OPELOUSAS, La., Oct. 27, 2022 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: CLST) (the "Company"), the parent company for Catalyst Bank (the "Bank") (www.catalystbank.com), reported financial results for the third quarter of 2022. For the quarter, the Company reported net income of $139,000, up $121,000 from the second quarter of 2022. During the second quarter of 2022, the Bank rebranded from St. Landry Homestead Federal Savings Bank to Catalyst Bank. Pre-tax costs associated with the rebranding of the Bank totaled $208,000 during the second quarter of 2022, compared to $28,000 during the third quarter of 2022. The second quarter of 2022 also included $171,000 of non-interest income attributable to a Bank Enterprise Award ("BEA") Program grant from the Community Development Financial Institution ("CDFI") Fund.
"We just celebrated our first anniversary as a public company and will celebrate the Bank's centennial in November," said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. "Our team is tremendously excited with the response we've received from our rebranding to Catalyst Bank."
Loans and Credit Quality
Loans receivable totaled $131.7 million at September 30, 2022, down $1.9 million, or 1%, from June 30, 2022. During the third quarter of 2022, additional fundings on existing construction and land loans were largely offset by paydowns across other segments of the portfolio. PPP loans, which totaled $22,000 at June 30, 2022, were fully paid-off during the third quarter of 2022.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
Increase (Decrease)
|
|
Real estate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family residential
|
|
$
|
88,327
|
|
$
|
89,531
|
|
$
|
(1,204)
|
|
(1)
|
%
|
|
Commercial real estate
|
|
|
21,073
|
|
|
21,521
|
|
|
(448)
|
|
(2)
|
|
|
Construction and land
|
|
|
4,450
|
|
|
3,843
|
|
|
607
|
|
16
|
|
|
Multi-family residential
|
|
|
3,252
|
|
|
3,315
|
|
|
(63)
|
|
(2)
|
|
|
Total real estate loans
|
|
|
117,102
|
|
|
118,210
|
|
|
(1,108)
|
|
(1)
|
|
|
Other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
11,087
|
|
|
11,410
|
|
|
(323)
|
|
(3)
|
|
|
Consumer
|
|
|
3,512
|
|
|
4,004
|
|
|
(492)
|
|
(12)
|
|
|
Total other loans
|
|
|
14,599
|
|
|
15,414
|
|
|
(815)
|
|
(5)
|
|
|
Total loans
|
|
$
|
131,701
|
|
$
|
133,624
|
|
$
|
(1,923)
|
|
(1)
|
%
|
Non-performing assets ("NPAs") totaled $1.9 million at September 30, 2022, up $313,000, or 19%, compared to June 30, 2022, primarily due to an increase in past due loans. The ratio of NPAs to total assets was 0.68% at September 30, 2022, compared to 0.57% at June 30, 2022. Non-performing loans ("NPLs") totaled $1.6 million, or 1.21% of total loans, at September 30, 2022 and $1.3 million, or 0.96% of total loans, at June 30, 2022. At September 30, 2022, approximately 88% of total NPLs were one- to four-family residential mortgage loans, compared to 91% at June 30, 2022.
The allowance for loan losses totaled $1.8 million, or 1.37% of total loans, at September 30, 2022, down $176,000 from $2.0 million, or 1.48% of total loans, at June 30, 2022. The reduction in the allowance for loan losses largely reflects the reversal of certain provisions made for estimated loan losses during 2020 associated with our initial assessment of COVID-19's impact on credit risk. The Company recorded a reversal to the allowance for loan losses of $115,000 during the third quarter of 2022, compared to a reversal of $189,000 for the second quarter of 2022. Net loan charge-offs totaled $61,000 during the third quarter of 2022, compared to net loan charge-offs of $4,000 for the second quarter of 2022. The third quarter charge-offs were primarily related to two residential mortgage loans.
Investment Securities
Total investment securities were $92.0 million at September 30, 2022, down $3.7 million, or 4%, from June 30, 2022. At September 30 and June 30, 2022, 87% of total investment securities, based on amortized cost, were classified as available-for-sale. Net unrealized losses on securities available-for-sale totaled $12.6 million at September 30, 2022, compared to $8.4 million at June 30, 2022. The increase in unrealized losses on available-for-sale securities related principally to increases in market interest rates for similar securities. For the third quarter of 2022, the average yield on the investment securities portfolio was 1.48%, up 11 basis points from the second quarter of 2022.
