OPELOUSAS, La., Oct. 26, 2023 /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 2023. For the quarter, the Company reported net income of $170,000, up $131,000, compared to net income of $39,000 for the second quarter of 2023.
"We grew our loan portfolio during the quarter by helping local businesses grow," said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. "Although deposit competition remains tough, more and more people in our community are coming to understand how keeping their deposits in local banks helps our economy expand."
Capital and Share Repurchases
The Bank maintains an exceptional capital position with a total risk-based capital ratio of 56.23% and 57.27% at September 30, 2023 and June 30, 2023, respectively. At September 30, 2023 and June 30, 2023, consolidated shareholders' equity totaled $82.2 million, or 31.9% of total assets, and $84.3 million, or 31.7% of total assets, respectively.
On April 27, 2023, the Company announced its second share repurchase plan (the "April 2023 Repurchase Plan"). Under the April 2023 Repurchase Plan, the Company may purchase up to 252,000 shares, or approximately 5% of the Company's outstanding shares of common stock. During the third quarter of 2023, the Company repurchased 81,252 shares of its common stock at an average cost per share of $12.33. At September 30, 2023, 75,290 shares were available for repurchase under the April 2023 Repurchase Plan.
Loans
Loans totaled $135.7 million at September 30, 2023, up $2.2 million, or 2%, from June 30, 2023. The increase in total loans during the third quarter of 2023 was primarily due to growth in commercial and industrial and construction loans, which was partially offset by net declines in one- to four-family residential real estate loans. The increase in commercial and industrial loans was largely driven by equipment loans. Construction and land loan growth was mainly due to residential construction loans.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
|
(Dollars in thousands)
|
|
9/30/2023
|
|
6/30/2023
|
|
Increase (Decrease)
|
|
Real estate loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family residential
|
|
$
|
83,973
|
|
$
|
85,655
|
|
$
|
(1,682)
|
|
(2)
|
%
|
|
Commercial real estate
|
|
|
19,113
|
|
|
19,175
|
|
|
(62)
|
|
-
|
|
|
Construction and land
|
|
|
6,622
|
|
|
4,620
|
|
|
2,002
|
|
43
|
|
|
Multi-family residential
|
|
|
3,424
|
|
|
3,094
|
|
|
330
|
|
11
|
|
|
Total real estate loans
|
|
|
113,132
|
|
|
112,544
|
|
|
588
|
|
1
|
|
|
Other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
19,634
|
|
|
17,609
|
|
|
2,025
|
|
11
|
|
|
Consumer
|
|
|
2,906
|
|
|
3,340
|
|
|
(434)
|
|
(13)
|
|
|
Total other loans
|
|
|
22,540
|
|
|
20,949
|
|
|
1,591
|
|
8
|
|
|
Total loans
|
|
$
|
135,672
|
|
$
|
133,493
|
|
$
|
2,179
|
|
2
|
%
|
The majority of the Company's loan portfolio consists of real estate loans secured by properties in our local market area, the Acadiana region of south Louisiana. Loans secured by one- to four-family residential properties accounted for 62% of total loans and commercial real estate loans accounted for 14% of total loans at September 30, 2023. Approximately 64% of our real estate loans have adjustable rates and, of our total real estate loans, approximately $54.7 million, or 48%, are scheduled to re-price or mature during the next 12 months.
Our non-real estate loans primarily consist of commercial and industrial loans, which amounted to 14% of total loans, at September 30, 2023. This segment of the portfolio largely consists of loans to local businesses involved in industrial manufacturing and equipment, communications, and professional services. Approximately 34% of our commercial and industrial loans have adjustable rates and, of total commercial and industrial loans, approximately $9.1 million, or 47% are scheduled to re-price or mature during the next 12 months.
Credit Quality and Allowance for Credit Losses
At September 30 and June 30, 2023, non-performing assets ("NPAs") totaled $2.1 million and $2.2 million, respectively, and the ratio of NPAs to total assets was 0.82% at such dates. Non-performing loans ("NPLs") totaled $2.1 million, or 1.54% of total loans, at September 30, 2023 and $1.9 million, or 1.42% of total loans, at June 30, 2023. At September 30, 2023 and June 30, 2023, over 94% of total NPLs were one- to four-family residential mortgage loans.
