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Century Next Financial Corporation Reports Record 1st Quarter 2021 Results

RUSTON, La., April 21, 2021 (GLOBE NEWSWIRE) – Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $ 538.0 million in assets, today announced financial results for the first quarter ended March 31, 2021.

Financial performance

For the three months ended March 31, 2021, the company had net profit after tax of $ 1.29 million compared to net profit of $ 1.0 million for the three months ended March 31, 2020, an increase of $ 283,000 or 28. 2%. Earnings per share (EPS) for the three months ended March 31, 2021 was $ 0.78 per common share and $ 0.77 per diluted share, compared to $ 0.62 per common share and $ 0.61 per diluted share reported for the three months ended March 31, 2020.

Balance

In total, total assets increased $ 22.9 million or 4.5% to $ 538.0 million at March 31, 2021, compared to $ 515.1 million at December 31, 2020.

Most of the assets, loans, net of deferred fees and expenses and the loan loss allowance, including loans held for sale, increased $ 12.1 million or 2.9% for the three months ended March 31, 2021 in compared to December 31, 2020. Total net borrowings at March 31, 2021 were $ 432.5 million, compared to $ 420.4 million at December 31, 2020.

Total deposits at March 31, 2021 increased $ 20.3 million or 4.6% to $ 461.4 million compared to $ 441.1 million at December 31, 2020.

Total short and long term borrowings were flat at $ 14.45 million at March 31, 2021 and December 31, 2020.

Profit and loss account

Net interest income was $ 5.23 million for the three months ended March 31, 2021 compared to $ 5.0 million for the three months ended March 31, 2020, an increase of $ 224,000, or 4.5%.

The loan loss allowance was $ 202,000 for the three months ended March 31, 2021, compared to $ 362,000 for the three months ended March 31, 2020. The decrease reflects the decrease in inherent losses in the total portfolio and reduced risk awareness and identification of possible changes in credit trends.

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Total non-interest income was $ 952,000 for the three months ended March 31, 2021 compared to $ 866,000 for the three months ended March 31, 2020, an increase of $ 86,000 or 9.9%.

Total non-interest expense increased $ 194,000 or 4.7% to $ 4.34 million for the three months ended March 31, 2021, compared to $ 4.14 million for the three months ended March 31, 2020.

The company’s efficiency ratio, a cost measure as a percentage of total revenues, decreased to 70.2% for the three months ended March 31, 2021, compared to 70.6% for the three months ended March 31, 2020.

Other financial information

Non-performing assets, including loans maturing 90 days or more, non-recurring loans and other foreclosed assets, increased from $ 4.72 million at December 31, 2020 to $ 5.67 million at March 31, 2021, up from $ 4.72 million at December 31, 2020. $ 950,000. Total non-performing assets were 1.05% and 0.92% of total assets respectively at March 31, 2021 and December 31, 2020. The increase was mainly due to an increase in accrued loans with 90 days past due. or more.

The loan loss provision was $ 4.69 million or 1.07% of total borrowings at March 31, 2021 compared to $ 4.55 million or 1.07% of total borrowings at December 31, 2020. Net cost for the three months ended March 31, 2021 were $ 57,000 compared to a net write-off of $ 20,000 on March 31, 2020. The ratios between net write-offs and average outstanding loans were 0.01% and 0.005% at March 31, 2021 and March 31, respectively. 2020.

Dividend statement

The Board of Directors has approved a cash dividend of $ 0.28 per share and a 5% stock dividend, each payable on June 8, 2021 to shareholders identified on May 25, 2021. The stock dividend will increase the number of shares outstanding by approximately. 84,220 shares, bringing the total number of shares outstanding to approximately 1,768,624. The final number of shares outstanding may vary slightly for newly issued and fractional shares that will be paid in cash.

Company Information

Century Next Financial Corporation is the holding company of Century Next Bank (the “Bank”) which conducts business from its headquarters in Ruston, Louisiana. The Company was incorporated in 2010 and is subject to regulatory oversight by the Board of the Federal Reserve System. The Bank is a wholly owned subsidiary and is an insured federally chartered covered savings association under the regulatory oversight of the Office of the Comptroller of the Currency. The bank was founded in 1905 and is headquartered in Ruston, Louisiana. The Bank is a full-service bank with four locations in Louisiana, including two bank branches in Ruston, one bank branch in Monroe, one bank branch in West Monroe and four locations in Arkansas, including two bank branches in Crossett, one bank branch in Hamburg. , and a limited-service drive-through location in Fountain Hill. The Bank emphasizes professional and personal banking services primarily aimed at small and medium-sized businesses, professionals and individuals. The bank offers a full range of banking services, including its primary business of providing real estate to residential and commercial clients.

Statements in this press release that 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 may be identified by not being strictly related to historical or current facts. They often include words such as’ believe ‘,’ expect ‘,’ anticipate ‘,’ estimate ‘and’ plan ‘or future or conditional verbs such as’ will’, ‘would’, ‘should’, ‘could’ or ‘ May. “We are under 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)

December 31

March 31, 2021

December 31, 2020

RESOURCES

Cash and cash equivalents

$

64,493

$

61,426

Investment values

9,820

2558

Loans, net

432,518

420,397

other assets

31,157

30,689

TOTAL ASSETS

$

537,988

$

515,070

LIABILITIES AND EQUITY

Deposits

$

461,416

$

441,075

Long-term loans

14,454

14,454

Other obligations

5,211

4,021

Total liabilities

481,081

459,550

Equity

56,907

55,520

TOTAL LIABILITIES AND EQUITY

$

537,988

$

515,070

Book value per share

$

33.67

$

32.90

Century Next Financial Corporation and subsidiary
Consolidated income statement (unaudited)

(In thousands, except per share data)

Three months ended March 31

2021

2020

Interest income

$

5,937

$

6,290

Interest costs

712

1,289

Net interest income

5,225

5,001

Provision for credit losses

202

362

Net interest income after provision for credit losses

5.023

4,639

Income without interest

952

866

Non-interest charges

4,335

4,141

Pre-tax income

1,640

1,364

Provision for income taxes

353

360

NET INCOME

$

1,287

$

1.004

PROFIT PER SHARE

Basic

$

0.78

$

0.62

Dilute

$

0.77

$

0.61

Century Next Financial Corporation Contact Details:

William D. Hogan, President and Chief Executive Officer of
Mark A. Taylor, CPA CGMA, Executive Vice President and Chief Financial Officer
(318) 255-3733

Company website: www.cnext.bank

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