Central Bancompany posted second-quarter net income of $113.8 million, or $0.47 per share, with adjusted net income up 16% from the prior-year quarter. Net interest income rose $17.7 million to $212.8 million, driven by a 13-basis-point expansion in the net interest margin to 4.43% and a $1.1 billion increase in average earning assets to $19.4 billion. The company continued shifting its loan mix toward lower-risk residential mortgages, which grew 8.7% year over year to $3.5 billion, while intentionally reducing higher-yielding indirect consumer loans by $175.1 million. Noninterest income surged 38.9% to $69.6 million, boosted by an $8.4 million gain from converting Visa Class B shares and higher wealth management revenues, with assets under advice climbing to $17.3 billion from $14.2 billion a year earlier. The board authorized a new $100 million share repurchase program, replacing the prior plan after buying back 280,000 shares for $7.6 million in the quarter, and the company held $1.9 billion in excess capital above its long-term targets.
Central Bancompany, Inc. Class A Common StockQ2 earnings beat with 16% adjusted net income growth, margin expansion, and new $100M buyback.
