Central Plains Bancshares Files 2024 10-K

TL;DR

CPBI filed its 10-K. Financials look solid, check out the real estate segment.

AI Summary

Central Plains Bancshares, Inc. filed its 2024 10-K report for the fiscal year ending March 31, 2024. The company, headquartered in Grand Island, NE, operates as a federally chartered savings institution. The filing details financial performance, business operations, and risk factors. Key financial data and segment information, including real estate and construction portfolios, are presented.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Central Plains Bancshares' financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Central Plains Bancshares is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 2024-03-31 — Fiscal Year End (Reporting period for the 10-K)
• 2023-04-01 — Start of Reporting Period (Beginning of the fiscal year covered by the 10-K)
• 2022-03-31 — Prior Year End (Reference point for comparative financial data)

Key Players & Entities

• Central Plains Bancshares, Inc. (company) — Filer of the 10-K
• Grand Island, NE (location) — Company headquarters
• March 31, 2024 (date) — Fiscal year end
• 0000950170-24-076246 (accession_number) — Filing accession number
• 6035 (sic_code) — Standard Industrial Classification for Savings Institution

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 share CPBI NASDAQ Capital Market
• $10.00 — old 4,130,815 shares of common stock at $10.00 per share in its subscription offering
• $41.3 million — ing for gross proceeds of approximately $41.3 million. Since the completion of our initial pu
• $463.2 m — 31, 2024, we had consolidated assets of $463.2 million, consolidated deposits of $375.1
• $375.1 million — 463.2 million, consolidated deposits of $375.1 million and consolidated stockholders' equity o
• $78.2 million — nd consolidated stockholders' equity of $78.2 million. Our executive offices are located at
• $149.9 million — Residential . At March 31, 2024, we had $149.9 million of loans secured by one- to four-family
• $35.2 million — market areas. At March 31, 2024, we had $35.2 million in multi-family residential real estate
• $4.0 million — gest multi-family loan had a balance of $4.0 million and was secured by an apartment complex
• $123.3 million — rcial Loans . At March 31, 2024, we had $123.3 million in commercial real estate loans, or 32.
• $5.4 million — tate loan had an outstanding balance of $5.4 million and was secured by a hospitality proper
• $35.0 m — , commercial non-real estate loans were $35.0 million, or 9.22% of total loans. Commerc
• $1.8 million — commercial non-real estate loan totaled $1.8 million and was secured by media company licens
• $16.0 million — uction Loans. At March 31, 2024, we had $16.0 million in real estate construction loans, incl
• $12.0 m — d commercial construction properties of $12.0 million, representing 4.21% of our total

Filing Documents

• cpbi-20240331.htm (10-K) — 4761KB
• cpbi-ex4_2.htm (EX-4.2) — 49KB
• cpbi-ex23.htm (EX-23) — 3KB
• cpbi-ex31_1.htm (EX-31.1) — 14KB
• cpbi-ex31_2.htm (EX-31.2) — 14KB
• cpbi-ex32_1.htm (EX-32.1) — 8KB
• cpbi-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-076246.txt ( ) — 20552KB
• cpbi-20240331.xsd (EX-101.SCH) — 1818KB
• cpbi-20240331_htm.xml (XML) — 5374KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 51 Item 9A.

Controls and Procedures

Controls and Procedures 51 Item 9B. Other Information 51 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 PART III Item 10. Directors, Executive Officers and Corporate Governance 52 Item 11.

Executive Compensation

Executive Compensation 52 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 52 Item 13. Certain Relationships and Related Transactions, and Director Independence 52 Item 14. Principal Accounting Fees and Services 52 PART IV Item 15. Exhibits, Financial Statement Schedules 53 Item 16. Form 10-K Summary 53 Index to Consolidated Financial Statements 54 Item 17. Consolidated Financial Statements 56

Signatures

Signatures 88 i Table of Contents Explanatory Note Central Plains Bancshares, Inc. (the "Company") was formed to serve as the holding company for Home Federal Savings and Loan Association of Grand Island (the "Association"), upon the Association's conversion into the stock form of organization, which was completed on October 19, 2023. Accordingly, the audited financial statements, as well as other financial information at or prior to October 19, 2023, contained in this Annual Report on Form 10-K relate solely to the consolidated financial results of Home Federal Savings and Loan Association of Grand Island and Subsidiary. ii Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," "will," "may" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Except as may be required by law, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: general economic conditions, including any recessionary conditions and/or increases in unemployment, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; our ability to access cost-effective funding and to maintain adequate liquidity, primarily through deposits; fluctuations in real estate values and in the conditions of the residential real estate, commercial real estate, and agricultural real estate markets; demand for loan

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View this 10-K filing on SEC EDGAR