Alpine Banks Q2 net income rises as loan balances grow

Overview

• US regional bank's Q2 net income rose 13% yr/yr, driven by higher loan balances

• Net interest margin improved to 3.79% from 3.50% a year earlier

• Provision for credit losses rose to $4 mln from $1.6 mln a year ago

Outlook

• Company did not provide specific guidance or outlook for future quarters or the full year

Result Drivers

• LOAN GROWTH - Higher loan balances, particularly in commercial real estate, commercial and industrial, residential, and consumer loans, drove increased net interest income

• NET INTEREST MARGIN - Repricing of loans and securities originated in 2020-2022 contributed to higher net interest margin

• CREDIT LOSS PROVISION - Provision for credit losses rose mainly due to loan growth and adjustments to the allowance for credit losses

Company press release: ID:nGNX8SLQDP

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)