Deposits
Total deposits were $184.2 million at September 30, 2022, up $5.5 million, or 3%, from June 30, 2022. The increase in deposits was primarily due to an increase in NOW account balances, partially offset by declines in certificates of deposit and money market accounts. Total average deposits were $185.5 million for the third quarter of 2022, up $2.1 million, or 1%, from the prior quarter.
The following table sets forth the composition of the Bank's deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
Increase (Decrease)
|
|
Demand deposits
|
|
$
|
31,988
|
|
$
|
30,400
|
|
$
|
1,588
|
|
5
|
%
|
|
NOW
|
|
|
50,547
|
|
|
39,454
|
|
|
11,093
|
|
28
|
|
|
Money market
|
|
|
17,129
|
|
|
19,525
|
|
|
(2,396)
|
|
(12)
|
|
|
Savings
|
|
|
26,874
|
|
|
27,388
|
|
|
(514)
|
|
(2)
|
|
|
Certificates of deposit
|
|
|
57,689
|
|
|
61,968
|
|
|
(4,279)
|
|
(7)
|
|
|
Total deposits
|
|
$
|
184,227
|
|
$
|
178,735
|
|
$
|
5,492
|
|
3
|
%
|
Net Interest Income
Our net interest margin for the third quarter of 2022 was 2.75%, up four basis points compared to the prior quarter. The average yield on interest-earning assets increased by five basis points to 2.99% for the third quarter of 2022, while the average rate on interest-bearing liabilities increased by one basis point to 0.40%, compared to the second quarter of 2022.
Net interest income for the third quarter of 2022 was $1.9 million, up $60,000, or 3%, from the second quarter of 2022 primarily due to an increase in interest income from interest-bearing cash included in other interest income (up $127,000, or 219%), partially offset by a decline in interest income from loans. Rising market interest rates have increased the yields on our interest-bearing cash accounts and securities portfolio.
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
|
|
|
9/30/2022
|
|
6/30/2022
|
|
(Dollars in thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
INTEREST-EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1)
|
|
$
|
131,583
|
|
$
|
1,466
|
|
4.42
|
%
|
|
$
|
133,810
|
|
$
|
1,555
|
|
4.66
|
%
|
|
Investment securities(TE)(2)
|
|
|
104,403
|
|
|
381
|
|
1.48
|
|
|
|
104,137
|
|
|
352
|
|
1.37
|
|
|
Other interest earning assets
|
|
|
34,548
|
|
|
185
|
|
2.12
|
|
|
|
30,108
|
|
|
58
|
|
0.78
|
|
|
Total interest-earning assets(TE)
|
|
$
|
270,534
|
|
$
|
2,032
|
|
2.99
|
%
|
|
$
|
268,055
|
|
$
|
1,965
|
|
2.94
|
%
|
|
INTEREST-BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and savings accounts
|
|
$
|
91,738
|
|
$
|
29
|
|
0.13
|
%
|
|
$
|
85,646
|
|
$
|
24
|
|
0.11
|
%
|
|
Certificates of deposit
|
|
|
59,833
|
|
|
64
|
|
0.43
|
|
|
|
64,936
|
|
|
63
|
|
0.39
|
|
|
Total interest-bearing deposits
|
|
|
151,571
|
|
|
93
|
|
0.24
|
|
|
|
150,582
|
|
|
87
|
|
0.23
|
|
|
FHLB advances
|
|
|
9,126
|
|
|
69
|
|
2.99
|
|
|
|
9,079
|
|
|
68
|
|
3.00
|
|
|
Total interest-bearing liabilities
|
|
$
|
160,697
|
|
$
|
162
|
|
0.40
|
%
|
|
$
|
159,661
|
|
$
|
155
|
|
0.39
|
%
|
|
Net interest-earning assets
|
|
$
|
109,837
|
|
|
|
|
|
|
|
$
|
108,394
|
|
|
|
|
|
|
|
Net interest income; average interest rate spread(TE)
|
|
|
|
|
$
|
1,870
|
|
2.59
|
%
|
|
|
|
|
$
|
1,810
|
|
2.55
|
%
|
|
Net interest margin(TE)(3)
|
|
|
|
|
|
|
|
2.75
|
%
|
|
|
|
|
|
|
|
2.71
|
%
|
|
|
|
(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
Non-interest income for the third quarter of 2022 was $296,000, down $83,000, or 22%, from the second quarter of 2022. During the second quarter of 2022, the Company received and recognized into income a $171,000 BEA Program grant from the CDFI Fund. In addition, the Company disposed of fixed assets totaling $77,000, net of accumulated depreciation, during the second quarter of 2022. Of the assets disposed, $55,000 was attributable to branch signage that was replaced due to our rebranding.
