GLENWOOD SPRINGS, Colo., July 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 June 30, 2024. The Company reported net income of $11.7 million, or $108.89 per basic Class A common share and $0.73 per basic Class B common share, for second quarter 2024. Highlights in second quarter 2024 include: Basic earnings per Class A common share increased 10.7%, or $10.57, during second quarter 2024. Basic earnings per Class A common share decreased 18.9%, or $25.42 compared to second quarter 2023. Basic earnings per Class B common share increased 10.7%, or $0.07, during second quarter 2024. Basic earnings per Class B common share decreased 18.9%, or $0.17 compared to second quarter 2023. Net interest margin for second quarter 2024 was 2.87%, compared to 2.81% in first quarter 2024, and 3.15% in second quarter 2023. "Our second quarter results reflect continued improvement in our balance sheet position," said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. "During the quarter we increased our loan portfolio and successfully reduced the level of brokered deposits in our liability mix. For the remainder of 2024 we plan to focus on loan and deposit growth while retaining pricing discipline." Net Income Net income for second quarter 2024 and first quarter 2024 was $11.7 million and $10.6 million, respectively. Interest income increased $1.7 million in second quarter 2024 compared to first quarter 2024, primarily due to increases in yields on the loan portfolio, the securities portfolio, and balances due from banks along with increased volume in the loan portfolio. These increases were slightly offset by decreases in volume in the securities portfolio and balances due from banks. Interest expense increased $0.9 million in second quarter 2024 compared to first quarter 2024, primarily due to increased cost of deposits. This increase was partially offset by decreases in costs on the Company's trust preferred securities and other borrowings, and a decrease in volume of other borrowings and deposits. Noninterest income increased $1.1 million in second quarter 2024 compared to first quarter 2024, primarily due to increases in service charges on deposit accounts, and other income. Noninterest expense increased $0.04 million in second quarter 2024 compared to first quarter 2024, due to increases in other expenses slightly offset by decreases in salary and employee benefit expenses, occupancy expenses and furniture and fixture expenses. A provision for loan losses of $0.2 million was recorded in second quarter 2024 compared to a $0.7 million reversal of provision recorded in first quarter 2024. Net income for the six months ended June 30, 2024, and June 30, 2023, was $22.3 million and $34.3 million, respectively. Interest income increased $13.4 million in the first six months of 2024 compared to the first six months of 2023, primarily due to increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by a decrease in volume in the securities portfolio. Interest expense increased $27.5 million in the first six months of 2024 compared to the first six months of 2023, primarily due to increases in costs on the Company's trust preferred securities, other borrowings, and cost of deposits, along with increases in volume in deposit balances. These increases were partially offset by a decrease in the volume of other borrowings. Noninterest income increased $1.4 million in the first six months of 2024 compared to the first six months of 2023, primarily due to increases in earnings on bank-owned life insurance, service charges on deposit accounts and other income. Noninterest expense increased $3.7 million in the first six months of 2024 compared to the first six months of 2023, due to increases in other expenses, salary and employee benefit expenses, and occupancy expenses. These increases were partially offset by decreases in furniture and fixtures expenses. Provision for loan losses decreased $1.3 million in the first six months of 2024 due to portfolio declines and a small volume of loan charge-offs, compared to the six months ...