OPELOUSAS, La., Jan. 25,
2024 /PRNewswire/ -- Catalyst Bancorp, Inc.
(Nasdaq: CLST) (the "Company"), the parent company for
Catalyst Bank (the "Bank") (www.catalystbank.com), reported net
income of $320,000 for the fourth
quarter of 2023 which included a net pre-tax benefit of
$371,000 due to a Bank Enterprise
Award ("BEA") Program grant from the Community Development
Financial Institution ("CDFI") Fund and a $92,000 loss on the sale of investment
securities. For the year ended December 31,
2023, net income totaled $602,000, compared to $180,000 for 2022.
"We produced over $9 million of
loan growth during the fourth quarter – our strongest quarter since
becoming a public company," said Joe
Zanco, President and Chief Executive Officer of the Company
and the Bank. "This growth was fueled by the high level of
responsiveness our bankers provide to our customers."
Loans
Loans totaled $144.9 million at
December 31, 2023, up $9.2
million, or 7%, from September 30,
2023. The increase in total loans during the fourth quarter
of 2023 was primarily due to commercial construction and commercial
real estate loans. Construction loan growth was largely driven by
three separate projects involving the purchase and renovation of a
hotel, the construction of a retail health care center, and the
purchase and renovation of an industrial warehouse. A significant
driver of commercial real estate loan growth was a loan to finance
the purchase of a multi-tenant office building in Lafayette, Louisiana.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
12/31/2023
|
|
9/30/2023
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
residential
|
|
$
|
83,623
|
|
$
|
83,973
|
|
$
|
(350)
|
|
-
|
%
|
Commercial real
estate
|
|
|
21,478
|
|
|
19,113
|
|
|
2,365
|
|
12
|
|
Construction and
land
|
|
|
13,857
|
|
|
6,622
|
|
|
7,235
|
|
109
|
|
Multi-family
residential
|
|
|
3,373
|
|
|
3,424
|
|
|
(51)
|
|
(1)
|
|
Total real estate
loans
|
|
|
122,331
|
|
|
113,132
|
|
|
9,199
|
|
8
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
19,984
|
|
|
19,634
|
|
|
350
|
|
2
|
|
Consumer
|
|
|
2,605
|
|
|
2,906
|
|
|
(301)
|
|
(10)
|
|
Total other
loans
|
|
|
22,589
|
|
|
22,540
|
|
|
49
|
|
-
|
|
Total loans
|
|
$
|
144,920
|
|
$
|
135,672
|
|
$
|
9,248
|
|
7
|
%
|
Loans secured by one- to four-family residential properties
accounted for 58% of total loans and commercial real estate
loans accounted for 15% of total loans at December 31, 2023. Approximately 60% of our real
estate loans have adjustable rates and, of our total real estate
loans, approximately $60.7 million,
or 50%, 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
December 31, 2023. This segment of
the portfolio largely consists of loans to local businesses
involved in industrial manufacturing and equipment, communications,
professional services, and oil and gas support services.
Approximately 39% of our commercial and industrial loans have
adjustable rates and, of total commercial and industrial loans,
approximately $10.2 million, or 51%,
are scheduled to re-price or mature during the next 12 months.
Credit Quality and Allowance for Credit Losses
At each of December 31 and
September 30, 2023, non-performing
assets ("NPAs") totaled $2.1 million
and the ratio of NPAs to total assets was 0.76% and 0.82% at such
dates, respectively. Non-performing loans ("NPLs") comprised 1.37%
of total loans at December 31, 2023, and 1.54% of total
loans at September 30, 2023. At
December 31 and September 30, 2023, 95% and 96% of total NPLs,
respectively, were one- to four-family residential mortgage
loans.
At December 31, 2023, the
allowance for loan losses totaled $2.1
million, or 1.47% of total loans, compared to $2.0 million at September
30, 2023, or 1.50% of total loans. For the quarter and year
ended December 31, 2023, the
provision for credit losses totaled $128,000, which was largely attributable to loan
growth in the fourth quarter of 2023 that necessitated additional
loan provisions according to the Bank's Current Expected Credit
Losses model.
Net loan charge-offs totaled $63,000 during the fourth quarter of 2023,
compared to net recoveries of $17,000
for the third quarter of 2023. Net loan charge-offs in the fourth
quarter of 2023 were primarily attributable to one- to four-family
residential loans.