At September 30, 2023 the allowance for loan losses totaled $2.0 million, or 1.50% of total loans, compared to $2.1 million at June 30, 2023, or 1.56% of total loans. During the third quarter of 2023, $62,000 of the allowance for loan losses was reallocated to the allowance for credit losses on unfunded commitments due to an increase in unfunded commercial lending commitments.
Net loan recoveries totaled $17,000 during the third quarter of 2023, compared to net recoveries of $13,000 for the second quarter of 2023. The total provision for credit losses on loans and unfunded commitments was zero for the third quarter and the first nine months of 2023.
Investment Securities
Total investment securities were $85.3 million, or 33% of total assets, at September 30, 2023. Our investment securities portfolio consists primarily of government-sponsored mortgage-backed securities and debt obligations issued by the U.S. government and government agencies. The Company has not purchased investment securities since the fourth quarter of 2022. We have also not sold or reclassified securities since the Federal Reserve Board began raising interest rates in March 2022.
At September 30, 2023, 86% of total investment securities, based on amortized cost, were classified as available-for-sale. Net unrealized losses on securities available-for-sale totaled $12.8 million at September 30, 2023, compared to $10.9 million at June 30, 2023. The increase in unrealized losses principally relates to further increases in market interest rates for similar securities during the third quarter of 2023.
The following table summarizes the amortized cost and fair value of our investment securities portfolio as of September 30, 2023.
|
|
September 30, 2023
|
|
(Dollars in thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
Securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities
|
|
$
|
67,604
|
|
$
|
-
|
|
$
|
(11,181)
|
|
$
|
56,423
|
|
U.S. Government and agency obligations
|
|
|
10,985
|
|
|
-
|
|
|
(949)
|
|
|
10,036
|
|
Municipal obligations
|
|
|
6,014
|
|
|
-
|
|
|
(665)
|
|
|
5,349
|
|
Total available-for-sale
|
|
$
|
84,603
|
|
$
|
-
|
|
$
|
(12,795)
|
|
$
|
71,808
|
|
Securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and agency obligations
|
|
$
|
13,004
|
|
$
|
-
|
|
$
|
(2,846)
|
|
$
|
10,158
|
|
Municipal obligations
|
|
|
460
|
|
|
-
|
|
|
(45)
|
|
|
415
|
|
Total held-to-maturity
|
|
$
|
13,464
|
|
$
|
-
|
|
$
|
(2,891)
|
|
$
|
10,573
|
Deposits and Liquidity
Total deposits were $165.2 million at September 30, 2023, down $6.2 million, or 4%, from June 30, 2023. Average deposits totaled $170.6 million during the third quarter of 2023, down $1.9 million, or 1%, compared to the second quarter of 2023. The decrease in total deposits during the third quarter of 2023 was largely due to declines in non-interest-bearing public funds and large commercial deposits.
During the first quarter of 2023, the Company gained $6.9 million in non-interest-bearing public funds, which were granted to an existing customer for a designated project. During the third quarter 2023, the project commenced and $4.1 million of the designated funds were disbursed. Overall, our public funds consist primarily of non-interest-bearing and interest-bearing demand deposits from municipalities within our market. At September 30, 2023, total public fund deposits amounted to $26.4 million, or 16% of total deposits, compared to $24.7 million, or 14% of total deposits, at June 30, 2023.
Our total uninsured deposits (that is deposits in excess of the FDIC's insurance limit), inclusive of public funds, were approximately $45.2 million at September 30, 2023 and $50.2 million at June 30, 2023. Total uninsured non-public funds deposits were approximately $23.9 million and $30.5 million at September 30 and June 30, 2023, respectively. The full amount of our public fund deposits in excess of the FDIC's insurance limit are secured by pledging investment securities. At September 30, 2023, the amortized cost and fair value of investment securities pledged to secure public fund deposits totaled $49.7 million and $41.7 million, respectively.
