OPELOUSAS, La., May 2, 2024
/PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: "CLST") (the
"Company"), the parent company for Catalyst Bank (the "Bank")
(www.catalystbank.com), reported a net loss of $4.7 million for the first quarter of 2024, which
includes a $5.5 million loss on the
sale of investment securities and $560,000 of data conversion and other expenses
associated with the Bank's upgrade to a new core processing
system.
"Our net loss resulted from two strategic moves that
significantly enhance our growth prospects," said Joe Zanco. "First, we completed a full upgrade
of our banking systems and now offer among the very best technology
in banking. We're incredibly proud of our team for executing
such a successful systems upgrade."
"Second, we repositioned our balance sheet by selling
lower-yielding investment securities. The sales generated
$42.6 million in cash which we plan
to invest in new loans, higher-yielding investment securities,
share repurchases and debt repayments," continued Zanco.
Loans
Loans totaled $143.5 million at
March 31, 2024, down $1.4 million, or less than 1%, from December 31, 2023. The following table sets forth
the composition of the Company's loan portfolio as of the dates
indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
residential
|
|
$
|
81,686
|
|
$
|
83,623
|
|
$
|
(1,937)
|
|
(2)
|
%
|
Commercial real
estate
|
|
|
21,130
|
|
|
21,478
|
|
|
(348)
|
|
(2)
|
|
Construction and
land
|
|
|
19,369
|
|
|
13,857
|
|
|
5,512
|
|
40
|
|
Multi-family
residential
|
|
|
3,061
|
|
|
3,373
|
|
|
(312)
|
|
(9)
|
|
Total real estate
loans
|
|
|
125,246
|
|
|
122,331
|
|
|
2,915
|
|
2
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
15,711
|
|
|
19,984
|
|
|
(4,273)
|
|
(21)
|
|
Consumer
|
|
|
2,534
|
|
|
2,605
|
|
|
(71)
|
|
(3)
|
|
Total other
loans
|
|
|
18,245
|
|
|
22,589
|
|
|
(4,344)
|
|
(19)
|
|
Total loans
|
|
$
|
143,491
|
|
$
|
144,920
|
|
$
|
(1,429)
|
|
(1)
|
%
|
In the first quarter of 2024, strong construction loan growth
was offset primarily by net declines in our commercial and
industrial and residential loan portfolios. Construction loan
growth was largely driven by multi-family residential development
and additional fundings on several existing construction loans.
The following table summarizes the composition of our
construction and land loan balances and commitments, including the
related undisbursed amounts for construction projects in process as
of March 31, 2024.
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
Loan
Balance
|
|
Undisbursed
|
|
Total
Commitment
|
Commercial
construction and land loans
|
|
|
|
|
|
|
|
|
|
Multi-family
residential
|
|
$
|
4,782
|
|
$
|
3,218
|
|
$
|
8,000
|
Retail
|
|
|
711
|
|
|
4,769
|
|
|
5,480
|
Health service
facilities
|
|
|
2,749
|
|
|
2,663
|
|
|
5,412
|
Hospitality
|
|
|
2,716
|
|
|
700
|
|
|
3,416
|
Residential subdivision
development
|
|
|
813
|
|
|
9
|
|
|
822
|
Commercial
land
|
|
|
297
|
|
|
-
|
|
|
297
|
Other commercial
construction and development
|
|
|
3,790
|
|
|
289
|
|
|
4,079
|
Total commercial
construction and land
|
|
$
|
15,858
|
|
$
|
11,648
|
|
$
|
27,506
|
Consumer
construction and land loans
|
|
|
|
|
|
|
|
|
|
Residential
construction
|
|
|
2,851
|
|
|
1,241
|
|
|
4,092
|
Consumer
land
|
|
|
660
|
|
|
-
|
|
|
660
|
Total consumer
construction and land
|
|
|
3,511
|
|
|
1,241
|
|
|
4,752
|
Total construction and
land
|
|
$
|
19,369
|
|
$
|
12,889
|
|
$
|
32,258
|
Based on total commitment and contractual maturity date, the
weighted average term to maturity of our construction and land loan
portfolio is approximately 11 months as of March 31, 2024.
