COMUNICADO DE PRENSA

PARA PUBLICACIÓN INMEDIATA

30 de enero de 2025

Contacto:

Eric A. Gardey, Chief Financial Officer
Alpine Banks de Colorado
(970) 384-3257
[email protegido]

Alpine Banks of Colorado anuncia sus resultados financieros del cuarto trimestre y cierre del año 2024

GLENWOOD SPRINGS, Colo., Jan. 30, 2025 (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 fourth quarter and year ended December 31, 2024. The Company reported net income of $13.8 million, or $128.92 per basic Class A common share and $0.86 per basic Class B common share, for fourth quarter 2024.

Highlights in fourth quarter 2024 and the year ended December 31, 2024, include:

• Basic earnings per Class A common share increased 1.4%, or $1.76, during fourth quarter 2024.
• Basic earnings per Class A common share decreased 12.0%, or $63.32, during the 12 months ended December 31, 2024.
• Basic earnings per Class B common share increased 1.4%, or $0.01, during fourth quarter 2024.
• Basic earnings per Class B common share increased 12.0%, or $0.42, during the 12 months ended December 31, 2024.
• Net interest margin for fourth quarter 2024 was 3.18%, compared to 2.98% in third quarter 2024, and 2.84% in fourth quarter 2023.

"The fourth quarter of 2024 continued a positive trend of growing customer-based deposits at a lower cost," said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. "During 2024, Alpine grew customer deposits by 7.9% while simultaneously reducing brokered deposits by over 50%. Deposit interest expense decreased by over 10% in fourth quarter 2024, leading the way to a 20-basis point improvement in our net interest margin from third quarter 2024 to fourth quarter 2024. The full team at Alpine looks forward to continued success in 2025."

Utilidad neta
Net income for fourth quarter 2024 and third quarter 2024 was $13.8 million and $13.6 million, respectively. Interest income increased $0.2 million in fourth quarter 2024 compared to third quarter 2024, primarily due to increases in yields and volumes in the securities portfolio, increased rates on due from banks and increased volume in the loan portfolio. These increases were slightly offset by decreased yields on the loan portfolio and decreased balances in due from banks. Interest expense decreased $2.8 million in fourth quarter 2024 compared to third quarter 2024, primarily due to decreased interest rates on the deposit portfolio and the Company's trust preferred securities. Noninterest income decreased $0.5 million in fourth quarter 2024 compared to third quarter 2024, primarily due to decreases in other income partially offset by increases in earnings on life insurance. Noninterest expense increased $2.2 million in fourth quarter 2024 compared to third quarter 2024, due to increases in other expenses, salary and employee benefit expenses and furniture and fixture expenses slightly offset by decreases in occupancy expenses. A provision for loan losses of $1.5 million was recorded in fourth quarter 2024 compared to a $1.2 million provision recorded in third quarter 2024.

Net income for the twelve months ended December 31, 2024, and 2023, was $49.7 million and $57.0 million, respectively. Interest income increased $23.4 million in 2024 compared to 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 $31.6 million in 2024 compared to 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 $4.0 million in 2024 compared to 2023, primarily due to increases in earnings on bank-owned life insurance, service charges on deposit accounts and other income. Noninterest expense increased $6.1 million in 2024 compared to 2023, due to increases in salary and employee benefit expenses and occupancy expenses. These increases were partially offset by decreases in furniture and fixture expenses and other expenses. Provision for loan losses decreased $1.5 million in 2024 compared to 2023 due to loan portfolio declines and a small volume of loan charge-offs.

Net interest margin increased from 2.98% to 3.18% from third quarter 2024 to fourth quarter 2024. Net interest margin for the twelve months ended December 31, 2024, and 2023, was 2.96% and 3.09%. respectively.

Activo
Total assets decreased $53.7 million, or 0.8%, to $6.52 billion as of December 31, 2024, compared to September 30, 2024, primarily due to decreased cash and due from banks and investment securities balances, partially offset by increased loans receivable. Total assets increased $105.4 million, or 1.6%, from December 31, 2023, to December 31, 2024. The Alpine Bank Wealth Management* division had assets under management of $1.37 billion on December 31, 2024, an increase of 19.0% compared to $1.15 billion on December 31, 2023.

Préstamos
Loans outstanding as of December 31, 2024, totaled $4.0 billion. The loan portfolio increased $28.9 million, or 0.7%, during fourth quarter 2024 compared to September 30, 2024. This increase was driven by a $30.5 million increase in residential real estate loans, a $22.2 million increase in commercial real estate loans, a $2.4 million increase in consumer loans and a $0.2 million increase in other loans, partially offset by a $20.4 million decrease in commercial and industrial loans and a $5.5 million decrease in real estate construction loans.

Loans outstanding as of December 31, 2024, reflected an increase of $13.6 million, or 0.3%, compared to loans outstanding of $4.0 billion on December 31, 2023. This increase was driven by a $56.7 million increase in residential real estate loans, a $26.1 million increase in commercial real estate loans, a $7.6 million increase in commercial and industrial loans, a $6.0 million increase in consumer loans and a $0.4 million increase in other loans partially offset by a $83.0 million decrease in real estate construction loans.