The following table sets forth the composition of the Bank's deposits as of the dates indicated.
|
(Dollars in thousands)
|
|
9/30/2023
|
|
6/30/2023
|
|
Increase (Decrease)
|
|
Non-interest-bearing demand deposits
|
|
$
|
33,222
|
|
$
|
41,482
|
|
$
|
(8,260)
|
|
(20)
|
%
|
|
Interest-bearing demand deposits
|
|
|
38,881
|
|
|
34,159
|
|
|
4,722
|
|
14
|
|
|
Money market
|
|
|
15,473
|
|
|
18,798
|
|
|
(3,325)
|
|
(18)
|
|
|
Savings
|
|
|
27,237
|
|
|
26,927
|
|
|
310
|
|
1
|
|
|
Certificates of deposit
|
|
|
50,407
|
|
|
50,007
|
|
|
400
|
|
1
|
|
|
Total deposits
|
|
$
|
165,220
|
|
$
|
171,373
|
|
$
|
(6,153)
|
|
(4)
|
%
|
The ratio of the Company's total loans to total deposits was 82% and 78% as of September 30 and June 30, 2023, respectively. In addition to our primary sources of liquidity, our secondary sources of liquidity include FHLB advances, borrowings from the Federal Reserve and a line of credit from our primary correspondent bank. At September 30, 2023, we had available capacity to borrow $48.0 million from the FHLB and $17.8 million from our primary correspondent bank. In addition, securities held by the Bank with a total par value of $35.7 million were available to pledge as collateral for borrowings from the Federal Reserve at September 30, 2023.
Net Interest Income
The net interest margin for the third quarter of 2023 was 3.13%, up 11 basis points compared to the prior quarter. The average yield on interest-earning assets increased by 23 basis points to 3.91% for the third quarter of 2023, while the average rate on interest-bearing liabilities increased by 21 basis points to 1.38%, compared to the second quarter of 2023.
Net interest income for the third quarter of 2023 was $2.0 million, up $69,000, or 4%, from the second quarter of 2023 primarily due to an increase in interest income on loans (up $161,000, or 10%) partially offset by an increase in interest expense on deposits (up $77,000, or 22%). Though demand for higher rates and competition for deposit accounts remained persistent, the rise in yield on our adjustable rate loans helped the increase in interest income outpace the increase in interest expense.
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
|
|
|
9/30/2023
|
|
6/30/2023
|
|
(Dollars in thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
INTEREST-EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1)
|
|
$
|
134,851
|
|
$
|
1,852
|
|
5.45
|
%
|
|
$
|
133,394
|
|
$
|
1,691
|
|
5.09
|
%
|
|
Investment securities(TE)(2)
|
|
|
99,373
|
|
|
403
|
|
1.64
|
|
|
|
101,630
|
|
|
413
|
|
1.65
|
|
|
Other interest earning assets
|
|
|
16,915
|
|
|
214
|
|
5.02
|
|
|
|
18,403
|
|
|
218
|
|
4.73
|
|
|
Total interest-earning assets(TE)
|
|
$
|
251,139
|
|
$
|
2,469
|
|
3.91
|
%
|
|
$
|
253,427
|
|
$
|
2,322
|
|
3.68
|
%
|
|
INTEREST-BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and savings accounts
|
|
$
|
83,051
|
|
$
|
154
|
|
0.73
|
%
|
|
$
|
83,962
|
|
$
|
142
|
|
0.68
|
%
|
|
Certificates of deposit
|
|
|
50,526
|
|
|
274
|
|
2.15
|
|
|
|
51,185
|
|
|
209
|
|
1.64
|
|
|
Total interest-bearing deposits
|
|
|
133,577
|
|
|
428
|
|
1.27
|
|
|
|
135,147
|
|
|
351
|
|
1.04
|
|
|
FHLB advances
|
|
|
9,306
|
|
|
69
|
|
2.93
|
|
|
|
9,264
|
|
|
68
|
|
2.94
|
|
|
Total interest-bearing liabilities
|
|
$
|
142,883
|
|
$
|
497
|
|
1.38
|
%
|
|
$
|
144,411
|
|
$
|
419
|
|
1.17
|
%
|
|
Net interest-earning assets
|
|
$
|
108,256
|
|
|
|
|
|
|
|
$
|
109,016
|
|
|
|
|
|
|
|
Net interest income; average interest rate spread(TE)
|
|
|
|
|
$
|
1,972
|
|
2.53
|
%
|
|
|
|
|
$
|
1,903
|
|
2.51
|
%
|
|
Net interest margin(TE)(3)
|
|
|
|
|
|
|
|
3.13
|
%
|
|
|
|
|
|
|
|
3.02
|
%
|
|
(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 2023 was $306,000, down $11,000, or 3%, from the second quarter of 2023 primarily due to lower debit card income.