Credit Quality and Allowance for Credit Losses
At March 31, 2024, non-performing
assets ("NPAs") totaled $1.7 million,
down $331,000, or 16.1%, compared to
$2.1 million at December 31, 2023. Non-performing loans totaling
$275,000 as of December 31, 2023 were paid-off or returned to
accrual status during the first quarter of 2024. The ratio of NPAs
to total assets was 0.61% and 0.76% at March
31, 2024 and December 31,
2023, respectively. Non-performing loans ("NPLs") comprised
1.03% of total loans at March 31, 2024, and 1.37% of
total loans at December 31, 2023. At
March 31, 2024 and December 31, 2023, 98% and 95% of total NPLs,
respectively, were one- to four-family residential mortgage
loans.
At March 31, 2024, the allowance
for loan losses totaled $2.1 million,
or 1.44% of total loans, compared to 1.47% of total loans at
December 31, 2023. The allowance for
credit losses on unfunded lending commitments totaled $310,000 and $257,000 at March 31,
2024 and December 31, 2023,
respectively. The provision for credit losses, inclusive of the
provision for unfunded commitments, for the first quarter of 2024
totaled $95,000 and was largely
attributable to growth in total construction loan commitments.
Net loan charge-offs totaled $98,000 during the first quarter of 2024,
compared to net charge-offs of $63,000 for the fourth quarter of 2023. Net loan
charge-offs in both periods were primarily attributable to one- to
four-family residential loans.
Investment Securities
Total investment securities were $39.0
million, or 13.8% of total assets, at March 31, 2024, down $45.0
million, or 53.6%, compared to December 31, 2023. During the first quarter of
2024, the Company sold $48.0 million
of available-for-sale securities (quoted at book value) for a
pre-tax loss of $5.5 million. Cash
proceeds from the sale totaled $42.6
million. The Company expects to re-deploy the sales proceeds
into a mix of loans, higher-yielding investment securities, share
repurchases, and debt repayments.
At March 31, 2024 the amortized
cost and fair value of pledged investment securities totaled
$25.4 million and $21.3 million, respectively. The amortized cost
and fair value of investment securities pledged as collateral for
borrowings through the Bank Term Funding Program ("BTFP") totaled
$21.6 million and $18.0 million, respectively at March 31, 2024. The remainder of the pledged
investment securities at March 31,
2024 served as collateral for public fund deposits.
Deposits
Total deposits were $169.6 million
at March 31, 2024, up $4.0 million, or 2%, from December 31, 2023. The following table sets forth
the composition of the Bank's deposits as of the dates indicated.
The ratio of the Company's total loans to total deposits was 85%
and 88% as of March 31, 2024, and
December 31, 2023, respectively.
(Dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
Increase
(Decrease)
|
Non-interest-bearing
demand deposits
|
|
$
|
28,836
|
|
$
|
28,183
|
|
$
|
653
|
|
2
|
%
|
Interest-bearing demand
deposits
|
|
|
35,374
|
|
|
36,867
|
|
|
(1,493)
|
|
(4)
|
|
Money market
|
|
|
14,712
|
|
|
15,126
|
|
|
(414)
|
|
(3)
|
|
Savings
|
|
|
33,675
|
|
|
31,518
|
|
|
2,157
|
|
7
|
|
Certificates of
deposit
|
|
|
57,040
|
|
|
53,928
|
|
|
3,112
|
|
6
|
|
Total
deposits
|
|
$
|
169,637
|
|
$
|
165,622
|
|
$
|
4,015
|
|
2
|
%
|
Total public fund deposits amounted to $22.7 million, or 13% of total deposits, at
March 31, 2024, compared to
$23.3 million, or 14% of total
deposits, at December 31, 2023. At
March 31, 2024, approximately 78% of
our total public fund deposits consisted of non-interest-bearing
and interest-bearing demand deposits from municipalities within our
market.
