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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 $85.9 million, interest-bearing checking increased $9.4 million, and money market increased $6.8 million for the year ended December 31, 2024. The increases were offset by decreases of $8.2 million in time deposits and $3.3 million in savings accounts for the year ended December 31, 2024.

Total long-term borrowings remained the same at $8.5 million at December 31, 2024 and 2023.

Income Statement

Net interest income was $33.0 million for the year ended December 31, 2024 compared to $25.0 million for the year ended December 31, 2023. This was an increase of $8 million, or 31.8%. Of the increase of $8.0 million in net interest income, total interest income, including loan fees recognized, was up by $10.0 million offset by an increase in total interest expense of $2.0 million the year ended December 31, 2024.

Several key operating ratios increased for the year ending December 31, 2024 compared to the year ending December 31, 2023 as displayed in the following table:

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 for the year ending December 31, 2024 compared to the year ending December 31, 2023.

For the year ending December 31, 2024, a provision for credit losses of $420,000 compared to $262,000 for the year ending December 31,2023.

Total non-interest income amounted to $3.4 million for the year ended December 31, 2024 compared to $3.3 million for the year ended December 31, 2023, an increase of $89,000 or 2.7%. The increase was primarily from increased service charges on deposit accounts and net gain on sale of loans. The increase was offset by losses on sale of foreclosed assets and a decrease in other non-interest income.

Total non-interest expense increased by $1.2 million or 6.1% to $20.9 million for the year ending December 31, 2024 compared to $19.7 million for the year ending December 31, 2023. The increase was primarily due to increases in salaries and benefits, data processing, audit and examination fees, advertising, and various other operating expenses as compared to December 31, 2023.

The Company’s efficiency ratio, a measure of expense as a percent of total income, decreased substantially to 57.45% for the year ending December 31, 2024 compared to 69.56% for the year ending December 31, 2023. The increase in net interest income, as previously discussed above, for the comparative periods was the primarily driver of this reduction of the efficiency ratio.

Other Financial Information

Nonperforming assets, including loans past due 90 days or more, nonaccrual loans, and other foreclosed assets, increased from $2.93 million at December 31, 2023 to $3.98 million at December 31, 2024, an increase of $1.05 million. Total non-performing assets were 0.46% and 0.38% of totals assets as of December 31, 2024 and December 31, 2023, respectively.

Allowance for credit losses under CECL was $6.54 million or 1.07% of total loans at December 31, 2024 compared to $6.05 million or 1.02% of total loans at December 31, 2023. Net recoveries for the year ending December 31, 2024 were $67,000, compared net charge-offs of $20,000 for the year ending December 31, 2023. The ratio of net recoveries to average loans outstanding was 0.011% at December 31, 2024 compared to the ratio of net charge-offs to average loans outstanding was 0.003% at December 31, 2023

Key Performance Ratios

Return on average assets was 1.47% for the year ended December 31, 2024, an increase compared to 0.95% for the year ended December 31, 2023. Return on average equity increased from 10.04% for the year ended December 31, 2023 to 15.58% for the year ended December 31, 2024.

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 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