Alpine Banks of Colorado announces financial results for third quarter 2024
Alpine Banks of Colorado (ALPIB) reported Q3 2024 net income of $13.6 million, or $127.16 per Class A share and $0.85 per Class B share. Key highlights include a net interest margin increase to 2.98% from 2.87% in Q2 2024. Total assets grew 1.7% to $6.58 billion, while total deposits increased 1.3% to $5.9 billion. The loan portfolio decreased 0.9% to $4.0 billion. The Bank maintains 'well capitalized' status with a Tier 1 Leverage Ratio of 9.62%. The company declared cash dividends of $30.00 per Class A share and $0.20 per Class B share.
Banche Alpine del Colorado (ALPIB) ha riportato un utile netto per il terzo trimestre del 2024 di 13,6 milioni di dollari, ossia 127,16 dollari per azione di Classe A e 0,85 dollari per azione di Classe B. I punti salienti includono un incremento del margine di interesse netto al 2,98% rispetto al 2,87% nel secondo trimestre del 2024. Gli attivi totali sono aumentati dell'1,7% a 6,58 miliardi di dollari, mentre i depositi totali sono cresciuti dell'1,3% a 5,9 miliardi di dollari. Il portafoglio prestiti è diminuito dello 0,9% a 4,0 miliardi di dollari. La banca mantiene lo stato di 'ben capitalizzata' con un rapporto di leva Tier 1 del 9,62%. L'azienda ha dichiarato dividendi in contante di 30,00 dollari per azione di Classe A e 0,20 dollari per azione di Classe B.
Bancos Alpinos de Colorado (ALPIB) reportó una ganancia neta para el tercer trimestre de 2024 de 13.6 millones de dólares, es decir, 127.16 dólares por acción de Clase A y 0.85 dólares por acción de Clase B. Los aspectos destacados incluyen un aumento en el margen de interés neto al 2.98% desde el 2.87% en el segundo trimestre de 2024. Los activos totales crecieron un 1.7% a 6.58 mil millones de dólares, mientras que los depósitos totales aumentaron un 1.3% a 5.9 mil millones de dólares. La cartera de préstamos disminuyó un 0.9% a 4.0 mil millones de dólares. El banco mantiene un estatus de 'bien capitalizado' con un ratio de apalancamiento del Tier 1 de 9.62%. La empresa declaró dividendos en efectivo de 30.00 dólares por acción de Clase A y 0.20 dólares por acción de Clase B.
콜로라도 알파인 뱅크(ALPIB)는 2024년 3분기 순이익이 1,360만 달러로, 클래스 A 1주당 127.16달러, 클래스 B 1주당 0.85달러로 보고했습니다. 주요 하이라이트로는 순이자 마진이 2.98%로 2024년 2분기 2.87%에서 증가한 점이 있습니다. 총 자산은 1.7% 증가하여 65억 8천만 달러에 달하며, 총 예금은 1.3% 증가하여 59억 달러로 증가했습니다. 대출 포트폴리오는 0.9% 감소하여 40억 달러가 되었습니다. 이 은행은 9.62%의 1단계 레버리지 비율로 '잘 자본화되어 있다'는 상태를 유지하고 있습니다. 회사는 클래스 A 1주당 30.00달러, 클래스 B 1주당 0.20달러의 현금 배당금을 선언했습니다.
Banques Alpines du Colorado (ALPIB) a annoncé un bénéfice net pour le troisième trimestre 2024 de 13,6 millions de dollars, soit 127,16 dollars par action de Classe A et 0,85 dollars par action de Classe B. Parmi les faits marquants, on note une augmentation de la marge d'intérêt nette à 2,98%, contre 2,87% au deuxième trimestre 2024. Les actifs totaux ont augmenté de 1,7% pour atteindre 6,58 milliards de dollars, tandis que les dépôts globaux ont crû de 1,3% à 5,9 milliards de dollars. Le portefeuille de prêts a diminué de 0,9% pour s'établir à 4,0 milliards de dollars. La banque maintient un statut de 'bien capitalisée' avec un ratio de levier de 1er niveau de 9,62%. L'entreprise a annoncé des dividendes en espèces de 30,00 dollars par action de Classe A et 0,20 dollar par action de Classe B.
