by non performing Assets
Alpine Bank’s year end financial results (2010 just reported publically) – were discovered online by the ECT gang this week.
Things haven’t improved much.
Alpine’s reported loss for year 2010 was just over $48 Million (Click Here). This after Alpine accepted $70 Million in Federal TARP funds. Alpine’s ‘BankRate’ rating remains for their year at 2 stars (5 being the best – 1 the worst) in spite of Alpine’s overall financial picture.
BankRate’s Composite Summary of Alpine:
…”BankRate believes that, as of December 31, 2010, this bank exhibited a below average condition, characterized by substantially lower than normal overall, unsustainable profitability, questionable asset quality, mid-range capitalization and near normal liquidity…”
BankRate continues…”substantially higher than standard December 31, 2010 nonperforming asset ratio, substantially below normal reserve coverage for nonperforming loans, and much greater than average holdings of commercial real estate and construction loans, two categories that can intensify credit risk. The bank’s current level of nonperforming assets could lead to sharp write-downs and consequent substantial loss provisions. Hence, careful monitoring and additional inquiry are warranted… ”
Don’t forget that it was reported earlier that:…”Club at Cordillera owner David Wilhelm and the Wilhelm Family Partnership owe Alpine Bank $12.5 million…” (Click Here) This in reference to the 4 Golf Courses at Cordillera.
The future for local Alpine Bank? The ECT gang doesn’t know. ECT hopes Alpine’s condition improves soon. At least now (thanks to the ECT gang) you have online access to Alpine’s most recent public financial information – information that both the VD and VM newspapers – would prefer you didn’t have access too.
DISCLAIMER: ECT chose to base our story on the independent banking comments of BankRate. Interestingly – Alpine’s own accounting claimed a $49 million dollar loss last year (Click Here) for a copy of Alpine ‘official’ brief statement on their – last years numbers.