Non-interest Expense
Non-interest expense for the third quarter of 2023 totaled $2.1 million, down $110,000, or 5%, compared to the second quarter of 2023.
Salaries and employee benefits expense totaled $1.1 million for the third quarter of 2023, down $37,000, or 3%, from the prior quarter primarily due to a decrease in employee count.
Professional fees totaled $100,000 for the third quarter of 2023, down $17,000, or 15%, from the prior quarter primarily due to a decline in legal fees and expenses.
Foreclosed assets expense totaled $2,000 for the third quarter of 2023, down $61,000 from the prior quarter. During the second quarter of 2023, the Company recorded a write-down of $62,000 on real estate held as foreclosed assets. The real estate had a carrying value of $259,000 at June 30, 2023 and the sale of the property closed in July 2023.
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 $257.9 million in assets at September 30, 2023. 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.
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)
|
|
(Unaudited)
|
|
|
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
9/30/2023
|
|
6/30/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing cash
|
|
$
|
3,497
|
|
$
|
4,769
|
|
$
|
5,092
|
|
$
|
4,558
|
|
Interest-bearing cash and due from banks
|
|
|
9,769
|
|
|
15,022
|
|
|
8,380
|
|
|
31,639
|
|
Total cash and cash equivalents
|
|
|
13,266
|
|
|
19,791
|
|
|
13,472
|
|
|
36,197
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale, at fair value
|
|
|
71,808
|
|
|
75,876
|
|
|
79,602
|
|
|
78,563
|
|
Securities held-to-maturity
|
|
|
13,464
|
|
|
13,468
|
|
|
13,475
|
|
|
13,480
|
|
Loans receivable, net of unearned income
|
|
|
135,672
|
|
|
133,493
|
|
|
133,607
|
|
|
131,942
|
|
Allowance for loan losses
|
|
|
(2,036)
|
|
|
(2,081)
|
|
|
(1,807)
|
|
|
(1,804)
|
|
Loans receivable, net
|
|
|
133,636
|
|
|
131,412
|
|
|
131,800
|
|
|
130,138
|
|
Accrued interest receivable
|
|
|
806
|
|
|
707
|
|
|
673
|
|
|
566
|
|
Foreclosed assets
|
|
|
37
|
|
|
296
|
|
|
320
|
|
|
320
|
|
Premises and equipment, net
|
|
|
6,160
|
|
|
6,111
|
|
|
6,303
|
|
|
6,392
|
|
Stock in correspondent banks, at cost
|
|
|
1,858
|
|
|
1,839
|
|
|
1,808
|
|
|
1,799
|
|
Bank-owned life insurance
|
|
|
13,917
|
|
|
13,813
|
|
|
13,617
|
|
|
13,519
|
|
Other assets
|
|
|
2,956
|
|
|
2,662
|
|
|
2,254
|
|
|
2,630
|
|
TOTAL ASSETS
|
|
$
|
257,908
|
|
$
|
265,975
|
|
$
|
263,324
|
|
$
|
283,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
33,222
|
|
$
|
41,482
|
|
$
|
33,657
|
|
$
|
31,988
|
|
Interest-bearing
|
|
|
131,998
|
|
|
129,891
|
|
|
131,437
|
|
|
152,239
|
|
Total deposits
|
|
|
165,220
|
|
|
171,373
|
|
|
165,094
|
|
|
184,227
|
|
Federal Home Loan Bank advances
|
|
|
9,333
|
|
|
9,288
|
|
|
9,198
|
|
|
9,153
|
|
Other liabilities
|
|
|
1,147
|
|
|
977
|
|
|
558
|
|
|
706
|
|
TOTAL LIABILITIES
|
|
|
175,700
|
|
|
181,638
|
|
|
174,850
|
|
|
194,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
48
|
|
|
49
|
|
|
53
|
|
|
53
|
|
Additional paid-in capital