Non-interest Expense
Non-interest expense for the third quarter of 2022 totaled $2.1 million, down $253,000, or 11%, compared to the second quarter of 2022. Total non-interest expense for the third quarter of 2022 included $28,000 of rebranding-related expenses, compared to $153,000 for the second quarter of 2022.
Salaries and employee benefits expense totaled $1.2 million for the third quarter of 2022, down $50,000, or 4%, from the second quarter of 2022 primarily due to a decrease in our employee count.
Directors' fees totaled $75,000 for the third quarter of 2022, up $20,000, or 36%, from the second quarter of 2022 mainly due to stock compensation expense related to awards granted under the Company's 2022 Stock Option Plan and 2022 Recognition and Retention Plan and Trust Agreement in September 2022. Total stock compensation expense, allocated between salaries and employee benefits expense and directors' fees, during the fourth quarter of 2022 is expected to be approximately $141,000, compared to $47,000 for the third quarter of 2022.
Data processing and communication expense totaled $216,000, down $26,000, or 11%, from the previous quarter primarily due to the absence of rebranding expenses during the third quarter of 2022.
Advertising and marketing expense totaled $36,000 for the third quarter of 2022, down $73,000, or 67%, from the second quarter of 2022. Advertising and marketing expense included rebranding costs of $3,000 in the third quarter of 2022, compared to $87,000 in the second quarter of 2022.
Other non-interest expense totaled $184,000 for the third quarter of 2022, down $56,000, or 23%, from the second quarter of 2022. Other non-interest expense included rebranding costs of $7,000 and $18,000 during the third and second quarters of 2022, respectively. In addition, the Company benefited from recoveries on charged-off deposit accounts and certain cost saving initiatives during the third quarter of 2022.
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 $283.4 million in assets at September 30, 2022. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana for 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 Bank, visit www.catalystbank.com.
Forward-looking Statements
This press release contains certain forward-looking statements. 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." Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Catalyst Bancorp, Inc. and Catalyst Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
|
9/30/2021(1)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing cash
|
|
$
|
4,558
|
|
$
|
4,553
|
|
|
$
|
5,117
|
|
Interest-bearing cash and due from banks
|
|
|
31,639
|
|
|
24,582
|
|
|
|
95,287
|
|
Total cash and cash equivalents
|
|
|
36,197
|
|
|
29,135
|
|
|
|
100,404
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale, at fair value
|
|
|
78,563
|
|
|
82,276
|
|
|
|
49,682
|
|
Securities held-to-maturity
|
|
|
13,480
|
|
|
13,486
|
|
|
|
13,504
|
|