Investment Securities
Total investment securities were $84.0
million, or 31% of total assets, at December 31, 2023. The Company's 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. During the
fourth quarter of 2023, the Company sold two available-for-sale
investment securities for a pre-tax loss of $92,000. Cash proceeds from the sales totaled
$1.9 million.
At December 31, 2023, 86% of total
investment securities, based on amortized cost, were classified as
available-for-sale. Net unrealized losses on securities classified
as available-for-sale totaled $9.2
million at December 31, 2023,
compared to $12.8 million at
September 30, 2023.
The following table summarizes the amortized cost and fair value
of our investment securities portfolio as of December 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023
|
(Dollars in
thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
Securities
available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities
|
|
$
|
65,704
|
|
$
|
14
|
|
$
|
(8,206)
|
|
$
|
57,512
|
U.S. Government and
agency obligations
|
|
|
7,999
|
|
|
-
|
|
|
(611)
|
|
|
7,388
|
Municipal
obligations
|
|
|
5,998
|
|
|
7
|
|
|
(365)
|
|
|
5,640
|
Total
available-for-sale
|
|
$
|
79,701
|
|
$
|
21
|
|
$
|
(9,182)
|
|
$
|
70,540
|
Securities
held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and
agency obligations
|
|
$
|
13,003
|
|
$
|
-
|
|
$
|
(2,210)
|
|
$
|
10,793
|
Municipal
obligations
|
|
|
458
|
|
|
-
|
|
|
(24)
|
|
|
434
|
Total
held-to-maturity
|
|
$
|
13,461
|
|
$
|
-
|
|
$
|
(2,234)
|
|
$
|
11,227
|
At December 31, 2023, the
amortized cost and fair value of pledged investment securities
totaled $61.9 million and
$53.9 million, respectively. The
amortized cost and fair value of investment securities pledged to
secure uninsured public fund deposits totaled $49.3 million and $43.2
million, respectively, at December
31, 2023. The remainder of the pledged investment securities
at December 31, 2023 served as
collateral for borrowings from the Federal Reserve Bank of
Atlanta.
Deposits
Total deposits were $165.6 million
at December 31, 2023, up $402,000, or less than 1%, from September 30, 2023. A $3.2
million decline in total public funds over the fourth
quarter was offset by growth in consumer and commercial deposits
that was largely driven by rate specials offered to depositors
during the quarter.
The following table sets forth the composition of the Bank's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
12/31/2023
|
|
9/30/2023
|
|
Increase
(Decrease)
|
Non-interest-bearing
demand deposits
|
|
$
|
28,183
|
|
$
|
33,222
|
|
$
|
(5,039)
|
|
(15)
|
%
|
Interest-bearing demand
deposits
|
|
|
36,867
|
|
|
38,881
|
|
|
(2,014)
|
|
(5)
|
|
Money market
|
|
|
15,126
|
|
|
15,473
|
|
|
(347)
|
|
(2)
|
|
Savings
|
|
|
31,518
|
|
|
27,237
|
|
|
4,281
|
|
16
|
|
Certificates of
deposit
|
|
|
53,928
|
|
|
50,407
|
|
|
3,521
|
|
7
|
|
Total
deposits
|
|
$
|
165,622
|
|
$
|
165,220
|
|
$
|
402
|
|
-
|
%
|
At December 31, 2023,
approximately 78% of our total public funds consisted of
non-interest-bearing and interest-bearing demand deposits from
municipalities within our market. Total public fund deposits
amounted to $23.3 million, or 14% of
total deposits, at December 31, 2023,
compared to $26.4 million, or 16% of
total deposits, at September 30,
2023.
Our total uninsured deposits (that is deposits in excess of the
FDIC's insurance limit), inclusive of public funds, were
approximately $44.6 million at
December 31, 2023 and $45.2 million at September
30, 2023. Total uninsured non-public funds deposits were
approximately $26.3 million and
$23.9 million at December 31 and September
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.
Borrowings and Liquidity
Total borrowings at December 31,
2023 were $19.4 million, up
$10.0 million from September 30, 2023. During the fourth quarter of
2023, the Bank began borrowing from the Federal Reserve Bank of
Atlanta through its Bank Term
Funding Program ("BTFP"). At December 31,
2023, the Bank had one $10.0
million BTFP loan outstanding with a contractual interest
rate of 4.83% and a maturity date of December 24, 2024.
