Century Next Financial Corporation Reports Strong 2024 Year-End Results

Century Next Financial Corporation (OTCQX: CTUY), the holding company of Century Next Bank, has reported robust financial results for the year ended December 31, 2024. The company's net income after tax surged to $12.14 million, a remarkable 79.9% increase from the $6.75 million reported in 2023. Earnings per share (EPS) also saw a significant jump, reaching $6.72 per basic and $6.69 per diluted share, compared to $3.77 per basic and diluted share in 2023.

Bill Hogan, President & CEO of Century Next Financial, attributed the outstanding performance to the company's strong growth in assets and deposits, as well as a record year in earnings that far exceeded expectations. He expressed gratitude for the company's customer relationships and the dedication of its staff in consistently serving customers' needs, which has once again increased shareholder value through increased earnings per share and an increased book value per share.



The company's balance sheet showed significant improvements in 2024. Total assets increased by $103.5 million or 13.5% to $869.4 million at December 31, 2024, compared to $765.9 million at December 31, 2023. Total cash and cash equivalents increased from $105.0 million at December 31, 2023, to $125.7 million at December 31, 2024, for an increase of $20.7 million or 19.7%. Investment securities, primarily available-for-sale, increased by $62.4 million to $98.5 million at December 31, 2024, from $36.1 million at December 31, 2023. This growth in cash and cash equivalents and available-for-sale investment securities continues to strengthen the company's liquidity position.

Loans, net of deferred fees and costs and allowance for credit losses, including loans held for sale, increased by $18.2 million or 3.1% for the year ended December 31, 2024, compared to December 31, 2023. Total net loans at December 31, 2024, were $605.4 million, compared to $587.2 million at December 31, 2023. The increases in loans were driven by commercial real estate, residential construction, multi-family real estate, home equity lines of credit, land loans, and commercial and consumer non-real estate loans.

Deposit growth was strong for the year ended December 31, 2024, as total deposits increased by $90.6 million or 13.3% to $770.7 million at December 31, 2024, compared to $680.1 million at December 31, 2023. Noninterest-bearing checking increased by $85.9 million, interest-bearing checking by $9.4 million, and money market by $6.8 million for the year ended December 31, 2024.



Net interest income for the year ended December 31, 2024, was $33.0 million, compared to $25.0 million for the year ended December 31, 2023, an increase of $8 million or 31.8%. The increase in net interest income was driven by a $10.0 million increase in total interest income, offset by a $2.0 million increase in total interest expense. Several key operating ratios increased for the year ending December 31, 2024, compared to the year ending December 31, 2023. The average yield on interest-earning assets increased to 6.12% from 5.69%, while the average cost of interest-bearing liabilities increased to 3.38% from 2.91%. The net interest margin improved significantly to 4.16% from 3.70%.

In conclusion, Century Next Financial Corporation's strong financial performance in 2024 is a testament to the company's strategic focus on customer relationships and staff dedication. The company's robust balance sheet and impressive growth in net interest income and net interest margin position it well for continued success in 2025 and beyond. As the company continues to build on the record success of 2024, investors can expect Century Next Financial to maintain its momentum and create value for shareholders.