Loans receivable, net of unearned income
|
|
|
131,701
|
|
|
133,624
|
|
|
|
136,720
|
|
Allowance for loan losses
|
|
|
(1,804)
|
|
|
(1,980)
|
|
|
|
(2,646)
|
|
Loans receivable, net
|
|
|
129,897
|
|
|
131,644
|
|
|
|
134,074
|
|
Accrued interest receivable
|
|
|
566
|
|
|
556
|
|
|
|
511
|
|
Foreclosed assets
|
|
|
320
|
|
|
320
|
|
|
|
399
|
|
Premises and equipment, net
|
|
|
6,392
|
|
|
6,494
|
|
|
|
6,658
|
|
Stock in correspondent banks, at cost
|
|
|
1,799
|
|
|
1,795
|
|
|
|
1,792
|
|
Bank-owned life insurance
|
|
|
13,519
|
|
|
13,422
|
|
|
|
3,280
|
|
Other assets
|
|
|
2,681
|
|
|
1,855
|
|
|
|
1,259
|
|
TOTAL ASSETS
|
|
$
|
283,414
|
|
$
|
280,983
|
|
|
$
|
311,563
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
31,988
|
|
$
|
30,400
|
|
|
$
|
102,091
|
|
Interest-bearing
|
|
|
152,239
|
|
|
148,335
|
|
|
|
147,369
|
|
Total deposits
|
|
|
184,227
|
|
|
178,735
|
|
|
|
249,460
|
|
Federal Home Loan Bank advances
|
|
|
9,153
|
|
|
9,108
|
|
|
|
8,973
|
|
Other liabilities
|
|
|
706
|
|
|
727
|
|
|
|
1,130
|
|
TOTAL LIABILITIES
|
|
|
194,086
|
|
|
188,570
|
|
|
|
259,563
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
53
|
|
|
53
|
|
|
|
-
|
|
Additional paid-in capital
|
|
|
50,902
|
|
|
50,838
|
|
|
|
-
|
|
Unallocated common stock held by Employee Stock Ownership Plan
|
|
|
(4,020)
|
|
|
(4,073)
|
|
|
|
-
|
|
Retained earnings
|
|
|
52,379
|
|
|
52,240
|
|
|
|
52,270
|
|
Accumulated other comprehensive income (loss)
|
|
|
(9,986)
|
|
|
(6,645)
|
|
|
|
(270)
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
89,328
|
|
|
92,413
|
|
|
|
52,000
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
283,414
|
|
$
|
280,983
|
|
|
$
|
311,563
|
|
|
|
(1)
|
Data at September 30, 2021 is Bank-only.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(Dollars in thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
9/30/2021(1)
|
|
9/30/2022
|
|
9/30/2021(1)
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees
|
|
$
|
1,466
|
|
$
|
1,555
|
|
$
|
1,671
|
|
$
|
4,584
|
|
$
|
5,344
|
|
Investment securities
|
|
|
381
|
|
|
352
|
|
|
172
|
|
|
1,062
|
|
|
434
|
|
Other
|
|
|
185
|
|
|
58
|
|
|
13
|
|
|
262
|
|
|
37
|
|
Total interest income
|
|
|
2,032
|
|
|
1,965
|
|
|
1,856
|
|
|
5,908
|
|
|
5,815
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
93
|
|
|
87
|
|
|
124
|
|
|
272
|
|
|
414
|
|
Advances from Federal Home Loan Bank
|
|
|
69
|
|
|
68
|
|
|
68
|
|
|
205
|
|
|
204
|
|
Total interest expense
|
|
|
162
|
|
|
155
|
|
|
192
|
|
|
477
|
|
|
618
|
|
Net interest income
|
|
|
1,870
|
|
|
1,810
|
|
|
1,664
|
|
|
5,431
|
|
|
5,197
|
|
Provision for (reversal of) loan losses
|
|
|
(115)
|
|
|
(189)
|
|
|
-
|
|
|
(375)
|
|
|
(286)
|
|
Net interest income after provision for (reversal of) loan losses
|
|
|
1,985
|
|
|
1,999
|
|
|
1,664
|
|
|
5,806
|
|
|
5,483
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
192
|
|
|
182
|
|
|
165
|
|
|
542
|
|
|
448
|
|
Gain (loss) on disposals and sales of fixed assets
|
|
|
-
|
|
