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Central Plains Bancshares Inc. (CPBI-1.81%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a total asset increase to $484.3 million from $463.3 million as of March 31, 2024. This increase was primarily driven by a $24.7 million rise in net loans.
Cash and cash equivalents decreased by $4.9 million, attributed to increased loan funding and construction of new branch locations. Investment securities available for sale declined by $3.4 million due to principal payments and amortization.
Loan growth was observed across most categories, notably in agriculture loans, which increased by $24.4 million. Premises and equipment rose by $4.4 million due to new branch construction.
Total deposits increased to $394.3 million, with the rise driven by higher balances in time deposits and money market accounts. The company held $7.3 million in brokered deposits as of December 31, 2024.
The company reported net income of $951,000 for the three months ended December 31, 2024, compared to $937,000 for the same period in the previous year. For the nine months ended December 31, 2024, net income was $2.8 million, down slightly from $2.9 million in the previous year.
Interest and dividend income increased by 14.8% for the three-month period and by 20.1% for the nine-month period, primarily due to loan growth and higher market interest rates.
Interest expense increased by 24.9% for the three-month period and by 31.5% for the nine-month period, driven by higher costs of interest-bearing liabilities.
Net interest income before provision for credit losses increased by 10.2% for the three-month period and by 15.1% for the nine-month period.
The provision for credit losses was $57,000 for the three-month period and $56,000 for the nine-month period ended December 31, 2024.
Non-interest income decreased by 26.3% for the three-month period and by 14.7% for the nine-month period, largely due to a decrease in other income and servicing fees on loans.
Non-interest expense increased by 7.5% for the three-month period and by 15.5% for the nine-month period, with increases in salaries, employee benefits, and general administrative expenses.
The company reported an effective tax rate of 20.2% for the three-month period and 18.9% for the nine-month period ended December 31, 2024.
The company repurchased 9,386 shares of its common stock during the quarter under its stock repurchase program, with 190,614 shares remaining available for repurchase as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Central Plains Bancshares Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.