Our total uninsured deposits (that is deposits in excess of the
FDIC's insurance limit), inclusive of public funds, were
approximately $41.7 million at
March 31, 2024 and $44.6 million at December
31, 2023. Total uninsured non-public funds deposits were
approximately $23.9 million and
$26.3 million at March 31, 2024 and December 31, 2023, respectively. The full amount
of our public fund deposits in excess of the FDIC's insurance limit
are secured by pledging investment securities and portions of a
custodial letter of credit from the Federal Home Loan Bank of
Dallas.
Borrowings
Total borrowings at March 31, 2024
were $29.4 million, up $10.0 million from December 31, 2023. During the first quarter of
2024, the Bank increased its borrowings from the Federal Reserve
Bank of Atlanta through the BTFP.
At March 31, 2024, the Bank had one
$20.0 million BTFP advance
outstanding with a contractual interest rate of 4.76% and a
maturity date of January 15,
2025.
Capital and Share Repurchases
The Company announced that its Board of Directors approved the
Company's fourth share repurchase plan (the "May 2024 Repurchase Plan"). Under the
May 2024 Repurchase Plan, the Company
may purchase up to 227,000 shares, or approximately 5%, of the
Company's outstanding shares of common stock.
The Company repurchased 202,997 shares of its common stock at an
average cost per share of $12.12
during the first quarter of 2024 under its November 2023 Repurchase Plan. At March 31, 2024, the Company had common shares
outstanding of 4,558,329 and 25,329 of those shares were available
for repurchase under the November
2023 Repurchase Plan. The Company completed the November 2023 Repurchase Plan in April 2024.
At March 31, 2024 and December 31, 2023, consolidated shareholders'
equity totaled $81.4 million, or
28.8% of total assets, and $84.7
million, or 31.2% of total assets, respectively.
Net Interest Income
The net interest margin for the first quarter of 2024 was 3.15%,
up one basis point compared to the prior quarter. For the first
quarter of 2024, the average yield on interest-earning assets was
4.71%, up 54 basis points from the prior quarter, while the average
rate paid on interest-bearing liabilities was 2.42%, up 69 basis
points from the fourth quarter of 2023.
Net interest income for the first quarter of 2024 was
$2.1 million, up $148,000, or 8%, compared to the fourth quarter
of 2023. Total interest income was up $552,000, or 21%, while total interest expense
increased $404,000, or 63%, in the
first quarter of 2024 compared to the prior quarter. Interest
expense increased largely due to an increase in the average rate
paid for deposits and an increase in the volume of BTFP borrowings
during the first quarter of 2024.
The following table sets forth, for the periods indicated, the
Company's total dollar amount of interest income from average
interest-earning assets and the resulting yields, as well as the
interest expense on average interest-bearing liabilities, expressed
both in dollars and rates, and the net interest margin. Taxable
equivalent ("TE") yields have been calculated using a marginal tax
rate of 21%. All average balances are based on daily balances.
