Alpine Banks of Colorado announces financial results for second quarter 2024
Alpine Banks of Colorado (OTCQX: ALPIB) reported net income of $11.7 million for Q2 2024, with earnings per Class A share at $108.89 and Class B share at $0.73. The company saw a 10.7% increase in basic earnings per share during Q2 2024, but an 18.9% decrease compared to Q2 2023. The net interest margin improved to 2.87% from 2.81% in Q1 2024. Total assets decreased by 1.7% to $6.47 billion, while loans increased by 0.9% to $4.1 billion. Deposits decreased by 2.0% to $5.8 billion. The Bank maintains a 'well capitalized' status with strong capital ratios.
Le Alpine Banks of Colorado (OTCQX: ALPIB) hanno riportato un utile netto di 11,7 milioni di dollari per il Q2 2024, con guadagni per azione di Classe A pari a 108,89 dollari e di Classe B pari a 0,73 dollari. L'azienda ha registrato un aumento del 10,7% degli utili per azione di base durante il Q2 2024, ma un decremento del 18,9% rispetto al Q2 2023. Il margine di interesse netto è migliorato al 2,87%, rispetto al 2,81% del Q1 2024. Gli attivi totali sono diminuiti dell'1,7% a 6,47 miliardi di dollari, mentre i prestiti sono aumentati dello 0,9% a 4,1 miliardi di dollari. I depositi sono diminuiti del 2,0% a 5,8 miliardi di dollari. La Banca mantiene uno status di 'ben capitalizzata' con forti rapporti di capitale.
Alpine Banks of Colorado (OTCQX: ALPIB) reportó un ingreso neto de 11.7 millones de dólares para el Q2 2024, con ganancias por acción de Clase A de 108.89 dólares y de Clase B de 0.73 dólares. La compañía vio un aumento del 10.7% en las ganancias básicas por acción durante el Q2 2024, pero una disminución del 18.9% en comparación con el Q2 2023. El margen de interés neto mejoró al 2.87% desde el 2.81% en el Q1 2024. Los activos totales disminuyeron en un 1.7% a 6.47 mil millones de dólares, mientras que los préstamos aumentaron en un 0.9% a 4.1 mil millones de dólares. Los depósitos disminuyeron en un 2.0% a 5.8 mil millones de dólares. El Banco mantiene un estado de 'bien capitalizado' con fuertes ratios de capital.
콜로라도의 알프스 은행(OTCQX: ALPIB)은 Q2 2024에 대한 순이익이 1,170만 달러라고 보고했으며, A클래스 주당 108.89달러의 수익과 B클래스 주당 0.73달러의 수익을 기록했습니다. 회사는 Q2 2024 동안 기본 주당 수익이 10.7% 증가했지만, Q2 2023과 비교해 18.9% 감소했습니다. 순이자 마진이 2.87%로 개선되었으며, 이는 Q1 2024의 2.81%에서 증가한 수치입니다. 총 자산이 64억 7천만 달러로 1.7% 감소한 반면, 대출은 41억 달러로 0.9% 증가했습니다. 예금은 58억 달러로 2.0% 감소했습니다. 은행은 강력한 자본 비율을 유지하며 '건전하게 자본화된' 상태를 유지하고 있습니다.
Les Alpine Banks of Colorado (OTCQX: ALPIB) ont rapporté un résultat net de 11,7 millions de dollars pour le Q2 2024, avec des bénéfices par action de Classe A à 108,89 dollars et de Classe B à 0,73 dollar. L'entreprise a observé une augmentation de 10,7 % des bénéfices de base par action durant le Q2 2024, mais une diminution de 18,9 % par rapport au Q2 2023. La marge d'intérêt nette a augmenté à 2,87 % contre 2,81 % au Q1 2024. Les actifs totaux ont diminué de 1,7 % pour atteindre 6,47 milliards de dollars, tandis que les prêts ont augmenté de 0,9 % pour atteindre 4,1 milliards de dollars. Les dépôts ont diminué de 2,0 % pour atteindre 5,8 milliards de dollars. La banque maintient un statut de 'bien capitalisée' avec de forts ratios de capital.
Die Alpine Banks of Colorado (OTCQX: ALPIB) meldeten ein Nettoeinkommen von 11,7 Millionen Dollar für das Q2 2024, mit Gewinnen pro Aktie der Klasse A von 108,89 Dollar und der Klasse B von 0,73 Dollar. Das Unternehmen verzeichnete einen 10,7%igen Anstieg des Basisgewinns pro Aktie im Q2 2024, aber einen Rückgang von 18,9% im Vergleich zum Q2 2023. Die Nettozinsmarge verbesserte sich auf 2,87%, von 2,81% im Q1 2024. Die Gesamtvermögenswerte verringerten sich um 1,7% auf 6,47 Milliarden Dollar, während die Kredite um 0,9% auf 4,1 Milliarden Dollar stiegen. Die Einlagen verringerten sich um 2,0% auf 5,8 Milliarden Dollar. Die Bank behält einen Status von 'gut kapitalisiert' mit starken Eigenkapitalquoten.
