FDIC-Insured - Backed by the full faith and credit of the U.S. GovernmentFDIC-Insured - Backed by the full faith and credit of the U.S. Government
Exciting, challenging, and successful are the three words that come to mind to summarize 2024. In many ways, it was the most successful year in our Company’s history. We experienced a record year of earnings, margin expansion, and improvements in efficiency. And yet, we maintained our primary focus of investing in our communities, improving the customer experience, and increasing shareholder value.
For the second year, our team efforts and planning resulted in outstanding results. Our assets grew by 13.5%. With strong deposit growth of 13.3%, we were able to increase our cash position and purchase high-grade investment securities with strong yields and low risks. Net loans were up about 3.1% as we were more selective in growth. The planning efforts over the last two years resulted in net income growth in 2024 of 79.9%.
For the year ended December 31, 2024, net income was $12.1 million compared to $6.7 million in 2023. Earnings per share were $6.72 basic and $6.69 diluted compared to $3.77 basic and diluted in 2023.
Our net interest income improved in 2024 by 31.8% or $8.0 million over 2023 primarily due to new investments with higher yields resulting in margin expansion. Our net interest margin increased from 3.70% in 2023 to 4.16% in 2024. Non-interest income growth returned in 2024 increasing 2.7% or $89,000. Even with mortgage activity continuing to slow in 2024, mortgage income increased by $23,000 or 5.4% over 2023. Non-interest expense (NIE) increased 6.1% or $1.2 million which was less than the increase in 2023 of 8.1% or $1.48 million. Finally, our NIE efficiency ratio measuring NIE to total income improved from 69.6% in 2023 to 57.5% in 2024.
In Louisiana, loans grew by 4.8% or $22.6 million and deposits grew by 18.7% or $99 million. The robust deposit growth continued to increase our liquidity position for the second year in a row.
In Arkansas, loans decreased by $3.9 million or 3.3% and deposits declined by 4.6% or $7.1 million. However, the net interest margin expanded from 4.14% to 4.48% due to a higher net interest income from higher rates on earning assets. We continue to be the market leader in the Ashley County Arkansas market with 43.9% of deposit market share.
Century Next Bank, our subsidiary bank, continues to increase involvement in the communities we serve through partnerships with community organization in North Central Louisiana and Southeast Arkansas. Our strong commitment to community is of great importance to our directors, leadership and staff.
We plan to increase our efforts and expand our strong sense of responsibility to our communities in 2025 and continue doing our part to help enhance a strong economic environment. Our commitment to banking service excellence with both business and personal customers will continue to be an importance driver of our success.
The financial strength experienced in 2024 provides a strong foundation for continued success in 2025. Our diligence and commitment remains strong, and we will focus efforts to build on existing areas of strength and new opportunities for achieving strong results once again.
We are truly thankful for the privilege to serve you our customers, shareholders, and communities through providing excellence in banking services and creating strong partnerships for years ahead.
William D. Hogan, President and Chief Executive Officer
Century Next Financial Corporation
