Central Plains Bancshares, Inc. reported its financial results for the three and six months ended September 30, 2024, reflecting notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

As of September 30, 2024, total assets increased to $482.0 million, up from $463.3 million as of March 31, 2024. This growth was primarily driven by a $18.8 million increase in net loans, which rose to $399.1 million, with significant contributions from agricultural loans, which surged by 84.8% to $36.4 million. Total deposits also saw a rise, increasing by $16.7 million to $391.8 million, attributed to higher balances in time deposits and money market accounts.

For the three months ended September 30, 2024, interest and dividend income reached $6.1 million, a 22.2% increase from $5.0 million in the same period of 2023. Net interest income before provision for credit losses rose to $4.1 million, up 16.5% from $3.5 million year-over-year. However, net income for the quarter slightly decreased to $952,000 from $973,000 in the prior year. For the six-month period, net income remained consistent at $1.9 million, matching the previous year’s results.

The company’s non-interest income for the three months ended September 30, 2024, decreased by 8.4% to $624,000, primarily due to a significant drop in servicing fees on loans. Non-interest expenses increased by 17.7% to $3.5 million, driven by higher salaries and employee benefits, reflecting the hiring of additional lenders.

Central Plains Bancshares completed a stock offering on October 19, 2023, selling 4,130,815 shares at $10.00 per share, generating approximately $41.3 million in gross proceeds. This capital infusion contributed to an increase in total stockholders' equity, which rose to $81.6 million as of September 30, 2024, from $78.3 million at the end of the previous fiscal period.

The company’s liquidity position remains strong, with no outstanding borrowings as of September 30, 2024, and approximately $40.6 million available for borrowings from the Federal Home Loan Bank. The Association is classified as well-capitalized under regulatory standards, with total capital to risk-weighted assets at 17.70%.

Overall, Central Plains Bancshares demonstrated solid growth in assets and loans, while managing expenses and maintaining a stable income level amidst fluctuating market conditions.