Alpine Banks of Colorado reported a net income of $12.7 million during the first quarter.

“Alpine completed a successful first quarter of 2022,” said Glen Jammaron, president and vice chairman of Alpine Banks. “Although rapidly rising interest rates negatively impacted our investment portfolio, our core banking business performed well.”

Jammaron said the bank has invested excess cash balances over the past year into a core lending business and investment portfolio. He said he expects a robust year ahead that will include an expansion into Colorado Springs and Fort Collins.

Net income during the first quarter for Alpine Bank equated to $123.97 per basic Class A common share and 83 cents per basic Class B common share. 

The book value per Class A and Class B shares increased 3.4 percent compared to the first quarter of 2021.

A $6.2 billion employee-owned organization headquartered in Glenwood Springs, Alpine Bank operates locations across Colorado and serves more than 160,000 customers. For more information, visit www.alpinebank.com.