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Alpine Banks of Colorado, symbol ALPIB, is an independent, employee-owned banking organization with a $6.4 billion valuation. Founded in 1973, Alpine Bank operates across Colorado's Western Slope, mountains, and Front Range. With a strong commitment to the community, the bank serves 170,000 customers and employs 843 people, offering personal, business, wealth management, mortgage, and electronic banking services. Alpine Bank prides itself on its 5-star rating from BauerFinancial and trades its Class B nonvoting common stock under the symbol 'ALPIB' on the OTCQX® Best Market.
Alpine Bank has announced significant leadership changes as it prepares for another 50 years of growth. Tom Kenning, the chief administration officer, retired at the end of 2022 but will continue as a board director. New appointments include Andrew Karow as chief operations officer, Glenn Davis as chief development officer, and Jay Rickstrew as chief retail officer. With 800 employees and a 5-star rating from BauerFinancial, Alpine Bank serves 170,000 customers and operates on a $6.2 billion platform, trading under the symbol ALPIB.
Alpine Banks of Colorado (OTCQX: ALPIB) reported a net income of $22.4 million for Q3 2022, translating to $208.49 per Class A share and $1.39 per Class B share. The bank experienced a 21.6% increase in earnings per Class A share compared to the previous Q3. Loan growth reached 3.8% in Q3 and 13.8% year-over-year. Total deposits rose by 2.7% to $5.7 billion. Despite challenges in noninterest income and capital valuations, the bank remains wells capitalized with solid financial health and expansion plans underway.
Alpine Banks of Colorado (OTCQX: ALPIB) has declared a quarterly cash dividend of $0.18 per Class B nonvoting common share, to be paid on October 31, 2022. Shareholders of record as of October 24, 2022 will be eligible. This dividend is consistent with the previous quarter's payout. Additionally, a $27.00 dividend per Class A voting common share will also be paid, though these shares are not publicly traded. Alpine Banks is a $6.1 billion organization with over 800 employees serving 160,000 customers across Colorado.
Alpine Banks of Colorado (OTCQX: ALPIB) reported a net income of $17.5 million for Q2 2022, translating to $171.52 per Class A share and $1.14 per Class B share. This reflects a 38.4% increase in earnings per Class A share compared to Q2 2021. Organic loan growth reached 6.6%, totaling $222.3 million during the quarter. Notably, the net interest margin rose from 2.87% to 3.31%. However, total assets decreased by 1.6% to $6.1 billion from Q1 2022, primarily due to a reduction in cash and deposits.
Alpine Banks of Colorado (OTCQX: ALPIB) announced a successful private placement, raising $34 million by selling 1,192,983 shares of its Class B nonvoting common stock at $28.50 per share. The capital will support organic growth and enhance regulatory capital ratios. President Glen Jammaron expressed optimism about the offering's support in the current market environment. D.A. Davidson & Co. acted as financial advisor for the placement. The new funds aim to bolster the bank's operations and community engagement as it celebrates nearly 50 years in service.
Alpine Banks of Colorado (OTCQX: ALPIB) has announced a quarterly cash dividend of $0.18 per Class B nonvoting common share, payable on August 1, 2022, to shareholders of record by July 25, 2022. This dividend matches the amount from the previous quarter. Additionally, a dividend of $27.00 per Class A voting common share will also be paid on the same date, although these shares are not publicly traded. Alpine Banks operates as a $6.2 billion employee-owned organization with a robust customer base in Colorado.
Jennifer Hawley has been promoted to banking officer at Alpine Bank Wealth Management, overseeing client accounts in Ouray, Ridgway, Montrose, and Delta.
Since joining in 2019, she has contributed significantly to the team's success. Alpine Bank Wealth Management manages $1.2 billion in assets, offering services like investment management and financial planning.
Hawley aims to maintain high service standards and further develop her team, highlighting her commitment to client guidance.
Alpine Banks of Colorado (OTCQX: ALPIB) reported a net income of $12.7 million for Q1 2022, resulting in earnings of $123.97 per Class A share and $0.83 per Class B share. Key achievements include a 3.4% annual increase in book value per Class A share to $3,874.01, a 1.2% organic loan growth in Q1 totaling $40.6 million, and a 3.5% core deposit growth of $187.4 million. However, net interest margin decreased to 2.87% from 3.43% year-over-year, and total assets dipped 0.6% from the previous quarter to $6.2 billion due to a strategic reduction of reciprocal deposits.
Alpine Banks of Colorado (OTCQX: ALPIB) has declared a quarterly cash dividend of $0.18 per Class B nonvoting common share. This dividend will be payable on May 2, 2022, to shareholders on record as of April 25, 2022. The dividend is consistent with the previous quarter's payment. In addition, the Class A voting common shareholders will receive a dividend of $27.00 per share, also unchanged from prior distributions. Alpine Banks is an employee-owned organization with assets totaling $6.2 billion.
Alpine Banks of Colorado (OTCQX: ALPIB) reported a net income of $13.6 million for Q4 2021 and $59.6 million for the full year, marking significant growth from 2020. The book value per Class A common share rose to $4,072.89, and organic loan growth in 2021 was 10.1%, totaling $304.4 million. Total assets increased to $6.2 billion, a 20.0% rise compared to the previous year. The company's strong performance is attributed to substantial deposit growth of 22.4% and improved asset quality, despite a slight decline in net interest margin from 3.09% to 2.90%.
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