GLENWOOD SPRINGS, Colo., July 30, 2026 (GLOBE NEWSWIRE) -- Alpine Banks of Colorado (OTCQX: ALPIB) ("Alpine" or the "Company"), the holding company for Alpine Bank (the "Bank"), today announced unaudited results for the quarter ended June 30, 2026. The Company reported net income of $19.9 million for the second quarter of 2026, up 13% from $17.6 million in the second quarter of 2025, primarily due to increased loans.

Alpine is one of the larger independently held, employee-owned regional banks operating exclusively in Colorado, with a footprint spanning the Western Slope, mountain communities, and the Front Range. The Company trades on the OTCQX Best Market rather than a major exchange, reflecting its community-bank ownership structure.

Glen Jammaron, Chairman, President and CEO, said, "Our continued support of the communities we serve across Colorado continued to benefit Alpine Bank, as the market disruption throughout the state created new opportunities. We remain committed to those communities as we seek to drive value for our employee-owners and shareholders."

Second Quarter 2026 Highlights

• Net income for the second quarter of 2026 was $19.9 million, compared with $20.2 million in the first quarter of 2026 and $17.6 million in the second quarter of 2025.
• Basic earnings per share for the second quarter of 2026 were $1.25, compared with $1.26 in the first quarter of 2026 and $1.10 in the second quarter of 2025.
• Cost of interest-bearing deposits for the second quarter of 2026 was 1.79%, compared with 1.81% in the first quarter of 2026 and 2.05% in the second quarter of 2025.
• Net interest margin, on a tax-equivalent basis, was 3.79% for the second quarter of 2026, compared with 3.72% in the first quarter of 2026 and 3.50% in the second quarter of 2025.
• Nonperforming loans to total loans were 0.31% as of June 30, 2026, compared with 0.32% as of March 31, 2026, and 0.26% as of June 30, 2025.
• Return on average assets for the second quarter of 2026 was 1.18%, compared with 1.21% in the first quarter of 2026 and 1.06% in the second quarter of 2025.
• Tangible book value (non-GAAP) per share was $37.59 as of June 30, 2026, compared with $36.64 as of March 31, 2026, and $32.87 as of June 30, 2025.
• Consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio as of June 30, 2026, were 17.17%, 13.06%, and 10.46%, respectively. Each of these ratios stands well above the federal regulatory minimums for a well-capitalized bank, which are 10% for total risk-based capital, 6.5% for common equity tier 1, and 5% for tier 1 leverage.

Results of Operations, Quarter Ended June 30, 2026

Net Interest Income

Net interest income was $62.9 million for the second quarter of 2026, compared with $60.6 million for the first quarter of 2026 and $55.0 million for the second quarter of 2025. Net interest margin was 3.79% for the second quarter of 2026, compared with 3.72% for the first quarter of 2026 and 3.50% for the second quarter of 2025, due primarily to repricing during the second quarter of 2026 of loans and securities originated in 2020-2022. Those assets were originated during a period of historically low benchmark interest rates and have been repricing upward as they mature or reset, widening the spread between asset yields and funding costs.

The average weighted rate on loans closed was 6.56% for the second quarter of 2026, compared with 6.91% for the first quarter of 2026 and 7.49% for the second quarter of 2025. The cost of interest-bearing deposits was 1.79% for the second quarter of 2026, 2 basis points lower than the first quarter of 2026 and 27 basis points lower than the second quarter of 2025.

Interest income was $83.7 million for the second quarter of 2026, compared with $81.5 million for the first quarter of 2026 and $78.1 million for the second quarter of 2025. The increase from the first quarter of 2026 was primarily due to additional earnings from loans, partially offset by a reduction in securities balances. The increase from the second quarter of 2025 was primarily due to higher loan balances and increased yields on the loan and securities portfolio in the second quarter of 2026.

Interest expense was $20.7 million for the second quarter of 2026, compared with $20.8 million for the first quarter of 2026 and $23.1 million for the second quarter of 2025. The decrease from the second quarter of 2025 was primarily the result of lower interest rates paid on deposits.

Noninterest Income and Noninterest Expense

Noninterest income was $13.7 million for the second quarter of 2026, compared with $17.7 million for the first quarter of 2026 and $13.2 million for the second quarter of 2025. The decrease from the first quarter of 2026 was primarily due to profit from the sale of an OREO property held by the Bank in the first quarter of 2026.

Noninterest expense was $48.2 million for the second quarter of 2026, compared with $50.4 million for the first quarter of 2026 and $45.1 million for the second quarter of 2025. The decrease from the first quarter of 2026 was partially due to lower salaries and benefits and reduced business development expense.

Loan Portfolio and Composition

Loan production increased in the second quarter of 2026, with loans held for investment totaling $4.5 billion as of June 30, 2026, compared with $4.3 billion as of March 31, 2026, and $4.2 billion as of June 30, 2025. The increase of $124.2 million, or 11% annualized, during the second quarter of 2026 from the first quarter of 2026 was primarily due to higher commercial real estate loan balances, commercial and industrial loan balances, 1-4 family residential loans and other consumer loans.

As of June 30, 2026, loans held for investment were up $264.1 million, or 6%, from June 30, 2025. Total loans originated in the second quarter of 2026 were $458 million, compared with $254 million in the first quarter of 2026 and $297 million in the second quarter of 2025.

