Centennial Bank Holdings Inc. in Denver said Friday that its first-quarter earnings fell nearly 41% from the year earlier, to $3.2 million.
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Earnings per share declined 40%, to 6 cents, though they met the average of estimates by analysts in a Thomson Financial survey. The $2.3 billion-asset company attributed the drop to declines in net interest income brought on by rate cuts. Net interest income fell 19.5%, to $21.7 million, from the year earlier, and the net interest margin dropped 74 basis points, to 4.42%.
Centennial's shares closed up 3% on Friday, at $6.51.
