Central Plains Bancshares (CPBI) Q1 2024 earnings summary

Executive summary

• Q1 FY2025 net income was $903,000, down 4.5% YoY, as higher noninterest expenses offset stronger net interest income.�

• Total assets rose 0.7% QoQ to $466.6 million, with net loans up 2.5% to $383.7 million.�

Financial highlights

• Interest and dividend income increased 24.0% YoY to $5.9 million; interest expense rose 35.9% to $1.9 million.�

• Net interest income after credit-loss provision increased 18.1% YoY to $4.0 million; noninterest income fell 6.1% to $612,000.�

• Noninterest expense increased 22.5% YoY to $3.5 million; salaries and benefits rose 17.8%, while other G&A rose 93.9%.�

• Net income was $903,000 versus $946,000 YoY; basic and diluted EPS were $0.24 for 2024, with 2023 EPS not applicable.�

Segment performance

• Net loans grew $9.3 million QoQ; residential real estate loans rose $5.5 million, commercial real estate $1.6 million, and agriculture $4.4 million.�

• Commercial non-real estate loans declined $2.0 million QoQ and other consumer loans declined $1.2 million; total loans were $389.6 million before allowance.�

• Average loan balances increased 5.5% YoY to $378.4 million; loan yield improved 79 bps to 5.61%.