Depósitos
Total deposits decreased $47.1 million, or 0.8%, to $5.8 billion during fourth quarter 2024 compared to September 30, 2024, primarily due to a $46.8 million decrease in demand deposits and a $92.6 million decrease in certificate of deposit accounts. This decrease was partially offset by a $58.9 million increase in money fund accounts, and a $34.2 million increase in interest-bearing checking accounts. Brokered certificates of deposit decreased 25.9% from $330.7 million on September 30, 2024, to $245.0 million on December 31, 2024. Noninterest-bearing demand accounts comprised 30.2% of all deposits on December 31, 2024, compared to 30.7% on September 30, 2024.

Total deposits of $5.8 billion on December 31, 2024, reflected an increase of $121.5 million, or 2.1%, compared to total deposits of $5.7 billion on December 31, 2023. This increase was due to a $321.9 million increase in money market accounts and an $11.1 million increase in demand deposits, partially offset by a $180.4 million decrease in certificate of deposit accounts, an $8.0 million decrease in interest-bearing checking accounts, and a $23.0 million decrease in savings accounts. Brokered certificates of deposit decreased 53.9% from $531.0 million on December 31, 2023, to $245.0 million on December 31, 2024. Noninterest-bearing demand accounts comprised 30.2% of all deposits on December 31, 2024, compared to 30.6% on December 31, 2023.

Capitales
El Banco sigue siendo designado como una institución "bien capitalizada", ya que sus coeficientes de capital superan los requisitos mínimos para esta designación. As of December 31, 2024, the Bank's Tier 1 Leverage Ratio was 9.75%, Tier 1 Risk-Based Capital Ratio was 14.22%, and Total Risk-Based Capital Ratio was 15.37%. On a consolidated basis, the Company's Tier 1 Leverage Ratio was 9.41%, Tier 1 Risk-Based Capital Ratio was 13.72%, and Total Risk-Based Capital Ratio was 15.98% as of December 31, 2024.

Book value per share on December 31, 2024, was $4,740.61 per Class A common share and $31.60 per Class B common share, a decrease of $46.96 per Class A common share and a decrease of $0.31 per Class B common share from September 30, 2024, respectively.

Each Class A common share is entitled to one vote per share. Except as otherwise provided by the Colorado Business Corporation Act, each Class B common share has no voting rights.

Dividendos
Each Class B common share has dividend and distribution rights equal to one-one hundred and fiftieth (1/150^th) of such rights of one Class A common share. Therefore, each one Class A common share is equivalent to 150 Class B common shares for purposes of the payment of dividends.

During fourth quarter 2024, the Company paid cash dividends of $30.00 per Class A common share and $0.20 per Class B common share. On January 9, 2025, the Company declared cash dividends of $31.50 per Class A common share and $0.21 per Class B common share payable on January 27, 2025, to shareholders of record on January 20, 2025.

Acerca de Alpine Banks of Colorado
Alpine Banks of Colorado, a través de su subsidiaria de propiedad absoluta Alpine Bank, es una organización independiente de propiedad de sus empleados con un valor de $6.5 mil millones, fundada en 1973 y con sede en Glenwood Springs, Colorado. Alpine Bank emplea a 890 personas y atiende a 170,000 clientes con servicios personales, comerciales, de manejo de bienes*, hipotecarios y de banca electrónica en Western Slope de Colorado, las montañas y Front Range. Alpine Bank tiene una calificación de cinco estrellas, lo que significa que ha obtenido una clasificación de desempeño superior, de BauerFinancial, una organización independiente que analiza y califica el desempeño de las instituciones financieras en los Estados Unidos. Shares of the Class B non-voting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX^® Best Market. Más información en www.alpinebank.com.

*Alpine Bank servicios de manejo de bienes no están asegurados por la FDIC, pueden perder valor y no están garantizados por el Banco.

Una nota sobre las declaraciones prospectivas
Este comunicado de prensa contiene "declaraciones prospectivas" dentro del significado de la Ley de Reforma de Litigios sobre Valores Privados de EE. UU. de 1995. Las declaraciones prospectivas pueden identificarse por palabras como "anticipa", "pretende", "planea", "busca", "refleja", "cree", "puede", "haría", "debería", "hará", "estima", "espera", "continúa", "espera" y referencias similares a períodos futuros. Algunos ejemplos de declaraciones prospectivas incluyen, entre otros, las declaraciones que hacemos con respecto a nuestra evaluación de los riesgos del entorno macroeconómico, la gestión de las tasas de la Reserva Federal y las tendencias que reflejan aspectos como los estándares de capital regulatorio y la adecuación. Las declaraciones prospectivas se basan en nuestras expectativas y suposiciones actuales con respecto a nuestro negocio, la economía y otras condiciones futuras. Debido a que las declaraciones prospectivas se relacionan con el futuro, están sujetas a incertidumbres, riesgos y cambios inherentes en las circunstancias que son difíciles de predecir. Nuestros resultados reales pueden diferir materialmente de los contemplados en las declaraciones prospectivas. Por lo tanto, le advertimos que no confíe en ninguna de estas declaraciones prospectivas. No son declaraciones de hechos históricos ni garantías o seguridades de rendimiento futuro. Los factores importantes que podrían hacer que los resultados reales difieran materialmente de los de la declaración prospectiva incluyen, entre otros:

