Century Next Financial Corporation Reports 1st Quarter 2017

RUSTON, La., April 25, 2017 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (OTCQB:CTUY), the holding company of Bank of Ruston with $246.4 million in assets, today announced financial results for the 1^st quarter ended March 31, 2017.

Financial Performance

For the three months ended March 31, 2017, Century Next Financial Corporation (the “Company”) had net income after tax of $584,000 compared to net income of $454,000 for the three months ended March 31, 2016, an increase of $130,000 or 28.6%.  Earnings per share (EPS) for the three months ended were $0.56 per basic share and $0.54 per diluted share compared to $0.44 per basic share and $0.43 diluted share reported for the three months ended March 31, 2016. 

Balance Sheet

Overall, total assets increased by $7.0 million or 2.93% to $246.4 million at March 31, 2017 compared to $239.4 million at December 31, 2016. 

The largest component of assets, loans, net of deferred fees and costs and the allowance for loan losses, increased $3.0 million or 1.48% for the three months ended March 31, 2017 compared to December 31, 2016.  Total net loans at March 31, 2017 were $204.5 million compared to $201.5 million at December 31, 2016. The growth was primarily the result of demand for loans secured by real estate including 1-4 family residential, commercial properties, and land loans.

Total deposits at March 31, 2017 increased $6.4 million or 3.33% to $197.7 million compared to $191.4 million at December 31, 2016.  Noninterest-bearing checking, interest-bearing checking, and savings deposits were the main growth areas contributing to the increase in overall deposits. 

Total short-term borrowings were unchanged at $20.0 million at March 31, 2017 compared to December 31, 2016. 

Income Statement

Net interest income was $2.39 million for the three months ended March 31, 2017 compared to $2.15 million for the three months ended March 31, 2016.  This was an increase of $241,000, or 11.2%.  The increase for the quarter was primarily from interest income earned on loans. 

The provision for loan losses amounted to $150,000 for the three months ended March 31, 2017, compared to $105,000 in provision for the three months ended March 31, 2016.  The increase in loan loss provision for the quarter, as compared to the prior year quarter, is not a result of increased loss activity but more appropriately a result of increased risk awareness and identification to strengthen the allowance for loan losses.  

Total non-interest income amounted to $381,000 for the three months ended March 31, 2017 compared to $201,000 for the three months ended March 31, 2016, an increase of $180,000 or 89.6%.  The increase was primarily from income generated from loan servicing release fees and service charges and other fees on deposits. 

Total non-interest expense increased by $217,000 or 13.9% to $1.78 million for the quarter ended March 31, 2017 compared to $1.57 million for the quarter ended March 31, 2016.  The majority of the increase was due to increased expenses of salaries and benefits.  The Company continues to show improvement in its efficiency ratio, a measure of expense as a percent of total income, to 64.3% for the quarter ended March 31, 2017 compared to 66.5% for the same period in 2016.

Additional Information

Century Next Financial Corporation is the holding company for Bank of Ruston (the “Bank”) which conducts business from three full-service banking centers.  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 stock 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 two banking offices in Ruston and one banking office in Monroe. 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, Senior Vice President & Chief Financial Officer (318) 255-3733 Company Website: www.bankruston.com