|
(77)
|
|
|
-
|
|
|
(77)
|
|
|
25
|
|
Bank-owned life insurance
|
|
|
97
|
|
|
98
|
|
|
22
|
|
|
216
|
|
|
67
|
|
Federal community development grant
|
|
|
-
|
|
|
171
|
|
|
1,826
|
|
|
171
|
|
|
1,826
|
|
Other
|
|
|
7
|
|
|
5
|
|
|
12
|
|
|
20
|
|
|
36
|
|
Total non-interest income
|
|
|
296
|
|
|
379
|
|
|
2,025
|
|
|
872
|
|
|
2,402
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
1,168
|
|
|
1,218
|
|
|
1,084
|
|
|
3,647
|
|
|
3,331
|
|
Occupancy and equipment
|
|
|
203
|
|
|
227
|
|
|
200
|
|
|
640
|
|
|
554
|
|
Data processing and communication
|
|
|
216
|
|
|
242
|
|
|
201
|
|
|
666
|
|
|
556
|
|
Professional fees
|
|
|
157
|
|
|
175
|
|
|
88
|
|
|
472
|
|
|
255
|
|
Directors' fees
|
|
|
75
|
|
|
55
|
|
|
70
|
|
|
185
|
|
|
211
|
|
ATM and debit card
|
|
|
76
|
|
|
59
|
|
|
48
|
|
|
184
|
|
|
137
|
|
Foreclosed assets, net
|
|
|
(2)
|
|
|
(2)
|
|
|
39
|
|
|
(21)
|
|
|
74
|
|
Advertising and marketing
|
|
|
36
|
|
|
109
|
|
|
14
|
|
|
187
|
|
|
35
|
|
Franchise and shares tax
|
|
|
15
|
|
|
58
|
|
|
-
|
|
|
131
|
|
|
-
|
|
Other
|
|
|
184
|
|
|
240
|
|
|
140
|
|
|
606
|
|
|
423
|
|
Total non-interest expense
|
|
|
2,128
|
|
|
2,381
|
|
|
1,884
|
|
|
6,697
|
|
|
5,576
|
|
Income (loss) before income tax expense
|
|
|
153
|
|
|
(3)
|
|
|
1,805
|
|
|
(19)
|
|
|
2,309
|
|
Income tax expense (benefit)
|
|
|
14
|
|
|
(21)
|
|
|
372
|
|
|
(45)
|
|
|
465
|
|
NET INCOME
|
|
$
|
139
|
|
$
|
18
|
|
$
|
1,433
|
|
$
|
26
|
|
$
|
1,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
$
|
0.01
|
|
$
|
N/A
|
|
$
|
0.01
|
|
$
|
N/A
|
|
Diluted
|
|
|
0.03
|
|
|
N/A
|
|
|
N/A
|
|
|
0.01
|
|
|
N/A
|
|
|
|
(1)
|
Data for the periods ended September 30, 2021 are Bank-only.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP, INC. AND SUBSIDIARY
|
|
SELECTED FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(Dollars in thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
9/30/2021(1)
|
|
9/30/2022
|
|
9/30/2021(1)
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
$
|
2,032
|
|
|
$
|
1,965
|
|
|
$
|
1,856
|
|
|
$
|
5,908
|
|
|
$
|
5,815
|
|
|
Total interest expense
|
|
|
162
|
|
|
|
155
|
|
|
|
192
|
|
|
|
477
|
|
|
|
618
|
|
|
Net interest income
|
|
|
1,870
|
|
|
|
1,810
|
|
|
|
1,664
|
|
|
|
5,431
|
|
|
|
5,197
|
|
|
Provision for (reversal of) loan losses
|
|
|
(115)
|
|
|
|
(189)
|
|
|
|
-
|
|
|
|
(375)
|
|
|
|
(286)
|
|
|
Total non-interest income
|
|
|
296
|
|
|
|
379
|
|
|
|
2,025
|
|
|
|
872
|
|
|
|
2,402
|
|
|
Total non-interest expense
|
|
|
2,128
|
|
|
|
2,381
|
|
|
|
1,884
|
|
|
|
6,697
|
|
|
|
5,576
|
|
|
Income tax expense (benefit)
|
|
|
14
|
|
|
|
(21)
|
|
|
|
372
|
|
|
|
(45)
|
|
|
|
465
|
|
|
Net income
|
|
$
|
139
|
|
|
$
|
18
|
|
|
$
|
1,433
|
|
|
$
|
26
|
|
|
$
|
1,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
288,052
|
|
|
$
|
286,288
|
|
|
$
|
253,176
|
|
|
$
|
287,000
|
|
|
$
|
240,345
|
|
|
Total interest-earning assets
|
|
|
270,534
|
|
|
|
268,055
|
|
|
|
235,447
|
|
|
|
270,848
|
|
|
|
224,873
