Chairman Glen Jammaron. “The deposit market continues to be competitive with both banks and non-banks searching for funding. Alpine Bank continues to add over 1,200 net new deposit accounts per month. Active new account activity along with close personal relationships with the existing customer base bode well for our ability to meet any funding challenges.”

Net Income
Net income for second quarter 2023 and first quarter 2023 was $14.6 million and $19.7 million, respectively. Interest income increased $4.8 million in second quarter 2023 compared to first quarter 2023, primarily due to an increase in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio and the balances due from banks. This increase was slightly offset by decreases in volume in the securities portfolio and decreases in yield on the securities portfolio. Interest expense increased $9.1 million in second quarter 2023 compared to first quarter 2023, primarily due to an increase in volume in borrowings and increases in costs on the Company’s trust preferred securities, other borrowings and cost of deposits. Noninterest income increased $0.2 million in second quarter 2023 compared to first quarter 2023, due to increases in service charges on deposit accounts and an increase in earnings on bank-owned life insurance. This increase was slightly offset by a decrease in other income. Noninterest expense increased $2.9 million in second quarter 2023 compared to first quarter 2023, due to increases in salaries and employee benefit expenses, occupancy expenses and furniture and fixture expenses, slightly offset by decreases in other expenses. A provision for loan losses of $0.4 million was recorded in second quarter 2023 compared to a provision for loan losses recorded in first quarter 2023 of $0.3 million.