Alpine Banks of Colorado announces financial results for third quarter 2026

GLENWOOD SPRINGS, Colo., Oct. 28, 2026 (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, 2026. The Company reported net income of $20.1 million for the third quarter of 2026 which reflects an increase of 8.6% from net income of $18.5 million for the third quarter of 2025, primarily due to higher interest income resulting from increased loan balances.

Glen Jammaron, Chairman and CEO stated, "The third quarter marked a period of meaningful progress for Alpine Bank, both in our financial performance and in the strength of the leadership team guiding our future. This quarter, we took deliberate steps to position the Bank for its next chapter. We were pleased to appoint Jay Rickstrew as Vice Chairman of the Company and President of the Bank, and Matt Teeters as Chief Retail Officer of the Bank. Both officers bring deep experience and a clear commitment to the communities we serve. Their new leadership roles have allowed me to devote greater attention to the Bank's highest-level priorities, helping to ensure that every strategic decision we make stays firmly aligned with the culture, brand and values that define Alpine Bank. We also strengthened our operational foundation with the addition of a Chief Information Officer and a Controller of the Bank. Sound technology, disciplined financial management and strong internal controls are essential to serving our customers well.”

“Our growth is extending beyond these management changes. We are also planning to open our newest branch in Littleton, Colorado in the Spring of 2027. We believe that the Littleton branch will provide us with an opportunity to bring our relationship-focused approach to new customers and businesses, and we look forward to becoming an active partner in that community.”

“As we look ahead to the close of 2026 and beyond, we believe that Alpine Bank has the right people, strategy and culture in place to deliver lasting value for our customers, our communities, and our shareholders. On behalf of the Board of Directors, I thank our employee-owners for their hard work and our shareholders for their continued confidence."

Third Quarter 2026 Highlights

• Net income for the third quarter of 2026 was $20.1 million, compared to $19.9 million for the second quarter of 2026 and $18.5 million for the third quarter of 2025.
• Basic earnings per Class A and Class B common share for the third quarter of 2026 was $1.26, compared to $1.25 for the second quarter of 2026 and $1.16 for the third quarter of 2025.
• Cost of interest-bearing deposits for the third quarter of 2026 was 1.74%, compared to 1.75% for the second quarter of 2026 and 2.04% for the third quarter of 2025.
• Net interest margin was 3.96% for the third quarter of 2026, compared to 3.85% for the second quarter of 2026 and 3.54% for the third quarter of 2025.
• Nonperforming loans to total loans was 0.34% as of September 30, 2026, compared to 0.31% as of June 30, 2026, and 0.21% as of September 30, 2025.
• Return on average assets for the third quarter of 2026 was 1.18%, unchanged from second quarter of 2026 and 1.09% for the third quarter of 2025.
• Tangible book value (non-GAAP) per Class A and Class B common share was $38.10 as of September 30, 2026, compared to $37.59 as of June 30, 2026, and $34.45 as of September 30, 2025.
• Consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio as of September 30, 2026, were 17.08%, 13.02%, and 10.62%, respectively.

Results of Operations, Quarter Ended September 30, 2026

Net Interest Income
Net interest income was $64.3 million for the third quarter of 2026, compared to $61.6 million for the second quarter of 2026 and $56.7 million for the third quarter of 2025. Net interest margin was 3.96% for the third quarter of 2026, compared to 3.85% for the second quarter of 2026 and 3.54% for the third quarter of 2025, due primarily to higher interest income in the third quarter of 2026. The average weighted rate on loans closed was 6.86% for the third quarter of 2026, compared to 6.56% for the second quarter of 2026 and 7.44% for the third quarter of 2025. The cost of interest-bearing deposits was 1.74% for the third quarter of 2026, which is one basis point lower than the second quarter of 2026 and 30 basis points lower than the third quarter of 2025.

Interest income was $84.3 million for the third quarter of 2026, compared to $82.3 million for the second quarter of 2026 and $80.4 million for the third quarter of 2025. Interest income increased $2.0 million in the third quarter of 2026 from the second quarter of 2026, primarily due to higher loan balances as well as increased yields on the loan and securities portfolio in the third quarter of 2026. Interest income increased $3.9 million in the third quarter of 2026 compared to the third quarter of 2025, primarily due to higher loan balances.

Interest expense was $20.0 million for the third quarter of 2026, compared to $20.7 million for the second quarter of 2026 and $23.7 million for the third quarter of 2025. Interest expense decreased $0.7 million in the third quarter of 2026 compared to the second quarter of 2026 primarily as a result of the reduction of interest paid on other borrowings. The $3.7 million decrease in the third quarter of 2026 compared to the third quarter of 2025 was primarily due to the reduction of interest paid on deposit accounts.

Noninterest Income and Noninterest Expense
Noninterest income was $14.5 million for the third quarter of 2026, compared to $13.7 million for the second quarter of 2026 and $13.7 million for the third quarter of 2025.

Noninterest expense was $51.9 million for the third quarter of 2026, compared to $46.9 million for the second quarter of 2026 and $45.8 million for the third quarter of 2025. The $5.0 million increase from the second quarter of 2026 and the $6.1 million increase from the third quarter of 2025 were partially due to increased salaries and benefits expenses and other expenses.

