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TheStreet Open House

Century Next Financial Corporation Reports Year-End Results

Stocks in this article: CTUY

RUSTON, La., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (OTCBB:CTUY), the holding company of Bank of Ruston with $120.6 million in assets, today announced financial results for the year ended December 31, 2012.

Financial Performance

For the year ended December 31, 2012, Century Next Financial Corporation (the "Company") had net income after tax of $656,000 compared to net income of $634,000 for the year ended December 31, 2011, an increase of $22,000 or 3.5%. Earnings per share (EPS) for the full year of 2012 were $0.68 per basic and diluted share compared to $0.64 per basic and diluted share reported for the full year of 2011.

Balance Sheet Growth

Total assets increased $13.2 million, or 12.3%, to $120.6 million at December 31, 2012 compared to $107.4 million at December 31, 2011. This increase was primarily due to increases in net loans of $9.8 million and cash and cash equivalents of $4.0 million offset primarily by a decrease in investment securities of $733,000.

Net loans, including loans held for sale, increased $9.8 million or 11.4% at December 31, 2012 compared to December 31, 2011. The increase in net loans was due primarily to an increase in commercial real estate of $9.1 million, land loans of $2.4 million, commercial business loans of $1.2 million, and home equity lines of credit of $114,000. The increase was offset by decreases in residential construction loans of $1.8 million, consumer non-real estate loans of $979,000, one-to-four family residential loans of $143,000, and multi-family loans of $2,000. The increases in the various loan categories were due primarily to new customer development.

Total deposits increased by $10.7 million or 12.7% to $94.6 million at December 31, 2012 compared to $83.9 million in deposits at December 31, 2011. The increase was due to increases in noninterest-bearing deposits of $4.1 million, savings deposits of $4.0 million, interest-bearing demand deposits of $2.0 million, and time deposits of $1.9 million. Money market deposits decreased by $1.3 million. The increases in noninterest-bearing and savings deposits were due primarily to new customer development.

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