Alpine Banken von Colorado (ALPIB) berichteten im dritten Quartal 2024 von einem Nettogewinn in Höhe von 13,6 Millionen Dollar, was 127,16 Dollar pro Klasse-A-Aktie und 0,85 Dollar pro Klasse-B-Aktie entspricht. Zu den wichtigsten Punkten gehört ein Anstieg der Nettozinsmarge auf 2,98% von 2,87% im zweiten Quartal 2024. Die Gesamtsumme der Vermögenswerte wuchs um 1,7% auf 6,58 Milliarden Dollar, während die Gesamteinlagen um 1,3% auf 5,9 Milliarden Dollar anstiegen. Das Kreditportfolio fiel um 0,9% auf 4,0 Milliarden Dollar. Die Bank hat den Status 'gut kapitalisiert' mit einem Tier-1-Leverage-Verhältnis von 9,62%. Das Unternehmen erklärte eine Bar-Dividende von 30,00 Dollar pro Klasse-A-Aktie und 0,20 Dollar pro Klasse-B-Aktie.
- Net income increased from $11.7M in Q2 2024 to $13.6M in Q3 2024
- Net interest margin improved to 2.98% from 2.87% in Q2 2024
- Total assets grew by $107.0M (1.7%) to $6.58B
- Total deposits increased by $74.1M (1.3%) to $5.9B
- Wealth Management assets under management increased 23.3% YoY to $1.34B
- Net income decreased YoY from $46.0M to $35.9M for the first nine months
- Loan portfolio decreased by $36.3M (0.9%) in Q3 2024
- Net interest margin declined YoY from 3.17% to 2.89% for the nine-month period
- Real estate construction loans decreased by $102.8M YoY
GLENWOOD SPRINGS, Colo., Oct. 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 September 30, 2024. The Company reported net income of
Highlights in third quarter 2024 include:
- Basic earnings per Class A common share increased
16.8% , or$18.28 , during third quarter 2024. - Basic earnings per Class A common share decreased
16.8% , or$18.30 , compared to third quarter 2023. - Basic earnings per Class B common share increased
16.8% , or$0.12 , during third quarter 2024. - Basic earnings per Class B common share decreased
16.8% , or$0.12 , compared to third quarter 2023. - Net interest margin for third quarter 2024 was
2.98% , compared to2.87% in second quarter 2024, and2.87% in third quarter 2023.
“Third quarter 2024 results show a continuation of our improving financial performance,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Alpine successfully grew customer deposit balances, paid down brokered CDs and decreased the cost of our funding during the third quarter. Both our net interest margin and return on assets saw improvements over the first and second quarters of 2024.”
Net Income
Net income for third quarter 2024 and second quarter 2024 was
Net income for the nine months ended September 30, 2024, and September 30, 2023, was
Net interest margin increased from
Assets
Total assets increased
Loans
Loans outstanding as of September 30, 2024, totaled
Loans outstanding as of September 30, 2024, reflected a decrease of
Deposits
Total deposits increased
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 September 30, 2024, the Bank’s Tier 1 Leverage Ratio was
Book value per share on September 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 third 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 | Eric A. Gardey |
| President and Vice Chairman | Chief Financial Officer | |
| Alpine Banks of Colorado | Alpine Banks of Colorado | |
| 2200 Grand Avenue | 2200 Grand Avenue | |
| Glenwood Springs, CO 81601 | Glenwood Springs, CO 81601 | |
| (970) 384-3266 | (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 09.30.2024
Consolidated Statements of Comprehensive Income 09.30.2024
Consolidated Statements of Financial Condition 09.30.2024
Consolidated Statements of Income 09.30.3024
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