Century Next Financial Corporation Reports 2024 Year-End Results
Rhea-AI Summary
Century Next Financial (OTCQX: CTUY) reported strong financial results for the year ended December 31, 2024. The company achieved net income of $12.14 million, a significant 79.9% increase from $6.75 million in 2023. Earnings per share reached $6.72 basic and $6.69 diluted, up from $3.77 in 2023.
Total assets grew by 13.5% to $869.4 million, with deposits increasing by 13.3% to $770.7 million. Net loans increased by 3.1% to $605.4 million. The company's net interest income rose by 31.8% to $33.0 million, while the net interest margin improved to 4.16% from 3.70%. The efficiency ratio decreased substantially to 57.45% from 69.56% in 2023.
Return on average assets improved to 1.47% from 0.95%, and return on average equity increased to 15.58% from 10.04% in 2023.
Positive
- Net income increased 79.9% to $12.14 million
- EPS grew to $6.72 basic/$6.69 diluted from $3.77
- Total assets increased 13.5% to $869.4 million
- Deposits grew 13.3% to $770.7 million
- Net interest income rose 31.8% to $33.0 million
- Net interest margin improved to 4.16% from 3.70%
- Efficiency ratio improved to 57.45% from 69.56%
Negative
- Nonperforming assets increased to $3.98 million from $2.93 million
- Nonperforming assets ratio increased to 0.46% from 0.38% of total assets
News Market Reaction
On the day this news was published, CTUY gained 4.73%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
RUSTON, La., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with
Financial Performance
For the year ended December 31, 2024, the Company had net income after tax of
Bill Hogan, President & CEO commented, “We are pleased to report an outstanding year of strong growth in assets and deposits as well as a record year in earnings that far exceeded our expectations. We are very thankful for our customer relationships and for our staff for their dedication to serving our customers’ needs consistently. In addition, our strong financial performance has once again increased shareholder value through increased earnings per share and an increased book value per share. We look forward to 2025 as we continue to build on the record success of 2024.”
Balance Sheet
Overall, total assets increased by
Total cash and cash equivalents increased from
Loans, net of deferred fees and costs and allowance for credit losses, including loans held for sale, increased
Deposit growth was strong for the year ended December 31, 2024 as total deposits increased by
Total long-term borrowings remained the same at
Income Statement
Net interest income was
Several key operating ratios increased for the year ending December 31, 2024 compared to the year ending December 31, 2023 as displayed in the following table:
| Years Ended December 31 | |||||
| Select Operating Ratios | 2024 | 2023 | |||
| Average Yield on Interest-Earning Assets | 6.12 | % | 5.69 | % | |
| Average Cost of Interest-Bearing Liabilities | 3.38 | % | 2.91 | % | |
| Net Interest Margin | 4.16 | % | 3.70 | % | |
The increase in yield on earning assets and cost of interest-bearing liabilities were both the result of continuing increases in rates from new and renewing assets and liabilities over the comparative periods. The net interest margin improved significantly for the year ending December 31, 2024 compared to the year ending December 31, 2023.
For the year ending December 31, 2024, a provision for credit losses of
Total non-interest income amounted to
Total non-interest expense increased by
The Company’s efficiency ratio, a measure of expense as a percent of total income, decreased substantially to
Other Financial Information
Nonperforming assets, including loans past due 90 days or more, nonaccrual loans, and other foreclosed assets, increased from
Allowance for credit losses under CECL was
Key Performance Ratios
Return on average assets was
Company Information
Century Next Financial Corporation is the holding company for Century Next Bank (the “Bank”) which conducts business from its main office in Ruston, Louisiana. The Company was formed in 2010 and is subject to the regulatory oversight of the Board of Governors of the Federal Reserve System. The Bank is a wholly-owned subsidiary and is an insured federally-chartered covered savings association subject to the regulatory oversight of the Office of the Comptroller of the Currency. The Bank was established in 1905 and is headquartered in Ruston, Louisiana. The Bank is a full-service bank with four locations in Louisiana including two banking offices in Ruston, one banking office in Monroe, one banking office in West Monroe, and three locations in Arkansas including two banking offices in Crossett and one banking office in Hamburg. The Bank emphasizes professional and personal banking service directed primarily to small and medium-sized businesses, professionals, and individuals. The Bank provides a full range of banking services including its primary business of real estate lending to residential and commercial customers.
Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” We undertake no obligation to update any forward-looking statements
| Century Next Financial Corporation and Subsidiary | |||||
| Condensed Consolidated Balance Sheets (unaudited) | |||||
| (In thousands, except per share data) | |||||
| December 31 | |||||
| 2024 | 2023 | ||||
| ASSETS | |||||
| Cash and cash equivalents | $ | 125,675 | $ | 104,961 | |
| Investment securities | 100,623 | 38,146 | |||
| Loans, net | 605,439 | 587,213 | |||
| Other assets | 37,663 | 35,530 | |||
| TOTAL ASSETS | $ | 869,400 | $ | 765,850 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Deposits | $ | 770,710 | $ | 680,112 | |
| Long-term borrowings | 8,454 | 8,454 | |||
| Other liabilities | 7,174 | 5,391 | |||
| Total Liabilities | 786,338 | 693,957 | |||
| Stockholders' equity | 83,062 | 71,893 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 869,400 | $ | 765,850 | |
| Book Value per share | $ | 45.10 | $ | 39.35 | |
| Tangible Book Value per share | $ | 43.38 | $ | 37.48 | |
| Century Next Financial Corporation and Subsidiary | |||||||
| Consolidated Statements of Income (unaudited) | |||||||
| (In thousands, except per share data) | |||||||
| Years Ended December 31 | |||||||
| 2024 | 2023 | ||||||
| Interest Income | $ | 48,492 | $ | 38,505 | |||
| Interest Expense | 15,480 | 13,461 | |||||
| Net Interest Income | 33,012 | 25,044 | |||||
| Provision for Credit Losses | 420 | 262 | |||||
| Net Interest Income after Provision for Credit Losses | 32,592 | 24,782 | |||||
| Noninterest Income | 3,400 | 3,311 | |||||
| Noninterest Expense | 20,920 | 19,723 | |||||
| Income Before Taxes | 15,072 | 8,370 | |||||
| Provision For Income Taxes | 2,928 | 1,618 | |||||
| NET INCOME | $ | 12,144 | $ | 6,752 | |||
| EARNINGS PER SHARE | |||||||
| Basic | $ | 6.72 | $ | 3.77 | |||
| Diluted | $ | 6.69 | $ | 3.77 | |||
| Key Ratios: | |||||||
| Annualized Return on Average Assets | 1.47 | % | 0.95 | % | |||
| Annualized Return on Average Equity | 15.58 | % | 10.04 | % | |||
| Annualized Net Interest Margin | 4.16 | % | 3.70 | % | |||
| Efficiency Ratio | 57.45 | % | 69.56 | % | |||
Century Next Financial Corporation Contact Information:
William D. Hogan, President & Chief Executive Officer or
Mark A. Taylor, CPA CGMA, Executive Vice President & Chief Financial Officer
(318) 255-3733
Company Website: www.cnext.bank
FAQ
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