|
|
Three Months
Ended
|
|
|
3/31/2024
|
|
12/31/2023
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable(1)
|
|
$
|
144,428
|
|
$
|
2,214
|
|
6.17
|
%
|
|
$
|
140,757
|
|
$
|
2,066
|
|
5.82
|
%
|
Investment
securities(TE)(2)
|
|
|
76,432
|
|
|
325
|
|
1.72
|
|
|
|
96,640
|
|
|
400
|
|
1.67
|
|
Other interest earning
assets
|
|
|
48,779
|
|
|
616
|
|
5.08
|
|
|
|
11,276
|
|
|
137
|
|
4.83
|
|
Total interest-earning
assets(TE)
|
|
$
|
269,639
|
|
$
|
3,155
|
|
4.71
|
%
|
|
$
|
248,673
|
|
$
|
2,603
|
|
4.17
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits, money
market, and savings accounts
|
|
$
|
89,109
|
|
$
|
317
|
|
1.43
|
%
|
|
$
|
82,474
|
|
$
|
185
|
|
0.89
|
%
|
Certificates of
deposit
|
|
|
57,092
|
|
|
437
|
|
3.08
|
|
|
|
51,707
|
|
|
344
|
|
2.64
|
|
Total interest-bearing
deposits
|
|
|
146,201
|
|
|
754
|
|
2.07
|
|
|
|
134,181
|
|
|
529
|
|
1.56
|
|
Borrowings
|
|
|
27,991
|
|
|
293
|
|
4.21
|
|
|
|
13,016
|
|
|
114
|
|
3.50
|
|
Total interest-bearing
liabilities
|
|
$
|
174,192
|
|
$
|
1,047
|
|
2.42
|
%
|
|
$
|
147,197
|
|
$
|
643
|
|
1.73
|
%
|
Net interest-earning
assets
|
|
$
|
95,447
|
|
|
|
|
|
|
|
$
|
101,476
|
|
|
|
|
|
|
Net interest income;
average interest rate spread(TE)
|
|
|
|
|
$
|
2,108
|
|
2.29
|
%
|
|
|
|
|
$
|
1,960
|
|
2.44
|
%
|
Net interest
margin(TE)(3)
|
|
|
|
|
|
|
|
3.15
|
%
|
|
|
|
|
|
|
|
3.14
|
%
|
(1)
|
Includes non-accrual
loans during the respective periods. Calculated net of deferred
fees and discounts and loans in-process.
|
(2)
|
Average investment
securities does not include unrealized holding gains/losses on
available-for-sale securities.
|
(3)
|
Equals net interest
income divided by average interest-earning assets. Taxable
equivalent yields are calculated using a marginal tax rate of
21%.
|
Non-interest Income
For the first quarter of 2024, non-interest income was down
$5.8 million compared to $672,000 for the fourth quarter of 2023.
Non-interest income for the first quarter of 2024 includes the
$5.5 million loss on the sale of
investment securities discussed previously.
Non-interest Expense
Non-interest expense for the first quarter of 2024 totaled
$2.8 million, up $669,000, or 32%, compared to the fourth quarter
of 2023. During the first quarter of 2024, the Company upgraded to
a new core processing system and incurred $560,000 of data conversion and other associated
expenses. Most of these costs are included in data processing and
communication expense. The Company estimates annual savings of
greater than $200,000 due to the
change in our core processing system.
About Catalyst Bancorp, Inc.
Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank
holding company for Catalyst Bank, its wholly-owned subsidiary,
with $282.0 million in assets at
March 31, 2024. Catalyst Bank,
formerly St. Landry Homestead Federal Savings Bank, has been in
operation in the Acadiana region of south-central Louisiana for over 100 years. With a focus on
fueling business and improving lives throughout the region,
Catalyst Bank offers commercial and retail banking products through
our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port
Barre. To learn more about Catalyst Bancorp and Catalyst
Bank, visit www.catalystbank.com, or the website of the Securities
and Exchange Commission, www.sec.gov.
Forward-looking Statements
This news release reflects industry conditions, Company
performance and financial results and contains "forward-looking
statements,' which may include forecasts of our financial results
and condition, expectations for our operations and businesses, and
our assumptions for those forecasts and expectations. Do not place
undue reliance on forward-looking statements. These forward-looking
statements are subject to a number of risk factors and
uncertainties which could cause the Company's actual results and
experience to differ materially from the anticipated results and
expectation expressed in such forward-looking statements.
Factors that could cause our actual results to differ
materially from our forward-looking statements are described under
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Supervision and Regulation" in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, and in other
documents subsequently filed by the Company with the Securities and
Exchange Commission, available at the SEC's website and the
Company's website, each of which are referenced above. To the
extent that statements in this news release relate to future plans,
objectives, financial results or performance by the Company, these
statements are deemed to be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are generally identified by use of words such as
"may," "believe," "expect," "anticipate," "intend," "will,"
"should," "plan," "estimate," "predict," "continue" and "potential"
or the negative of these terms or other comparable
terminology.