|
|
|
45,855
|
|
|
47,032
|
|
|
51,062
|
|
|
50,902
|
|
Unallocated common stock held by benefit plans
|
|
|
(6,274)
|
|
|
(6,616)
|
|
|
(6,307)
|
|
|
(4,020)
|
|
Retained earnings
|
|
|
52,687
|
|
|
52,517
|
|
|
52,740
|
|
|
52,569
|
|
Accumulated other comprehensive income (loss)
|
|
|
(10,108)
|
|
|
(8,645)
|
|
|
(9,074)
|
|
|
(9,986)
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
82,208
|
|
|
84,337
|
|
|
88,474
|
|
|
89,518
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
257,908
|
|
$
|
265,975
|
|
$
|
263,324
|
|
$
|
283,604
|
|
CATALYST BANCORP, INC. AND SUBSIDIARY
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(Dollars in thousands)
|
|
9/30/2023
|
|
6/30/2023
|
|
9/30/2022
|
|
9/30/2023
|
|
9/30/2022
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees
|
|
$
|
1,852
|
|
$
|
1,691
|
|
$
|
1,466
|
|
$
|
5,172
|
|
$
|
4,584
|
|
Investment securities
|
|
|
403
|
|
|
413
|
|
|
381
|
|
|
1,243
|
|
|
1,062
|
|
Other
|
|
|
214
|
|
|
218
|
|
|
185
|
|
|
643
|
|
|
262
|
|
Total interest income
|
|
|
2,469
|
|
|
2,322
|
|
|
2,032
|
|
|
7,058
|
|
|
5,908
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
428
|
|
|
351
|
|
|
93
|
|
|
1,012
|
|
|
272
|
|
Advances from Federal Home Loan Bank
|
|
|
69
|
|
|
68
|
|
|
69
|
|
|
205
|
|
|
205
|
|
Total interest expense
|
|
|
497
|
|
|
419
|
|
|
162
|
|
|
1,217
|
|
|
477
|
|
Net interest income
|
|
|
1,972
|
|
|
1,903
|
|
|
1,870
|
|
|
5,841
|
|
|
5,431
|
|
Provision for (reversal of) credit losses
|
|
|
-
|
|
|
-
|
|
|
(115)
|
|
|
-
|
|
|
(375)
|
|
Net interest income after provision for (reversal of) credit losses
|
|
|
1,972
|
|
|
1,903
|
|
|
1,985
|
|
|
5,841
|
|
|
5,806
|
|
NON-INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
190
|
|
|
200
|
|
|
192
|
|
|
573
|
|
|
542
|
|
Gain (loss) on disposals and sales of fixed assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(77)
|
|
Bank-owned life insurance
|
|
|
104
|
|
|
99
|
|
|
97
|
|
|
300
|
|
|
216
|
|
Federal community development grant
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
171
|
|
Other
|
|
|
12
|
|
|
18
|
|
|
7
|
|
|
44
|
|
|
20
|
|
Total non-interest income
|
|
|
306
|
|
|
317
|
|
|
296
|
|
|
917
|
|
|
872
|
|
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
1,141
|
|
|
1,178
|
|
|
1,168
|
|
|
3,522
|
|
|
3,647
|
|
Occupancy and equipment
|
|
|
198
|
|
|
198
|
|
|
203
|
|
|
609
|
|
|
640
|
|
Data processing and communication
|
|
|
228
|
|
|
220
|
|
|
216
|
|
|
675
|
|
|
666
|
|
Professional fees
|
|
|
100
|
|
|
117
|
|
|
157
|
|
|
346
|
|
|
472
|
|
Directors' fees
|
|
|
116
|
|
|
114
|
|
|
75
|
|
|
345
|
|
|
185
|
|
ATM and debit card
|
|
|
68
|
|
|
61
|
|
|
76
|
|
|
187
|
|
|
184
|
|
Foreclosed assets, net
|
|
|
2
|
|
|
63
|
|
|
3
|
|
|
67
|
|
|
-
|
|
Advertising and marketing
|
|
|
25
|
|
|
22
|
|
|
36
|
|
|
77
|
|
|
187
|
|
Franchise and shares tax
|
|
|
19
|
|
|
25
|
|
|
15
|
|
|
71
|
|
|
131
|
|
Other
|
|
|
184
|
|
|
193
|
|
|
184
|
|
|
558
|
|
|
606
|
|
Total non-interest expense
|
|
|
2,081
|
|
|
2,191
|
|
|
2,133
|
|
|
6,457
