Century Next Financial Corporation Reports 2nd Quarter 2024 Results
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.
Century Next Financial (OTCQX: CTUY), la società madre di Century Next Bank, ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Il reddito netto è aumentato del 94,7% a 3,06 milioni di dollari rispetto al secondo trimestre del 2023. Gli utili per azione sono saliti a 1,70 dollari da 0,88 dollari anno su anno. Nel primo semestre del 2024, il reddito netto è cresciuto del 117,5% raggiungendo 5,73 milioni di dollari.
Il totale degli attivi dell'azienda è aumentato dell'8,6% a 831,5 milioni di dollari, con una crescita significativa nella liquidità e nei mezzi liquidi (30,3%) e nei titoli d'investimento (83,1%). La crescita dei depositi è stata forte, aumentando dell'8,8% a 739,7 milioni di dollari. Il margine d'interesse netto è miglioratо al 4,16% per il secondo trimestre del 2024, rispetto al 3,63% del secondo trimestre del 2023. Il rapporto di efficienza dell'azienda è diminuito sostanzialmente al 55,90% per il secondo trimestre del 2024, in calo dal 70,62% del secondo trimestre del 2023, indicando un miglioramento dell'efficienza operativa.
Century Next Financial (OTCQX: CTUY), la compañía matriz del Century Next Bank, reportó sólidos resultados financieros para el segundo trimestre de 2024. Los ingresos netos aumentaron un 94,7% a 3,06 millones de dólares en comparación con el segundo trimestre de 2023. Las ganancias por acción subieron a 1,70 dólares desde 0,88 dólares interanual. En la primera mitad de 2024, los ingresos netos crecieron un 117,5% a 5,73 millones de dólares.
El total de activos de la compañía aumentó un 8,6% a 831,5 millones de dólares, con un crecimiento significativo en efectivo y equivalentes de efectivo (30,3%) y en valores de inversión (83,1%). El crecimiento de depósitos fue fuerte, aumentando un 8,8% a 739,7 millones de dólares. El margen de interés neto mejoró al 4,16% para el segundo trimestre de 2024, frente al 3,63% del segundo trimestre de 2023. El ratio de eficiencia de la compañía disminuyó sustancialmente al 55,90% para el segundo trimestre de 2024, frente al 70,62% del segundo trimestre de 2023, lo que indica una mejora en la eficiencia operativa.
센추리 넥스트 파이낸셜 (OTCQX: CTUY), 센추리 넥스트 뱅크의 모회사,가 2024년 2분기 강력한 재무 결과를 보고했습니다. 순이익은 2023년 2분기 대비 94.7% 증가하여 306만 달러에 달했습니다. 주당 순이익은 연간 0.88달러에서 1.70달러로 상승했습니다. 2024년 상반기 순이익은 117.5% 증가하여 573만 달러에 달했습니다.
회사의 총 자산은 8.6% 증가하여 8억 3150만 달러에 이르렀으며, 현금 및 현금성 자산은 30.3%, 투자 증권은 83.1%의 상당한 성장을 보였습니다. 예금 증가 또한 강력하여 8.8% 증가한 7억 3970만 달러에 달했습니다. 순이자 마진은 2024년 2분기 4.16%로 개선되어, 2023년 2분기의 3.63%에서 증가했습니다. 회사의 효율성 비율은 2024년 2분기 55.90%로 크게 감소하였으며, 2023년 2분기의 70.62%에서 낮아져 운영 효율성의 개선을 나타냅니다.
Century Next Financial (OTCQX: CTUY), la société holding de Century Next Bank, a annoncé de solides résultats financiers pour le deuxième trimestre de 2024. Le revenu net a augmenté de 94,7% pour atteindre 3,06 millions de dollars par rapport au deuxième trimestre de 2023. Le bénéfice par action a grimpé à 1,70 dollar contre 0,88 dollar d'une année sur l'autre. Pour le premier semestre 2024, le revenu net a progressé de 117,5% pour atteindre 5,73 millions de dollars.
Les actifs totaux de l'entreprise ont augmenté de 8,6% pour atteindre 831,5 millions de dollars, avec une croissance significative des liquidités et équivalents de liquidités (30,3%) et des titres d'investissement (83,1%). La croissance des dépôts a été forte, augmentant de 8,8% pour atteindre 739,7 millions de dollars. La marge d'intérêt nette s'est améliorée à 4,16% pour le deuxième trimestre de 2024, contre 3,63% au deuxième trimestre de 2023. Le ratio d'efficacité de l'entreprise a considérablement diminué à 55,90% pour le deuxième trimestre de 2024, contre 70,62% au deuxième trimestre de 2023, indiquant une amélioration de l'efficacité opérationnelle.
Century Next Financial (OTCQX: CTUY), die Holdinggesellschaft der Century Next Bank, berichtete von starken finanziellen Ergebnissen für das zweite Quartal 2024. Der Nettogewinn stieg um 94,7% auf 3,06 Millionen USD im Vergleich zum zweiten Quartal 2023. Der Gewinn pro Aktie stieg von 0,88 USD auf 1,70 USD im Jahresvergleich. Für die erste Hälfte von 2024 wuchs der Nettogewinn um 117,5% auf 5,73 Millionen USD.
Die Gesamtvermögenswerte des Unternehmens stiegen um 8,6% auf 831,5 Millionen USD, mit einem signifikanten Wachstum bei Bargeld und Zahlungsmitteln (30,3%) und Anlagewerten (83,1%). Das Wachstum der Einlagen war stark und stieg um 8,8% auf 739,7 Millionen USD. Die Nettozinsspanne verbesserte sich im zweiten Quartal 2024 auf 4,16%, von 3,63% im zweiten Quartal 2023. Das Effizienzverhältnis des Unternehmens sank im zweiten Quartal 2024 erheblich auf 55,90%, gegenüber 70,62% im zweiten Quartal 2023, was auf eine verbesserte Betriebseffizienz hinweist.
- 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
- 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%
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
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