Forward-looking statements represent management's beliefs,
based upon information available at the time the statements are
made, with regard to the matters addressed; they are not guarantees
of future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such statements.
All information is as of the date of this news release. Except to
the extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(Unaudited)
|
(Dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
3/31/2023
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
cash
|
|
$
|
3,118
|
|
$
|
3,654
|
|
$
|
3,531
|
Interest-bearing cash
and due from banks
|
|
|
72,893
|
|
|
15,357
|
|
|
23,996
|
Total cash and cash
equivalents
|
|
|
76,011
|
|
|
19,011
|
|
|
27,527
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value
|
|
|
25,534
|
|
|
70,540
|
|
|
78,937
|
Securities
held-to-maturity
|
|
|
13,457
|
|
|
13,461
|
|
|
13,471
|
Loans receivable, net
of unearned income
|
|
|
143,491
|
|
|
144,920
|
|
|
132,690
|
Allowance for loan
losses
|
|
|
(2,068)
|
|
|
(2,124)
|
|
|
(2,070)
|
Loans receivable,
net
|
|
|
141,423
|
|
|
142,796
|
|
|
130,620
|
Accrued interest
receivable
|
|
|
733
|
|
|
906
|
|
|
675
|
Foreclosed
assets
|
|
|
237
|
|
|
60
|
|
|
320
|
Premises and equipment,
net
|
|
|
5,995
|
|
|
6,072
|
|
|
6,202
|
Stock in correspondent
banks, at cost
|
|
|
1,898
|
|
|
1,878
|
|
|
1,823
|
Bank-owned life
insurance
|
|
|
14,139
|
|
|
14,026
|
|
|
13,714
|
Other assets
|
|
|
2,622
|
|
|
2,182
|
|
|
2,577
|
TOTAL
ASSETS
|
|
$
|
282,049
|
|
$
|
270,932
|
|
$
|
275,866
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
28,836
|
|
$
|
28,183
|
|
$
|
35,483
|
Interest-bearing
|
|
|
140,801
|
|
|
137,439
|
|
|
144,229
|
Total deposits
|
|
|
169,637
|
|
|
165,622
|
|
|
179,712
|
Borrowings
|
|
|
29,423
|
|
|
19,378
|
|
|
9,243
|
Other
liabilities
|
|
|
1,628
|
|
|
1,277
|
|
|
747
|
TOTAL
LIABILITIES
|
|
|
200,688
|
|
|
186,277
|
|
|
189,702
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
46
|
|
|
48
|
|
|
51
|
Additional paid-in
capital
|
|
|
42,711
|
|
|
45,020
|
|
|
48,259
|
Unallocated common
stock held by benefit plans
|
|
|
(6,169)
|
|
|
(6,221)
|
|
|
(6,664)
|
Retained
earnings
|
|
|
48,368
|
|
|
53,045
|
|
|
52,516
|
Accumulated other
comprehensive income (loss)
|
|
|
(3,595)
|
|
|
(7,237)
|
|
|
(7,998)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
81,361
|
|
|
84,655
|
|
|
86,164
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
282,049
|
|
$
|
270,932
|
|
$
|
275,866
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
3/31/2023
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
|
2,214
|
|
$
|
2,066
|
|
$
|
1,629
|
Investment
securities
|
|
|
325
|
|
|
400
|
|
|
427
|
Other
|
|
|
616
|
|
|
137
|
|
|
211
|
Total interest
income
|
|
|
3,155
|
|
|
2,603
|
|
|
2,267
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