|
|
|
6,718
|
|
Income (loss) before income tax expense (benefit)
|
|
|
197
|
|
|
29
|
|
|
148
|
|
|
301
|
|
|
(40)
|
|
Income tax expense (benefit)
|
|
|
27
|
|
|
(10)
|
|
|
13
|
|
|
19
|
|
|
(49)
|
|
NET INCOME
|
|
$
|
170
|
|
$
|
39
|
|
$
|
135
|
|
$
|
282
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
$
|
0.01
|
|
$
|
0.03
|
|
$
|
0.06
|
|
$
|
0.01
|
|
Diluted
|
|
|
0.03
|
|
|
0.01
|
|
|
0.03
|
|
|
0.06
|
|
|
0.01
|
|
CATALYST BANCORP, INC. AND SUBSIDIARY
|
|
SELECTED FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(Dollars in thousands)
|
|
9/30/2023
|
|
6/30/2023
|
|
9/30/2022
|
|
9/30/2023
|
|
9/30/2022
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
$
|
2,469
|
|
|
$
|
2,322
|
|
|
$
|
2,032
|
|
|
$
|
7,058
|
|
|
$
|
5,908
|
|
|
Total interest expense
|
|
|
497
|
|
|
|
419
|
|
|
|
162
|
|
|
|
1,217
|
|
|
|
477
|
|
|
Net interest income
|
|
|
1,972
|
|
|
|
1,903
|
|
|
|
1,870
|
|
|
|
5,841
|
|
|
|
5,431
|
|
|
Provision for (reversal of) credit losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(115)
|
|
|
|
-
|
|
|
|
(375)
|
|
|
Total non-interest income
|
|
|
306
|
|
|
|
317
|
|
|
|
296
|
|
|
|
917
|
|
|
|
872
|
|
|
Total non-interest expense
|
|
|
2,081
|
|
|
|
2,191
|
|
|
|
2,133
|
|
|
|
6,457
|
|
|
|
6,718
|
|
|
Income tax expense (benefit)
|
|
|
27
|
|
|
|
(10)
|
|
|
|
13
|
|
|
|
19
|
|
|
|
(49)
|
|
|
Net income
|
|
$
|
170
|
|
|
$
|
39
|
|
|
$
|
135
|
|
|
$
|
282
|
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
265,057
|
|
|
$
|
268,095
|
|
|
$
|
288,244
|
|
|
$
|
268,339
|
|
|
$
|
287,247
|
|
|
Total interest-earning assets
|
|
|
251,139
|
|
|
|
253,427
|
|
|
|
270,777
|
|
|
|
253,946
|
|
|
|
271,097
|
|
|
Total loans
|
|
|
134,851
|
|
|
|
133,394
|
|
|
|
131,827
|
|
|
|
134,013
|
|
|
|
132,301
|
|
|
Total interest-bearing deposits
|
|
|
133,577
|
|
|
|
135,147
|
|
|
|
151,571
|
|
|
|
137,042
|
|
|
|
150,006
|
|
|
Total interest-bearing liabilities
|
|
|
142,883
|
|
|
|
144,411
|
|
|
|
160,697
|
|
|
|
146,304
|
|
|
|
159,086
|
|
|
Total deposits
|
|
|
170,589
|
|
|
|
172,526
|
|
|
|
185,453
|
|
|
|
172,556
|
|
|
|
182,816
|
|
|
Total shareholders' equity
|
|
|
84,021
|
|
|
|
85,421
|
|
|
|
92,956
|
|
|
|
85,585
|
|
|
|
94,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
0.25
|
%
|
|
|
0.06
|
%
|
|
|
0.19
|
%
|
|
|
0.14
|
%
|
|
|
0.00
|
%
|
|
Return on average equity
|
|
|
0.80
|
|
|
|
0.18
|
|
|
|
0.58
|
|
|
|
0.44
|
|
|
|
0.01
|
|
|
Efficiency ratio
|
|
|
91.34
|
|
|
|
98.73
|
|
|
|
98.44
|
|
|
|
95.55
|
|
|
|
106.58
|
|
|
Net interest margin(TE)
|
|
|
3.13
|
|
|
|
3.02
|
|
|
|
2.75
|
|
|
|
3.08
|
|
|
|
2.68
|
|
|
Average equity to average assets
|
|
|
31.70
|
|
|
|
31.86
|
|
|
|
32.25
|
|
|
|
31.89
|
|
|
|
32.93
|
|
|
Common equity Tier 1 capital ratio(1)
|
|
|
54.97
|
|
|
|
56.02
|
|
|
|
57.84
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio(1)
|
|
|
31.08
|
|
|
|
30.64
|
|
|
|
28.29
|
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio(1)
|
|
|
56.23
|
|
|
|
57.27
|
|
|
|
59.09
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.
