Century Next Financial Corporation Reports 3nd Quarter 2024 Results
Century Next Financial (OTCQX: CTUY), holding company of Century Next Bank, reported strong financial results for Q3 2024. Net income increased 59.8% to $3.02 million for the quarter, with EPS rising to $1.67 from $1.06 year-over-year. For the nine months ended September 30, 2024, net income grew 93.4% to $8.75 million.
The company's total assets increased 12.0% to $857.7 million, with significant growth in cash, cash equivalents, and investment securities. Deposits grew 11.8% to $760.4 million, driven by increases in noninterest-bearing and interest-bearing checking accounts. Net interest income rose 30.0% for the quarter and 34.4% for the nine-month period, with improved net interest margin. The efficiency ratio decreased substantially, indicating better operational performance.
Century Next Financial (OTCQX: CTUY), la holding company di Century Next Bank, ha riportato risultati finanziari solidi per il terzo trimestre del 2024. Il reddito netto è aumentato del 59,8% raggiungendo 3,02 milioni di dollari per il trimestre, con l'EPS che è salito a 1,67 dollari da 1,06 dollari rispetto all'anno precedente. Nei nove mesi fino al 30 settembre 2024, il reddito netto è cresciuto del 93,4% fino a 8,75 milioni di dollari.
Gli attivi totali dell'azienda sono aumentati del 12,0% raggiungendo 857,7 milioni di dollari, con una crescita significativa in contante, equivalenti in contante e titoli di investimento. I depositi sono aumentati dell'11,8% raggiungendo 760,4 milioni di dollari, sostenuti da un incremento nei conti correnti non remunerati e remunerati. Il reddito netto da interessi è salito del 30,0% per il trimestre e del 34,4% per il periodo di nove mesi, con un margine di interesse netto migliorato. Il rapporto di efficienza è diminuito sostanzialmente, indicando un miglioramento delle prestazioni operative.
Century Next Financial (OTCQX: CTUY), la empresa matriz de Century Next Bank, reportó resultados financieros sólidos para el tercer trimestre de 2024. Los ingresos netos aumentaron un 59.8% a 3.02 millones de dólares para el trimestre, con el EPS subiendo a 1.67 dólares desde 1.06 dólares en comparación con el año anterior. Durante los nueve meses finalizados el 30 de septiembre de 2024, los ingresos netos crecieron un 93.4% a 8.75 millones de dólares.
Los activos totales de la compañía aumentaron un 12.0% a 857.7 millones de dólares, con un crecimiento significativo en efectivo, equivalentes de efectivo y valores de inversión. Los depósitos crecieron un 11.8% a 760.4 millones de dólares, impulsados por aumentos en cuentas corrientes sin interés y con interés. Los ingresos netos por intereses aumentaron un 30.0% para el trimestre y un 34.4% para el periodo de nueve meses, con un margen de interés neto mejorado. El ratio de eficiencia disminuyó sustancialmente, indicando un mejor desempeño operativo.
Century Next Financial (OTCQX: CTUY), Century Next Bank의 지주 회사는 2024년 3분기 강력한 재무 결과를 보고했습니다. 순이익은 분기 동안 59.8% 증가하여 3.02백만 달러에 달하며, 주당순이익(EPS)은 전년대비 1.06달러에서 1.67달러로 상승했습니다. 2024년 9월 30일로 종료된 9개월 동안 순이익은 93.4% 증가하여 8.75백만 달러에 달했습니다.
회사의 총 자산은 12.0% 증가하여 857.7백만 달러에 이르렀으며, 현금, 현금성 자산 및 투자 증권에서의 큰 성장이 있었습니다. 예금은 이자 비과세 및 이자 발생 수표 계좌의 증가에 힘입어 11.8% 증가하여 760.4백만 달러에 달했습니다. 순이자 수익은 분기 동안 30.0%, 9개월 동안 34.4% 증가했으며, 순이자 마진이 개선되었습니다. 효율성 비율은 상당히 감소하여 운영 성과가 개선되었음을 나타냅니다.
Century Next Financial (OTCQX: CTUY), la société mère de Century Next Bank, a annoncé des résultats financiers solides pour le troisième trimestre de 2024. Le revenu net a augmenté de 59,8 % pour atteindre 3,02 millions de dollars pour le trimestre, avec le BPA passant de 1,06 dollar à 1,67 dollar par rapport à l'année précédente. Pour les neuf mois se terminant le 30 septembre 2024, le revenu net a augmenté de 93,4 % pour atteindre 8,75 millions de dollars.
Les actifs totaux de l'entreprise ont augmenté de 12,0 % pour atteindre 857,7 millions de dollars, avec une croissance significative des liquidités, des équivalents de liquidités et des titres d'investissement. Les dépôts ont augmenté de 11,8 % pour atteindre 760,4 millions de dollars, soutenus par des augmentations des comptes courants non rémunérés et rémunérés. Le revenu net d'intérêts a augmenté de 30,0 % pour le trimestre et de 34,4 % pour la période de neuf mois, avec une marge d'intérêt nette améliorée. Le taux d'efficacité a diminué de manière substantielle, indiquant une meilleure performance opérationnelle.
