Central Bancompany reported second-quarter net income of $113.8 million, or $0.47 per share, a 16% increase from the prior year. Net interest income rose $17.7 million as average earning assets grew by $1.1 billion, and the net interest margin expanded 13 basis points to 4.43%. The company recognized an $8.4 million gain from a Visa share exchange and took a $7.8 million loss on the sale of $210 million in shorter-duration securities, reinvesting the proceeds with a 250 basis point yield pickup. Asset quality remained strong with net charge-offs at 10 basis points and delinquencies declining to 22 basis points of total loans. The board refreshed the stock buyback authorization to $100 million, and the company opened three new full-service branches during the quarter.
Central Bancompany, Inc. Class A Common StockNet income rose 16%, net interest margin expanded, and buyback authorization refreshed.
Visa Inc. Class A