Central Plains Bancshares (CPBI) Q2 2024 earnings summary

Executive summary

• Q2 net income was $952,000 vs. $973,000 YoY; H1 net income was $1.855 million vs. $1.919 million. H1 net interest income before credit-loss provision rose 17.7% to $8.0 million.

• Total assets rose 4.0% to $482.0 million from March 31, 2024, supported by 5.0% growth in net loans; deposits increased 4.4% to $391.8 million.

Financial highlights

• Q2 interest and dividend income increased 22.2% YoY to $6.1 million; interest expense rose 34.8% to $2.1 million, while net interest income before provision rose 16.5% to $4.1 million.

• Q2 non-interest income declined 8.4% YoY to $624,000; non-interest expense increased 17.7% to $3.5 million, and income before tax was $1.157 million vs. $1.232 million.

• H1 EPS was $0.49; Q2 EPS was $0.25. Prior-year EPS was not applicable because shares were not outstanding before the October 2023 conversion.

Outlook and guidance

• Two new branches in Lincoln and Hastings, Nebraska, were on track for completion in Q2 2025, supporting local service coverage and customer engagement.

• Management will continue evaluating credit-loss estimates against credit quality, macroeconomic forecasts, and loan and securities portfolio composition.

• Interest-rate-risk plans include maintaining capital and liquidity, selling longer-term fixed-rate loans subject to market conditions, and diversifying into shorter-maturity or adjustable-rate commercial lending.