Investment Portfolio

The Company sold $49.0 million of available-for-sale securities in the second quarter of 2026, with proceeds used to fund loan growth during the quarter. A net loss of $309,000 was recorded from the sales. Total securities as a percentage of total assets was 25% as of June 30, 2026, compared with 26% as of March 31, 2026.

Deposits

Deposits remained stable during the second quarter of 2026, totaling $5.9 billion as of June 30, 2026, compared with $6.0 billion as of March 31, 2026, and $5.9 billion as of June 30, 2025. Deposits declined $98.1 million, or 1.6%, from March 31, 2026, and were down $3.9 million, or 0.1%, from June 30, 2025.

Noninterest-bearing deposits were $1.8 billion as of June 30, 2026, compared with $1.8 billion as of March 31, 2026, and $1.8 billion as of June 30, 2025. Noninterest-bearing deposits represented 30.2% of total deposits as of June 30, 2026.

Provision for Credit Losses

The Company recorded a provision for credit losses of $4.0 million in the second quarter of 2026, compared with $3.2 million in the first quarter of 2026 and $1.6 million in the second quarter of 2025. Of the $4.0 million provision in the second quarter of 2026, $1.3 million was related to credit losses, $1.8 million was related to loan closings and growth, and $0.9 million was related to increasing the total allowance for credit losses by 2 basis points.

The ratio of allowance for credit losses to loans held for investment was 1.14% as of June 30, 2026, compared with 1.12% as of March 31, 2026, and 1.10% as of June 30, 2025.

Asset Quality

The ratio of nonperforming loans to total loans was 0.31% as of June 30, 2026, compared with 0.32% as of March 31, 2026, and 0.26% as of June 30, 2025. Annualized net charge-offs were 0.1% for the second quarter of 2026, compared with 0.19% for the first quarter of 2026 and 0.08% for the second quarter of 2025.

Capital

Capital levels as of June 30, 2026, remained above regulatory requirements for a well-capitalized bank, as set forth in the Company's attached selected financial data. Book value per Class A and Class B common share increased to $38.69 on June 30, 2026, from $37.74 on March 31, 2026.

The tier 1 leverage ratio (non-GAAP) increased 32 basis points to 10.46% in the second quarter of 2026 from 10.14% in the first quarter of 2026, largely due to increased retained earnings against a stable balance sheet.

All Class A common share and per-share information for periods prior to the third quarter of 2025 has been adjusted to reflect the 150-for-1 stock split of the Class A common shares effective May 1, 2025.

Dividends

During the second quarter ended June 30, 2026, the Company paid cash dividends of $0.23 per Class A and Class B common share. On July 9, 2026, the Company declared cash dividends of $0.23 per Class A and Class B common share, payable on July 27, 2026, to shareholders of record on July 20, 2026.

Alpine Bank Wealth Management*

The Alpine Bank Wealth Management division had assets under management of $1.45 billion on June 30, 2026, compared with $1.34 billion on March 31, 2026.

About Alpine Banks of Colorado

Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.7 billion, independent, employee-owned organization founded in 1973 and headquartered in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage and electronic banking services across Colorado's Western Slope, mountains and Front Range.

Alpine Bank has a five-star rating, meaning it has earned a superior performance classification, from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B voting common stock of Alpine Banks of Colorado trade under the symbol "ALPIB" on the OTCQX® Best Market. Learn more at www.alpinebank.com.

*Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.

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," "looks forward to," "continues," "expects" and similar references to future periods.

Forward-looking statements are based on current expectations and assumptions regarding the Company's 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. Actual results may differ materially from those contemplated by the forward-looking statements.

Factors that could cause actual results to differ materially include, among others: the ability to attract and retain deposits and loans; demand for financial services in the Company's market areas; adverse economic conditions; credit risks of lending activities; changes in employment levels, labor shortages, persistent inflation, recessionary pressures or slowing economic growth; increased competitive pressures; risks associated with concentrations in real estate-related loans; changes in interest rates and volatility; stability of funding sources and continued availability of borrowings; geopolitical developments and conflicts; effects of a federal government shutdown, debt ceiling standoff or other fiscal uncertainty; assumptions and estimates used in critical accounting policies and CECL modeling; fluctuations in loan demand, unsold homes, land and property values and secondary market conditions for loans; actions of government regulators, including increases in FDIC assessments; quality and composition of the securities portfolio; the ability to adapt to rapid technological changes, including developments related to artificial intelligence ("AI"), digital banking platforms and cybersecurity; risks associated with the use of AI in credit underwriting, customer service and operations; cybersecurity incidents, data breaches or failures of key information technology systems; changes in legal or regulatory requirements; results of regulatory examinations; costs and effects of litigation; effects of climate change, severe weather, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, domestic political unrest and other external events; changes in consumer spending, borrowing and savings habits; expectations regarding key growth initiatives and strategic priorities; inability of key third-party providers to fulfill obligations; changes in accounting policies and practices; the ability to recruit and retain key management and staff; the ability to raise capital or incur debt on reasonable terms; effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets; and other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services.

Any forward-looking statement made in this press release or in any subsequent written or oral statements attributable to the Company is expressly qualified in its entirety by the cautionary statements above. The Company undertakes no obligation to update, and specifically disclaims any obligation to revise, 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).