|
|
CATALYST BANCORP, INC. AND SUBSIDIARY
|
|
SELECTED FINANCIAL DATA
|
|
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
(Dollars in thousands)
|
|
9/30/2023
|
|
6/30/2023
|
|
9/30/2022
|
|
9/30/2023
|
|
9/30/2022
|
|
ALLOWANCE FOR CREDIT LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
2,081
|
|
|
$
|
2,070
|
|
|
$
|
1,980
|
|
|
$
|
1,807
|
|
|
$
|
2,276
|
|
|
CECL adoption impact
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
209
|
|
|
|
-
|
|
|
Provision for (reversal of) loan losses
|
|
|
(62)
|
|
|
|
(2)
|
|
|
|
(115)
|
|
|
|
(64)
|
|
|
|
(375)
|
|
|
Charge-offs
|
|
|
(9)
|
|
|
|
(10)
|
|
|
|
(90)
|
|
|
|
(26)
|
|
|
|
(191)
|
|
|
Recoveries
|
|
|
26
|
|
|
|
23
|
|
|
|
29
|
|
|
|
110
|
|
|
|
94
|
|
|
Net (charge-offs) recoveries
|
|
|
17
|
|
|
|
13
|
|
|
|
(61)
|
|
|
|
84
|
|
|
|
(97)
|
|
|
Ending balance
|
|
$
|
2,036
|
|
|
$
|
2,081
|
|
|
$
|
1,804
|
|
|
$
|
2,036
|
|
|
$
|
1,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
|
218
|
|
|
|
216
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
CECL adoption impact
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
216
|
|
|
|
-
|
|
|
Provision for losses on unfunded commitments
|
|
|
62
|
|
|
|
2
|
|
|
|
-
|
|
|
|
64
|
|
|
|
-
|
|
|
Ending balance
|
|
$
|
280
|
|
|
$
|
218
|
|
|
$
|
-
|
|
|
$
|
280
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit losses, end of period
|
|
$
|
2,316
|
|
|
$
|
2,299
|
|
|
$
|
1,804
|
|
|
$
|
2,316
|
|
|
$
|
1,804
|
|
|
Total provision for (reversal of) credit losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(115)
|
|
|
|
-
|
|
|
|
(375)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loans
|
|
$
|
1,961
|
|
|
$
|
1,629
|
|
|
$
|
1,221
|
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days or more past due
|
|
|
127
|
|
|
|
260
|
|
|
|
379
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans
|
|
|
2,088
|
|
|
|
1,889
|
|
|
|
1,600
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets
|
|
|
37
|
|
|
|
296
|
|
|
|
320
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets
|
|
$
|
2,125
|
|
|
$
|
2,185
|
|
|
$
|
1,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans to total loans
|
|
|
1.54
|
%
|
|
|
1.42
|
%
|
|
|
1.21
|
%
|
|
|
|
|
|
|
|
|
|
Total non-performing assets to total assets
|
|
|
0.82
|
|
|
|
0.82
|
|
|
|
0.68
|
|
|
|
|
|
|
|
|
|
|
(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-2023-third-quarter-results-301968124.html
SOURCE Catalyst Bancorp, Inc.
