Century Next Financial Corporation Reports 2024 Year-End Results

Core Viewpoint - Century Next Financial Corporation reported significant financial growth for the year ended December 31, 2024, with notable increases in net income, assets, and deposits, reflecting strong operational performance and enhanced shareholder value [2][3]. Financial Performance - Net income after tax for 2024 was $12.14 million, up from $6.75 million in 2023, representing a 79.9% increase [2]. - Earnings per share (EPS) rose to $6.72 for basic and $6.69 for diluted shares, compared to $3.77 for both in 2023 [2]. Balance Sheet - Total assets increased by $103.5 million or 13.5% to $869.4 million as of December 31, 2024, compared to $765.9 million in 2023 [4]. - Cash and cash equivalents rose from $105.0 million to $125.7 million, a 19.7% increase [5]. - Investment securities increased by $62.4 million to $98.5 million [5]. - Total net loans increased by $18.2 million or 3.1% to $605.4 million [6]. Deposit Growth - Total deposits grew by $90.6 million or 13.3% to $770.7 million [7]. - Noninterest-bearing checking accounts increased by $85.9 million, while time deposits decreased by $8.2 million [7]. Income Statement - Net interest income was $33.0 million, an increase of $8 million or 31.8% from $25.0 million in 2023 [9]. - Total non-interest income rose to $3.4 million, up 2.7% from $3.3 million [13]. - Total non-interest expense increased by $1.2 million or 6.1% to $20.9 million [14]. Key Operating Ratios - Average yield on interest-earning assets improved to 6.12% from 5.69% [11]. - Net interest margin increased to 4.16% from 3.70% [11]. - Efficiency ratio decreased to 57.45% from 69.56% [15]. Credit Losses and Nonperforming Assets - Provision for credit losses was $420,000, up from $262,000 in 2023 [12]. - Nonperforming assets increased from $2.93 million to $3.98 million, representing 0.46% of total assets [16]. Key Performance Ratios - Return on average assets rose to 1.47% from 0.95% [18]. - Return on average equity increased from 10.04% to 15.58% [18]. Company Information - Century Next Financial Corporation is the holding company for Century Next Bank, which operates primarily in Louisiana and Arkansas, focusing on small and medium-sized businesses and individuals [19].