RUSTON, La., Jan. 27, 2023 (GLOBE NEWSWIRE) — Century Next Financial Corporation (the “Company”) CTUY, the holding company of Century Next Bank, with $643.3 million in assets, today announced financial results for the year ended December 31, 2022.
Financial Performance
For the year ended December 31, 2022, the Company had net income after tax of $5.22 million compared to net income of $4.78 million for the year ended December 31, 2021, an increase of $444,000 or 9.3%. Earnings per share (EPS) for the year ended December 31, 2022 were $2.94 per basic and diluted share compared to $2.73 per basic and diluted share reported for the year ended December 31, 2021.
Balance Sheet
Overall, total assets increased by $89.8 million or 16.2% to $643.3 million at December 31, 2022 compared to $553.5 million at December 31, 2021.
The largest component of assets, loans, net of deferred fees and costs and the allowance for loan losses, including loans held for sale, increased $100.6 million or 23.0% for the year ended December 31, 2022 compared to December 31, 2021. Total net loans at December 31, 2022 were $537.9 million compared to $437.3 million at December 31, 2021. For the year ended December 31, 2022, loans secured by commercial real estate increased $59.0 million, land loans increased $14.9 million, commercial non-real estate loans increased $9.3 million, loans secured by multi-family properties increased $7.9 million, loans secured by residential 1-4 family increased $6.8 million, residential construction loans increased $2.8 million, home equity lines of credit increased 357,000, residential 1-4 family held-for-sale loans increased $215,000, consumer loans increased $173,000, and agricultural non-real estate loans increased $82,000. These increases were offset by a decline in agricultural land loans of $214,000 for the year ended December 31, 2022.
Total deposits at December 31, 2022 increased $85.9 million or 18.11% to $560.4 million compared to $474.5 million at December…
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