Loan Portfolio and Composition
Loan production stayed flat in the third quarter of 2026 with loans held for investment totaling $4.5 billion as of September 30, 2026, compared to $4.5 billion as of June 30, 2026, and $4.2 billion as of September 30, 2025. As of September 30, 2026, loans held for investment increased $0.3 billion, or 6.9%, compared to September 30, 2025. Total loans originated in the third quarter of 2026 were $443.0 million compared to $458.0 million in the second quarter of 2026 and $340.0 million in the third quarter of 2025.

Investment Portfolio
Total securities, as a percentage of total assets, was 24.5% as of September 30, 2026, compared to 25.0% as of June 30, 2026, and 26.4% as of September 30, 2025.

Deposits
Deposits remained stable during the third quarter of 2026 with deposits totaling $5.9 billion as of September 30, 2026, compared to $5.9 billion as of June 30, 2026, and $6.1 billion as of September 30, 2025, reflecting a decrease of $0.2 billion, or 3.0%, as of September 30, 2026, compared to September 30, 2025. Noninterest-bearing deposits were $1.9 billion as of September 30, 2026, compared to $1.8 billion as of June 30, 2026, and $1.9 billion as of September 30, 2025. Noninterest-bearing deposits represented 31.6% of total deposits as of September 30, 2026.

Provision for Credit Losses
The Company recorded a provision for credit losses in the third quarter of 2026 of $2.5 million, compared to $4.0 million in the second quarter of 2026 and $1.7 million in the third quarter of 2025. Of the $2.5 million provision in the third quarter of 2026, $1.0 million was related to credit losses, $0.6 million was related to loan closings and growth and $0.9 million was related to increasing the total allowance for credit losses by two basis points.

The ratio of allowance for credit losses to loans held for investment was 1.16% as of September 30, 2026, compared to 1.14% as of June 30, 2026, and 1.10% as of September 30, 2025.

Asset Quality
The ratio of nonperforming loans to total loans was 0.34% as of September 30, 2026, compared to 0.31% as of June 30, 2026, and 0.21% as of September 30, 2025. Annualized net charge-offs were 0.04% for the third quarter of 2026, compared to 0.10% for the second quarter of 2026 and 0.07% for the third quarter of 2025.

Capital
Capital levels as of September 30, 2026, remained above regulatory requirements for a well-capitalized bank as set forth in the Company’s attached unaudited selected financial data. Book value per Class A and Class B common share increased to $39.21 as of September 30, 2026, compared to $38.69 as of June 30, 2026 and $35.56 as of September 30, 2025. The tier 1 leverage ratio (non-GAAP) increased 16 basis points to 10.62% in the third quarter of 2026 compared to 10.46% in the second quarter of 2026 and increased 87 basis points compared to 9.75% in the third quarter of 2025, largely due to an increase in retained earnings against a stable balance sheet.

Dividends
During the third quarter ended September 30, 2026, the Company paid cash dividends of $0.23 per Class A and Class B common share. On October 8, 2026, the Company declared cash dividends of $0.23 per Class A and Class B common share payable on October 26, 2026, to shareholders of record on October 19, 2026.

Alpine Bank Wealth Management*
The Alpine Bank Wealth Management division had assets under management of $1.42 billion as of September 30, 2026, compared to $1.45 billion as of June 30, 2026 and $1.35 billion as of September 30, 2025.

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 with headquarters 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 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. There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements including, but not limited to:

• The ability to attract and retain deposits and loans;
• Demand for financial services in our market areas;
• Adverse economic conditions in our markets or other markets where we have lending relationships;
• Credit risks of lending activities, including loan delinquencies, write-offs, fluctuating collateral values, changes in our allowance for credit losses and provision for credit losses;
• Changes in employment levels, labor shortages, persistent inflation, recessionary pressures or slowing economic growth;
• Increased competitive pressures among financial services companies, including repricing and competitors’ pricing initiatives, and their impact on our market position and loan and deposit products;
• Risks associated with concentrations in real estate-related loans;
• Changes in interest rate levels and volatility, and the timing and pace of such changes, including actions by the Board of Governors of the Federal Reserve System;
• Stability of funding sources and continued availability of borrowings;
• Geopolitical developments and conflicts, including tensions or instability in Eastern Europe, the Middle East and Asia, or the effects of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, commodity prices or economic activity;
• Effects of a federal government shutdown, debt ceiling standoff or other fiscal uncertainty;
• 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;
• Fluctuations in loan demand, unsold homes, land and property values and secondary market conditions for loans;
• Actions of government regulators, including any increases in FDIC assessments;
• Quality and composition of our securities portfolio and adverse changes in the securities markets;
• The ability to adapt to rapid technological changes, including advancements related to artificial intelligence (“AI”), digital banking platforms and cybersecurity;
• Risks associated with the use of AI in credit underwriting, customer service and operations, including model error, algorithmic bias, regulatory scrutiny under fair lending laws and reliance on third-party AI providers;
• Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
• Changes in legal or regulatory requirements, including changes in capital requirements, banking regulations, tax laws or consumer protection laws;
• Results of examinations by regulatory authorities and potential requirements to increase our credit loss allowances, write-down assets, reclassify assets, change our regulatory or capital position, or affect our liquidity and earnings;
• 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 our operations, pricing, products and services.

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. We undertake no obligation to update, and we specifically disclaim 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).

Alpine Banks of Colorado Key Financial Measures 09.30.2026