754
|
|
|
529
|
|
|
233
|
Borrowings
|
|
|
293
|
|
|
114
|
|
|
68
|
Total interest
expense
|
|
|
1,047
|
|
|
643
|
|
|
301
|
Net interest
income
|
|
|
2,108
|
|
|
1,960
|
|
|
1,966
|
Provision for credit
losses
|
|
|
95
|
|
|
128
|
|
|
-
|
Net interest income
after provision for credit losses
|
|
|
2,013
|
|
|
1,832
|
|
|
1,966
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
197
|
|
|
201
|
|
|
183
|
Bank-owned life
insurance
|
|
|
113
|
|
|
109
|
|
|
97
|
Loss on sales of
investment securities
|
|
|
(5,507)
|
|
|
(92)
|
|
|
-
|
Gain (loss) on
disposals and sales of fixed assets
|
|
|
11
|
|
|
-
|
|
|
-
|
Federal community
development grant
|
|
|
-
|
|
|
437
|
|
|
-
|
Other
|
|
|
23
|
|
|
17
|
|
|
14
|
Total non-interest
income (loss)
|
|
|
(5,163)
|
|
|
672
|
|
|
294
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,260
|
|
|
1,149
|
|
|
1,203
|
Occupancy and
equipment
|
|
|
196
|
|
|
193
|
|
|
213
|
Data processing and
communication
|
|
|
794
|
|
|
236
|
|
|
227
|
Professional
fees
|
|
|
107
|
|
|
140
|
|
|
129
|
Directors'
fees
|
|
|
115
|
|
|
118
|
|
|
115
|
ATM and debit
card
|
|
|
69
|
|
|
63
|
|
|
58
|
Foreclosed assets,
net
|
|
|
8
|
|
|
5
|
|
|
2
|
Advertising and
marketing
|
|
|
38
|
|
|
23
|
|
|
30
|
Franchise and shares
tax
|
|
|
16
|
|
|
10
|
|
|
27
|
Other
|
|
|
188
|
|
|
185
|
|
|
181
|
Total non-interest
expense
|
|
|
2,791
|
|
|
2,122
|
|
|
2,185
|
Income before income
tax expense (benefit)
|
|
|
(5,941)
|
|
|
382
|
|
|
75
|
Income tax expense
(benefit)
|
|
|
(1,264)
|
|
|
62
|
|
|
2
|
NET INCOME
(LOSS)
|
|
$
|
(4,677)
|
|
$
|
320
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.14)
|
|
$
|
0.08
|
|
$
|
0.02
|
Diluted
|
|
|
(1.14)
|
|
|
0.08
|
|
|
0.02
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
3/31/2023
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
3,155
|
|
|
$
|
2,603
|
|
|
$
|
2,267
|
|
Total interest
expense
|
|
|
1,047
|
|
|
|
643
|
|
|
|
301
|
|
Net interest
income
|
|
|
2,108
|
|
|
|
1,960
|
|
|
|
1,966
|
|
Provision for credit
losses
|
|
|
95
|
|
|
|
128
|
|
|
|
-
|
|
Total non-interest
income (loss)
|
|
|
(5,163)
|
|
|
|
672
|
|
|
|
294
|
|
Total non-interest
expense
|
|
|
2,791
|
|
|
|
2,122
|
|
|
|
2,185
|
|
Income tax expense
(benefit)
|
|
|
(1,264)
|
|
|
|
62
|
|
|
|
2
|
|
Net income
(loss)
|
|
$
|
(4,677)
|
|
|
$
|
320
|
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
$
|
144,428
|
|
|
$
|
140,757
|
|
|
$
|
133,781
|
|
Total interest-earning
assets
|
|
|
269,639
|
|
|
|
248,673
|
|
|
|
257,340
|
|
Total assets
|
|
|
286,431
|
|
|
|
261,657
|
|
|
|
271,976
|
|
Total interest-bearing
deposits
|
|
|
146,201
|
|
|
|
134,181
|
|
|
|
142,500
|
|
Total interest-bearing
liabilities
|
|
|
174,192
|
|
|
|
147,197
|
|
|
|
151,716
|
|
Total
deposits
|
|
|
174,656
|
|
|
|
165,102
|
|
|
|
174,597
|
|
Total shareholders'
equity
|
|
|