- Net income increased from $10.6 million in Q1 2024 to $11.7 million in Q2 2024
- Net interest margin improved from 2.81% in Q1 2024 to 2.87% in Q2 2024
- Loan portfolio increased by $37.5 million (0.9%) during Q2 2024
- Alpine Bank Wealth Management division's assets under management grew 13.2% year-over-year
- Bank maintains 'well capitalized' status with strong capital ratios
- Total assets decreased by $114.2 million (1.7%) compared to Q1 2024
- Total deposits decreased by $117.9 million (2.0%) during Q2 2024
- Net income for the first six months of 2024 ($22.3 million) was lower compared to the same period in 2023 ($34.3 million)
- Basic earnings per share decreased 18.9% compared to Q2 2023
GLENWOOD SPRINGS, Colo., July 30, 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 June 30, 2024. The Company reported net income of
Highlights in second quarter 2024 include:
- Basic earnings per Class A common share increased
10.7% , or$10.57 , during second quarter 2024. - Basic earnings per Class A common share decreased
18.9% , or$25.42 compared to second quarter 2023. - Basic earnings per Class B common share increased
10.7% , or$0.07 , during second quarter 2024. - Basic earnings per Class B common share decreased
18.9% , or$0.17 compared to second quarter 2023. - Net interest margin for second quarter 2024 was
2.87% , compared to2.81% in first quarter 2024, and3.15% in second quarter 2023.
“Our second quarter results reflect continued improvement in our balance sheet position,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “During the quarter we increased our loan portfolio and successfully reduced the level of brokered deposits in our liability mix. For the remainder of 2024 we plan to focus on loan and deposit growth while retaining pricing discipline.”
Net Income
Net income for second quarter 2024 and first quarter 2024 was
Net income for the six months ended June 30, 2024, and June 30, 2023, was
Net interest margin increased from
Assets
Total assets decreased
Loans
Loans outstanding as of June 30, 2024, totaled
Loans outstanding as of June 30, 2024, reflected an increase of
Deposits
Total deposits decreased
Total deposits of
Capital
The Bank continues to be designated as a “well capitalized” institution as its capital ratios exceed the minimum requirements for this designation. As of June 30, 2024, the Bank’s Tier 1 Leverage Ratio was
Book value per share on June 30, 2024, was
Each Class A common share is entitled to one vote per share. Except as otherwise provided by the Colorado Business Corporation Act, each Class B common share has no voting rights.
Dividends
Each Class B common share has dividend and distribution rights equal to one-one hundred and fiftieth (1/150th) of such rights of one Class A common share. Therefore, each one Class A common share is equivalent to 150 Class B common shares for purposes of the payment of dividends.
During second quarter 2024, the Company paid cash dividends of
About Alpine Banks of Colorado
Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a
*Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.
| Contacts: | Glen Jammaron President and Vice Chairman Alpine Banks of Colorado 2200 Grand Avenue Glenwood Springs, CO 81601 (970) 384-3266 | Eric A. Gardey Chief Financial Officer Alpine Banks of Colorado 2200 Grand Avenue Glenwood Springs, CO 81601 (970) 384-3257 |
A note about forward-looking statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “continues,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include, but are not limited to:
- The ability to attract new deposits and loans;
- Demand for financial services in our market areas;
- Competitive market-pricing factors;
- Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
- Effects of future economic, business and market conditions, including higher inflation;
- Adverse effects of public health events, such as the COVID-19 pandemic, including governmental and societal responses;
- Deterioration in economic conditions that could result in increased loan losses;
- Actions by competitors and other market participants that could have an adverse impact on expected performance;
- Risks associated with concentrations in real estate-related loans;
- Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
- Market interest rate volatility, including changes to the federal funds rate;
- Stability of funding sources and continued availability of borrowings;
- Geopolitical events, including acts of war, international hostilities and terrorist activities;
- Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
- Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
- Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
- Any increases in FDIC assessments;
- Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
- The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
- Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
- The ability to recruit and retain key management and staff;
- The ability to raise capital or incur debt on reasonable terms; and
- Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.
There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Key Financial Measures
The attached tables highlight the Company’s key financial measures for the periods indicated (unaudited).
Key Financial Measures 06/30/2024
Statement of Income 06/30/2024
Statement of Financial Condition 06/30/2024
Statement of Comprehensive Income 06/30/2024
FAQ
What was Alpine Banks of Colorado's net income for Q2 2024?
How did Alpine Banks of Colorado's earnings per share change in Q2 2024?
What was the net interest margin for Alpine Banks of Colorado in Q2 2024?
How did Alpine Banks of Colorado's loan portfolio change in Q2 2024?
What was the total deposit amount for Alpine Banks of Colorado at the end of Q2 2024?