• La capacidad de atraer nuevos depósitos y préstamos;
• Demanda de servicios financieros en nuestras áreas de mercado;
• Factores competitivos de precios de mercado;
• Cambios en las hipótesis en las que se basa el establecimiento de provisiones para pérdidas crediticias y otras estimaciones;
• Efectos de las condiciones económicas, comerciales y de mercado futuras, incluido el aumento de la inflación;
• Efectos adversos de eventos de salud pública, como la pandemia de COVID-19, incluidas las respuestas gubernamentales y sociales;
• Deterioro de las condiciones económicas que podría dar lugar a un aumento de las pérdidas crediticias;
• Acciones de los competidores y otros participantes en el mercado que podrían tener un impacto adverso en el desempeño esperado;
• Riesgos asociados a las concentraciones en préstamos relacionados con bienes inmuebles;
• Riesgos inherentes a la concesión de préstamos, como los riesgos de reembolso y la fluctuación de los valores de las garantías;
• Volatilidad de las tasas de interés del mercado, incluidos los cambios en la tasa de fondos federales;
• Estabilidad de las fuentes de financiación y disponibilidad continua de préstamos;
• Acontecimientos geopolíticos, incluidos actos de guerra, hostilidades internacionales y actividades terroristas;
• Supuestos y estimaciones utilizados en la aplicación de políticas y modelos contables críticos, incluso bajo el modelo CECL, que pueden resultar poco confiables, inexactos o no predictivos de los resultados reales;
• Acciones de los reguladores gubernamentales, incluidos posibles cambios futuros en el rango objetivo para la tasa de fondos federales por parte de la Junta de Gobernadores de la Reserva Federal;
• Venta de valores de inversión en una posición deficitaria antes de que se recupere su valor, incluso como resultado de estrategias de gestión de activos y pasivos o en respuesta a necesidades de liquidez;
• Cualquier aumento en las evaluaciones de la FDIC;
• Riesgos asociados con posibles incidentes de ciberseguridad, violaciones de datos o fallas de sistemas clave de tecnología de la información;
• La capacidad de mantener una liquidez y un capital regulatorio adecuados, y cumplir con la evolución de las regulaciones bancarias federales y estatales;
• Cambios en los requisitos legales o reglamentarios o los resultados de los exámenes reglamentarios que podrían restringir el crecimiento;
• La capacidad de contratar y retener a directivos y personal clave;
• La capacidad de reunir capital o contraer deudas en términos razonables; y
• Efectividad de la legislación y los esfuerzos regulatorios para ayudar a los mercados financieros de EE. UU. y del mundo.

Hay muchos factores que podrían hacer que los resultados reales difieran materialmente de los contemplados en las declaraciones prospectivas. Cualquier declaración prospectiva realizada por nosotros en este comunicado de prensa o en cualquier declaración escrita u oral posterior atribuible a la Compañía está expresamente calificada en su totalidad por las declaraciones de advertencia anteriores. De vez en cuando pueden surgir factores o eventos que podrían hacer que nuestros resultados reales difieran, y no nos es posible predecirlos todos. No asumimos ninguna obligación de actualizar ninguna declaración prospectiva, ya sea como resultado de nueva información, desarrollos futuros o de otro tipo, excepto según lo exija la ley.

Medidas financieras clave

Las tablas adjuntas destacan las principales medidas financieras de la Compañía para los períodos indicados (no auditadas).

Estados financieros consolidados de Alpine Banks of Colorado 12.31.2024

Alpine Bank

Alpine Bank es una organización independiente, de propiedad de sus empleados y con un presupuesto de $6.5 mil millones, fundada en 1973 y con sede en Glenwood Springs, Colorado. Alpine Bank tiene 890 empleados y brinda a 170,000 clientes servicios de manejo de bienes personales, de negocios, de manejo de bienes*, hipotecarios y de banca electrónica en Western Slope de Colorado, las montañas y Front Range. Alpine Bank tiene una calificación de cinco estrellas, lo que significa que ha obtenido una clasificación de desempeño superior, de BauerFinancial, una organización independiente que analiza y califica el desempeño de las instituciones financieras en los Estados Unidos. Estas son acciones comunes sin derecho a voto clase B de Alpine Bank que cotizan bajo el símbolo "ALPIB" en el OTCQX® Best Market. Más información en alpinebank.com/media.
*Los servicios de gestión de patrimonio de Alpine Bank no están asegurados por FDIC, pueden perder valor y no cuentan con una garantía del banco.