82,395
|
|
|
|
82,227
|
|
|
|
87,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
(6.57)
|
%
|
|
|
0.49
|
%
|
|
|
0.11
|
%
|
Return on average
equity
|
|
|
(22.83)
|
|
|
|
1.54
|
|
|
|
0.34
|
|
Efficiency
ratio
|
|
|
(91.37)
|
|
|
|
80.61
|
|
|
|
96.68
|
|
Net interest
margin(TE)
|
|
|
3.15
|
|
|
|
3.14
|
|
|
|
3.10
|
|
Average equity to
average assets
|
|
|
28.77
|
|
|
|
31.43
|
|
|
|
32.13
|
|
Common equity Tier 1
capital ratio
|
|
|
52.09
|
|
|
|
52.34
|
|
|
|
56.43
|
|
Tier 1 leverage capital
ratio
|
|
|
26.84
|
|
|
|
31.67
|
|
|
|
30.11
|
|
Total risk-based
capital ratio
|
|
|
53.34
|
|
|
|
53.60
|
|
|
|
57.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total employees
(full-time equivalent)
|
|
|
47
|
|
|
|
48
|
|
|
|
51
|
|
Common shares issued
and outstanding, end of period
|
|
|
4,558,329
|
|
|
|
4,761,326
|
|
|
|
5,058,612
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
3/31/2023
|
ALLOWANCE FOR CREDIT
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
2,124
|
|
|
$
|
2,036
|
|
|
$
|
1,807
|
|
CECL adoption
impact
|
|
|
-
|
|
|
|
-
|
|
|
|
209
|
|
Provision for loan
losses
|
|
|
42
|
|
|
|
151
|
|
|
|
-
|
|
Charge-offs
|
|
|
(123)
|
|
|
|
(76)
|
|
|
|
(7)
|
|
Recoveries
|
|
|
25
|
|
|
|
13
|
|
|
|
61
|
|
Net (charge-offs)
recoveries
|
|
|
(98)
|
|
|
|
(63)
|
|
|
|
54
|
|
Ending
balance
|
|
$
|
2,068
|
|
|
$
|
2,124
|
|
|
$
|
2,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
unfunded commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
|
257
|
|
|
|
280
|
|
|
|
-
|
|
CECL adoption
impact
|
|
|
-
|
|
|
|
-
|
|
|
|
216
|
|
Provision for
(reversal of) losses on unfunded commitments
|
|
|
53
|
|
|
|
(23)
|
|
|
|
-
|
|
Ending
balance
|
|
$
|
310
|
|
|
$
|
257
|
|
|
$
|
216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
credit losses, end of period
|
|
$
|
2,378
|
|
|
$
|
2,381
|
|
|
$
|
2,286
|
|
Total provision for
credit losses
|
|
|
95
|
|
|
|
128
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,453
|
|
|
$
|
1,967
|
|
|
$
|
1,618
|
|
Accruing loans 90 days
or more past due
|
|
|
29
|
|
|
|
24
|
|
|
|
69
|
|
Total non-performing
loans
|
|
|
1,482
|
|
|
|
1,991
|
|
|
|
1,687
|
|
Foreclosed
assets
|
|
|
237
|
|
|
|
60
|
|
|
|
320
|
|
Total non-performing
assets
|
|
$
|
1,719
|
|
|
$
|
2,051
|
|
|
$
|
2,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
1.03
|
%
|
|
|
1.37
|
%
|
|
|
1.27
|
%
|
Total non-performing
assets to total assets
|
|
|
0.61
|
|
|
|
0.76
|
|
|
|
0.73
|
|
(1)
|
Credit quality data and
ratios are as of the end of each period presented.
|
For more information:
Joe
Zanco, President and CEO
(337) 948-3033
View original content to download
multimedia:https://www.prnewswire.com/news-releases/catalyst-bancorp-inc-announces-2024-first-quarter-results-and-approval-of-new-share-repurchase-plan-302133796.html
SOURCE Catalyst Bancorp, Inc.