RUSTON, La., April 24, 2024 (GLOBE NEWSWIRE) — Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $793.8 million in assets, today announced financial results for the 1st quarter ended March 31, 2024.
Financial Performance
For the three months ended March 31, 2024, the Company had net income after tax of $2.66 million compared to net income of $1.06 million for the three months ended March 31, 2023, an increase of $1.6 million or 151%. Earnings per share (EPS) for the three months ended March 31, 2024 were $1.48 per basic and diluted share compared to $0.59 per basic and diluted share reported for the three months ended March 31, 2023.
Balance Sheet
Overall, total assets increased by $27.9 million or 3.6% to $793.8 million at March 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 $113.2 million at March 31, 2024 for an increase of $8.2 million or 7.8%. Investment securities, primarily available-for-sale, increased by $14.1 million to $50.2 million at March 31, 2024 from $36.1 million at December 31, 2023. The growth in cash and cash equivalents and available-for-sale investment securities for the first quarter ending March 31, 2024 continued 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 $5.1 million or 0.9% for the three months ended March 31, 2024 compared to December 31, 2023. Total net loans at March 31, 2024 were $592.3 million compared to $587.2 million at December 31, 2023. Of total net loans outstanding for each period, loans secured by commercial real estate increase $9.4 million followed by $1.8 million in commercial non-real estate loans, $1.5 million in residential construction loans, and $216,000 in home equity line of credit for the three months ended March 31, 2024. The increases were offset by decreases of $4.7 million in agricultural real estate loans, $1.4 million in land loans, $902,000 in residential 1-4 family loans, $412,000 in residential 1-4 family – held for sale, $234,000 in multi-family, and a combined decrease of $208,000 in agricultural non-real estate and consumer loans for the three months ended March 31, 2024.
Deposit growth was strong for the quarter ended March 31, 2024 as total deposits increased by $24.7 million or 3.6% to $704.8 million at March 31, 2024 compared to $680.1 million at December 31, 2023. Noninterest-bearing checking increased $23.0 million and interest-bearing accounts increased $3.2 million, and savings increased $238,000 for the three months ended March 31, 2024. The increases were offset by decreases of $1.17 million in time deposits and $607,000 in money market accounts for the three months ended March 31, 2024.
Total long-term borrowings remained the same at $8.5 million at March 31, 2024 and December 31, 2023.
Income Statement
Net interest income was $7.6 million for the three months ended March 31, 2024 compared to $5.5 million for the three months ended March 31, 2023 for an increase of $2.1 million, or 37.9%. The average rate on earning assets increased to 6.13% at March 31, 2024 compared to 5.20% at March 31, 2023. The cost of interest-bearing liabilities increased to 3.36% at March 31, 2024 compared to 2.36% at March 31, 2023. 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 was 4.08% for the three months ended March 31, 2024 compared to 3.45% for the three months ended March 31, 2023.
For the three months ended March 31, 2024, no provision for credit losses was expensed compared to $138,000 for the three months ending March 31,2023.
Total non-interest income was $811,000 for the three months ended March 31, 2024 compared to $781,000 for the three months ended March 31, 2023, an increase of $30,000 or 3.8%. Of the increase, service charges on deposit accounts increased by $67,000 and income from mortgage activity increased by $10,000 for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023. The increases were offset by a decrease in the net proceeds from sale of foreclosed assets of $38,000 and a decrease in other income of $9,000 for the three months ended March 31, 2024 compared to the same period in 2023.
Total non-interest expense increased by $287,000 or 5.9% to $5.1 million for the three months ended March 31, 2024 compared to $4.8 million for the three months ended March 31, 2023. The largest component contributing to the total…
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