Central Plains Bancshares (CPBI) Q1 2023 earnings summary

Executive summary

• Q1 FY2024 net income rose 40.1% YoY to $946,000, supported by lower credit-loss provision and higher noninterest income; net interest income remained $3.3 million.

• At June 30, 2023, total assets were $450.4 million, loans were $365.4 million, and deposits were $403.2 million.

Financial highlights

• Interest and dividend income increased 33.3% YoY to $4.8 million; interest expense rose to $1.4 million from $288,000, leaving net interest income nearly unchanged at $3.3 million.

• Net income was $946,000 versus $675,000 YoY; income before tax was $1.18 million versus $866,000.

• Noninterest income increased 15.2% YoY to $652,000; noninterest expense was essentially flat at $2.8 million.

• Total assets increased $12.6 million, or 2.9%, QoQ to $450.4 million, primarily from loan growth; total equity was $38.7 million.

Outlook and guidance

• Interest-rate modeling estimated NII would decline 1.64% under a gradual +200 bp rate move over one year and increase 1.27% under a gradual -200 bp move; these are model scenarios, not guidance.