Century Next Financial Corporation Reports 2nd Quarter 2024 Results
Rhea-AI Summary
Century Next Financial (OTCQX: CTUY), the holding company of Century Next Bank, reported strong financial results for Q2 2024. Net income increased by 94.7% to $3.06 million compared to Q2 2023. Earnings per share rose to $1.70 from $0.88 year-over-year. For the first half of 2024, net income grew by 117.5% to $5.73 million.
The company's total assets increased by 8.6% to $831.5 million, with significant growth in cash and cash equivalents (30.3%) and investment securities (83.1%). Deposit growth was strong, increasing by 8.8% to $739.7 million. The net interest margin improved to 4.16% for Q2 2024, up from 3.63% in Q2 2023. The company's efficiency ratio decreased substantially to 55.90% for Q2 2024, down from 70.62% in Q2 2023, indicating improved operational efficiency.
Positive
- Net income increased by 94.7% to $3.06 million in Q2 2024
- Earnings per share rose to $1.70 from $0.88 year-over-year
- Total assets grew by 8.6% to $831.5 million
- Deposit growth was strong, increasing by 8.8% to $739.7 million
- Net interest margin improved to 4.16% for Q2 2024, up from 3.63% in Q2 2023
- Efficiency ratio decreased to 55.90% for Q2 2024, down from 70.62% in Q2 2023
Negative
- Nonperforming assets increased from $2.93 million to $3.39 million
- Nonperforming assets as a percentage of total assets rose to 0.41% from 0.38%
News Market Reaction – CTUY
On the day this news was published, CTUY declined 2.23%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
RUSTON, La., July 19, 2024 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with
Financial Performance
For the three months ended June 30, 2024, the Company had net income after tax of
For the six months ended June 30, 2024, the Company had net income after tax of
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 six months ended June 30, 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 three- and six-month periods ending June 30, 2024 compared to the same periods ending June 30, 2023 as displayed in the following table:
| Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
| Select Operating Ratios | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Average Yield on Interest-Earning Assets | 6.16 | % | 5.58 | % | 6.14 | % | 5.39 | % | |||||||
| Average Cost of Interest-Bearing Liabilities | 3.41 | % | 2.81 | % | 3.39 | % | 2.58 | % | |||||||
| Net Interest Margin | 4.16 | % | 3.63 | % | 4.12 | % | 3.54 | % | |||||||
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 in both the three- and six-month periods ending June 30, 2024 compared to the same periods in 2023.
For the three months ending June 30, 2024, a provision for credit losses of
Total non-interest income was
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
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)
| June 30, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 136,791 | $ | 104,961 | |||
| Investment securities | 68,244 | 38,146 | |||||
| Loans, net | 590,288 | 587,213 | |||||
| Other assets | 36,223 | 35,530 | |||||
| TOTAL ASSETS | $ | 831,546 | $ | 765,850 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Deposits | $ | 739,723 | $ | 680,112 | |||
| Long-term borrowings | 8,454 | 8,454 | |||||
| Other liabilities | 6,048 | 5,391 | |||||
| Total Liabilities | 754,225 | 693,957 | |||||
| Stockholders' equity | 77,321 | 71,893 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 831,546 | $ | 765,850 | |||
| Book Value per share | $ | 42.17 | $ | 39.35 | |||
| Tangible Book Value per share | $ | 40.37 | $ | 37.48 | |||
Century Next Financial Corporation and Subsidiary
Consolidated Statements of Income (unaudited)
(In thousands, except per share data)
| Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Interest Income | $ | 12,019 | $ | 9,192 | $ | 23,430 | $ | 17,504 | |||||||
| Interest Expense | 3,898 | 3,217 | 7,710 | 6,018 | |||||||||||
| Net Interest Income | 8,121 | 5,975 | 15,720 | 11,486 | |||||||||||
| Provision for Credit Losses | 150 | 124 | 150 | 262 | |||||||||||
| Net Interest Income after Provision for Credit Losses | 7,971 | 5,851 | 15,570 | 11,224 | |||||||||||
| Noninterest Income | 914 | 856 | 1,725 | 1,637 | |||||||||||
| Noninterest Expense | 5,051 | 4,824 | 10,180 | 9,666 | |||||||||||
| Income Before Taxes | 3,834 | 1,883 | 7,115 | 3,195 | |||||||||||
| Provision For Income Taxes | 770 | 309 | 1,390 | 563 | |||||||||||
| NET INCOME | $ | 3,064 | $ | 1,574 | $ | 5,725 | $ | 2,632 | |||||||
| EARNINGS PER SHARE | |||||||||||||||
| Basic | $ | 1.70 | $ | 0.88 | $ | 3.18 | $ | 1.47 | |||||||
| Diluted | $ | 1.70 | $ | 0.88 | $ | 3.18 | $ | 1.47 | |||||||
| Key Ratios: | |||||||||||||||
| Annualized Return on Average Assets | 1.44 | % | 0.77 | % | |||||||||||
| Annualized Return on Average Equity | 15.42 | % | 8.04 | % | |||||||||||
| Annualized Net Interest Margin | 4.12 | % | 3.54 | % | |||||||||||
| Efficiency Ratio | 58.35 | % | 73.66 | % | |||||||||||
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
What was Century Next Financial 's (CTUY) net income for Q2 2024?
How much did Century Next Financial 's (CTUY) total assets grow in the first half of 2024?
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How did Century Next Financial 's (CTUY) net interest margin change in Q2 2024?