Century Next Financial (OTCQX: CTUY), die Holdinggesellschaft der Century Next Bank, berichtete für das 3. Quartal 2024 über starke finanzielle Ergebnisse. Der Nettogewinn stieg um 59,8 % auf 3,02 Millionen Dollar für das Quartal, während der EPS von 1,06 Dollar im Vorjahr auf 1,67 Dollar anstieg. Für die neun Monate bis zum 30. September 2024 wuchs der Nettogewinn um 93,4 % auf 8,75 Millionen Dollar.
Die Gesamtvermögen des Unternehmens erhöhten sich um 12,0 % auf 857,7 Millionen Dollar, wobei ein signifikantes Wachstum bei Bargeld, Zahlungsmitteläquivalenten und Anlagewerten zu verzeichnen war. Die Einlagen wuchsen um 11,8 % auf 760,4 Millionen Dollar, bedingt durch Erhöhungen bei verzinslichen und unverzinslichen Girokonten. Der Zinsertrag stieg im Quartal um 30,0 % und im Zeitraum von neun Monaten um 34,4 %, mit einem verbesserten Nettomargin. Das Effizienzverhältnis sank erheblich, was auf eine bessere Betriebsleistung hinweist.
- Net income increased 59.8% to $3.02 million for Q3 2024
- EPS rose to $1.67 from $1.06 year-over-year
- Total assets grew 12.0% to $857.7 million
- Deposits increased 11.8% to $760.4 million
- Net interest income rose 30.0% for the quarter
- Efficiency ratio improved significantly to 56.38% for Q3 2024
- Net recoveries of $67,000 for the nine months ending September 30, 2024
- Nonperforming assets increased to $5.77 million, or 0.67% of total assets
- Provision for credit losses of $270,000 expensed in Q3 2024
- Non-interest expense increased by 5.5% to $5.25 million for Q3 2024
RUSTON, La., Oct. 22, 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 September 30, 2024, the Company had net income after tax of
For the nine months ended September 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 nine months ended September 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 nine-month periods ending September 30, 2024 compared to the same periods ending September 30, 2023 as displayed in the following table:
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
| Select Operating Ratios | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Average Yield on Interest-Earning Assets | 6.14 | % | 5.89 | % | 6.14 | % | 5.57 | % | |||||||
| Average Cost of Interest-Bearing Liabilities | 3.45 | % | 3.16 | % | 3.41 | % | 2.77 | % | |||||||
| Net Interest Margin | 4.19 | % | 3.80 | % | 4.15 | % | 3.63 | % | |||||||
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 nine-month periods ending September 30, 2024 compared to the same periods in 2023.
For the three months ending September 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) | ||||||
| September 30, 2024 | December 31, 2023 | |||||
| ASSETS | ||||||
| Cash and cash equivalents | $ | 139,167 | $ | 104,961 | ||
| Investment securities | 91,137 | 38,146 | ||||
| Loans, net | 590,864 | 587,213 | ||||
| Other assets | 36,500 | 35,530 | ||||
| TOTAL ASSETS | $ | 857,668 | $ | 765,850 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Deposits | $ | 760,398 | $ | 680,112 | ||
| Long-term borrowings | 8,454 | 8,454 | ||||
| Other liabilities | 6,790 | 5,391 | ||||
| Total Liabilities | 775,642 | 693,957 | ||||
| Stockholders' equity | 82,026 | 71,893 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 857,668 | $ | 765,850 | ||
| Book Value per share | $ | 44.72 | $ | 39.35 | ||
| Tangible Book Value per share | $ | 42.96 | $ | 37.48 | ||
| Century Next Financial Corporation and Subsidiary Consolidated Statements of Income (unaudited) | |||||||||||||||
| (In thousands, except per share data) | |||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Interest Income | $ | 12,412 | $ | 10,104 | $ | 35,842 | $ | 27,608 | |||||||
| Interest Expense | 3,941 | 3,590 | 11,651 | 9,608 | |||||||||||
| Net Interest Income | 8,471 | 6,514 | 24,191 | 18,000 | |||||||||||
| Provision for Credit Losses | 270 | 0 | 420 | 262 | |||||||||||
| Net Interest Income after Provision for Credit Losses | 8,201 | 6,514 | 23,771 | 17,738 | |||||||||||
| Noninterest Income | 846 | 869 | 2,571 | 2,506 | |||||||||||
| Noninterest Expense | 5,253 | 4,978 | 15,433 | 14,644 | |||||||||||
| Income Before Taxes | 3,794 | 2,405 | 10,909 | 5,600 | |||||||||||
| Provision For Income Taxes | 773 | 515 | 2,163 | 1,078 | |||||||||||
| NET INCOME | $ | 3,021 | $ | 1,890 | $ | 8,746 | $ | 4,522 | |||||||
| EARNINGS PER SHARE | |||||||||||||||
| Basic | $ | 1.67 | $ | 1.06 | $ | 4.85 | $ | 2.53 | |||||||
| Diluted | $ | 1.67 | $ | 1.06 | $ | 4.85 | $ | 2.53 | |||||||
| Key Ratios: | |||||||||||||||
| Annualized Return on Average Assets | 1.44 | % | 0.87 | % | |||||||||||
| Annualized Return on Average Equity | 15.31 | % | 9.08 | % | |||||||||||
| Annualized Net Interest Margin | 4.15 | % | 3.63 | % | |||||||||||
| Efficiency Ratio | 57.67 | % | 71.41 | % | |||||||||||
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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