GLENWOOD SPRINGS, Colo., May 01, 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 March 31, 2026.
First Quarter 2026 Highlights
- Net income for the first quarter of 2026 was $20.2 million, compared to $19.8 million for the fourth quarter of 2025 and $14.3 million for the first quarter of 2025.
- Basic earnings per share for the first quarter of 2026 was $1.26, compared to $1.23 for the fourth quarter of 2025 and $0.89 for the first quarter of 2025.
- Average cost of deposits for the first quarter of 2026 was 1.81%, compared to 1.94% for the fourth quarter of 2025 and 2.1% for the first quarter of 2025.
- Net interest margin, on a tax-equivalent basis, was 3.72% for the first quarter of 2026, compared to 3.57% for the fourth quarter of 2025 and 3.38% for the first quarter of 2025.
- Nonperforming loans to total loans were 0.32% as of March 31, 2026, compared to 0.25% as of December 31, 2025 and 0.25% as of March 31, 2025.
- Return on average assets for the first quarter of 2026 was 1.21%, compared to 1.16% for the fourth quarter of 2025 and 0.87% for the first quarter of 2025.
- Tangible book value (non-GAAP) per share was $36.64 as of March 31, 2026, compared to $35.71 as of December 31, 2025 and $31.84 as of March 31, 2025.
- Consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio as of March 31, 2026 were 17.12%, 12.96%, and 10.14%, respectively.
“Alpine Bank’s record performance for the first quarter of 2026 marks a significant milestone in a journey that began over 50 years ago,” said Alpine Bank President/CEO and Chairman Glen Jammaron. “What started in 1973 as a single branch in Carbondale with just $250,000 in capital has now grown to a bank with 39 branches throughout Colorado and total assets of more than $6.7 billion.”
Jammaron remarked the bank’s first quarter 2026 results, characterized by record earnings and expanded margins, are a direct outcome of staying true to those humble beginnings.
“By strategically capitalizing on marketplace changes, we have been able to welcome new customers seeking the stability of a local bank while continuing to drive value for our employee-owners and shareholders,” added Jammaron. “As we navigate 2026, we remain a bank that is deeply committed to our communities and that is inspired by the same independent spirit that defined us on day one.”
Results of Operations, Quarter Ended March 31, 2026
Net Interest Income
Net interest income was $60.6 million for the first quarter of 2026, compared to $59.3 million for the fourth quarter of 2025 and $52.1 million for the first quarter of 2025. Net interest margin, calculated on a tax-equivalent basis, was 3.72% for the first quarter of 2026, compared to 3.57% for the fourth quarter of 2025 and 3.38% for the first quarter of 2025. The average yield on loans was 6.07% for the first quarter of 2026, compared to 6.26% for the fourth quarter of 2025 and 5.95% for the first quarter of 2025. The average cost of deposits was 1.81% for the first quarter of 2026, which is 13 basis points lower than the fourth quarter of 2025 and 29 basis points lower than the first quarter of 2025.
Interest income was $81.5 million for the first quarter of 2026, compared to $82.1 million for the fourth quarter of 2025 and $75.1 million for the first quarter of 2025. Interest income decreased $0.6 million in the first quarter of 2026 from the fourth quarter of 2025, primarily due to lower interest received on the Bank’s securities portfolio as the portfolio decreased $19 million. Interest income increased $6.4 million in the first quarter of 2026 compared to the first quarter of 2025. This increase was primarily due to a higher loans receivable balance as well as increased loan yields in 2026 as compared to 2025.
Interest expense was $20.8 million for the first quarter of 2026, compared to $22.8 million for the fourth quarter of 2025 and $23.0 million for the first quarter of 2025. Interest expense decreased $2.0 million compared to the fourth quarter of 2025 and decreased $2.2 million compared to the first quarter of 2025. The $2.0 million decrease in the first quarter of 2026 from the fourth quarter of 2025 was primarily a result of the …