|
|
|
Total loans
|
|
|
131,583
|
|
|
|
133,810
|
|
|
|
137,031
|
|
|
|
132,052
|
|
|
|
143,075
|
|
|
Total interest-bearing deposits
|
|
|
151,571
|
|
|
|
150,582
|
|
|
|
150,726
|
|
|
|
150,006
|
|
|
|
147,085
|
|
|
Total interest-bearing liabilities
|
|
|
160,697
|
|
|
|
159,661
|
|
|
|
159,692
|
|
|
|
159,086
|
|
|
|
155,992
|
|
|
Total deposits
|
|
|
185,453
|
|
|
|
183,316
|
|
|
|
191,060
|
|
|
|
182,816
|
|
|
|
179,462
|
|
|
Total shareholders' equity
|
|
|
92,764
|
|
|
|
93,318
|
|
|
|
50,950
|
|
|
|
94,400
|
|
|
|
50,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
0.19
|
%
|
|
|
0.02
|
%
|
|
|
2.25
|
%
|
|
|
0.01
|
%
|
|
|
1.03
|
%
|
|
Return on average equity
|
|
|
0.60
|
|
|
|
0.08
|
|
|
|
11.16
|
|
|
|
0.04
|
|
|
|
4.86
|
|
|
Efficiency ratio
|
|
|
98.24
|
|
|
|
108.78
|
|
|
|
51.06
|
|
|
|
106.25
|
|
|
|
73.38
|
|
|
Net interest margin(TE)
|
|
|
2.75
|
|
|
|
2.71
|
|
|
|
2.81
|
|
|
|
2.69
|
|
|
|
3.09
|
|
|
Average equity to average assets
|
|
|
32.20
|
|
|
|
32.60
|
|
|
|
20.12
|
|
|
|
32.89
|
|
|
|
21.09
|
|
|
Common equity Tier 1 capital ratio(2)
|
|
|
57.84
|
|
|
|
58.51
|
|
|
|
38.94
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio(2)
|
|
|
28.29
|
|
|
|
28.43
|
|
|
|
20.65
|
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio(2)
|
|
|
59.09
|
|
|
|
59.76
|
|
|
|
40.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOANS LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
1,980
|
|
|
$
|
2,173
|
|
|
$
|
2,649
|
|
|
$
|
2,276
|
|
|
$
|
3,022
|
|
|
Provision for (reversal of) loan losses
|
|
|
(115)
|
|
|
|
(189)
|
|
|
|
-
|
|
|
|
(375)
|
|
|
|
(286)
|
|
|
Charge-offs
|
|
|
(90)
|
|
|
|
(38)
|
|
|
|
(18)
|
|
|
|
(191)
|
|
|
|
(150)
|
|
|
Recoveries
|
|
|
29
|
|
|
|
34
|
|
|
|
15
|
|
|
|
94
|
|
|
|
60
|
|
|
Net (charge-offs) recoveries
|
|
|
(61)
|
|
|
|
(4)
|
|
|
|
(3)
|
|
|
|
(97)
|
|
|
|
(90)
|
|
|
Ending balance
|
|
$
|
1,804
|
|
|
$
|
1,980
|
|
|
$
|
2,646
|
|
|
$
|
1,804
|
|
|
$
|
2,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loans
|
|
$
|
1,221
|
|
|
$
|
1,246
|
|
|
$
|
752
|
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days or more past due
|
|
|
379
|
|
|
|
41
|
|
|
|
165
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans
|
|
|
1,600
|
|
|
|
1,287
|
|
|
|
917
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets
|
|
|
320
|
|
|
|
320
|
|
|
|
399
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets
|
|
$
|
1,920
|
|
|
$
|
1,607
|
|
|
$
|
1,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans to total loans
|
|
|
1.21
|
%
|
|
|
0.96
|
%
|
|
|
0.67
|
%
|
|
|
|
|
|
|
|
|
|
Total non-performing assets to total assets
|
|
|
0.68
|
|
|
|
0.57
|
|
|
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Data at and for the periods ended September 30, 2021 are Bank-only.
|
|
(2)
|
Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.
|
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-2022-third-quarter-results-301660579.html
SOURCE Catalyst Bancorp, Inc.