The ratio of the Company's total loans to total deposits was 88%
and 82% as of December 31 and
September 30, 2023, respectively. The
table below summarizes our unused and available liquidity sources
as of December 31, 2023.
|
|
|
|
(Dollars in
thousands)
|
|
12/31/2023
|
Advances from the
Federal Home Loan Bank of Dallas
|
|
$
|
48,467
|
Line of credit with
primary correspondent bank
|
|
|
17,800
|
Federal Reserve's Bank
Term Funding Program
|
|
|
1,434
|
Federal Reserve
Discount Window
|
|
|
718
|
Unpledged
available-for-sale investment securities, at fair value
|
|
|
25,385
|
Total unused and
available liquidity
|
|
$
|
93,804
|
Pledged securities under the BTFP are valued at par when
determining borrowing capacity. The total par value of unpledged
investment securities eligible as collateral for advances under the
BTFP was $16.5 million at
December 31, 2023.
Capital and Share Repurchases
The Bank's total risk-based capital ratio was 53.60% and 56.23%
at December 31, 2023 and September 30, 2023, respectively. At December 31, 2023 and September 30, 2023, consolidated shareholders'
equity totaled $84.6 million, or
31.2% of total assets, and $82.2
million, or 31.9% of total assets, respectively.
The Company repurchased 86,964 shares of its common stock at an
average cost per share of $11.24
during the fourth quarter of 2023. During the year ended
December 31, 2023, the Company
repurchased 528,674 shares of its common stock at an average cost
per share of $11.94 through the
completion of repurchases of 265,000 shares under its January 2023 Repurchase Plan and 252,000 under
its April 2023 Repurchase Plan, and
the repurchase of another 11,674 shares pursuant to a third
repurchase plan announced in November (the "November 2023 Repurchase Plan"). At December 31, 2023, the Company had common shares
outstanding of 4,761,326 and 228,326 of those shares were available
for repurchase under the November
2023 Repurchase Plan.
Net Interest Income
The net interest margin for the fourth quarter of 2023 was
3.14%, up one basis point compared to the prior quarter. For the
fourth quarter of 2023, the average yield on interest-earning
assets was 4.17%, up 26 basis points from the prior quarter, while
the average rate paid on interest-bearing liabilities was 1.73%, up
35 basis points from the third quarter of 2023.
Net interest income for the fourth quarter of 2023 was
$2.0 million, down $12,000, or 1%, compared to the third quarter of
2023. Total interest income was up $134,000, or 5%, while total interest expense
increased by $146,000, or 29%, in the
fourth quarter of 2023 compared to the prior quarter.
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
|
|
|
12/31/2023
|
|
9/30/2023
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable(1)
|
|
$
|
140,757
|
|
$
|
2,066
|
|
5.82
|
%
|
|
$
|
134,851
|
|
$
|
1,852
|
|
5.45
|
%
|
Investment
securities(TE)(2)
|
|
|
96,640
|
|
|
400
|
|
1.67
|
|
|
|
99,373
|
|
|
403
|
|
1.64
|
|
Other interest earning
assets
|
|
|
11,276
|
|
|
137
|
|
4.83
|
|
|
|
16,915
|
|
|
214
|
|
5.02
|
|
Total interest-earning
assets(TE)
|
|
$
|
248,673
|
|
$
|
2,603
|
|
4.17
|
%
|
|
$
|
251,139
|
|
$
|
2,469
|
|
3.91
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits, money
market, and savings accounts
|
|
$
|
82,474
|
|
$
|
185
|
|
0.89
|
%
|
|
$
|
83,051
|
|
$
|
154
|
|
0.73
|
%
|
Certificates of
deposit
|
|
|
51,707
|
|
|
344
|
|
2.64
|
|
|
|
50,526
|
|
|
274
|
|
2.15
|
|
Total interest-bearing
deposits
|
|
|
134,181
|
|
|
529
|
|
1.56
|
|
|
|
133,577
|
|
|
428
|
|
1.27
|
|
Borrowings
|
|
|
13,016
|
|
|
114
|
|
3.50
|
|
|
|
9,306
|
|
|
69
|
|
2.93
|
|
Total interest-bearing
liabilities
|
|
$
|
147,197
|
|
$
|
643
|
|
1.73
|
%
|
|
$
|
142,883
|
|
$
|
497
|
|
1.38
|
%
|
Net interest-earning
assets
|
|
$
|
101,476
|
|
|
|
|
|
|
|
$
|
108,256
|
|
|
|
|
|
|
Net interest income;
average interest rate spread(TE)
|
|
|
|
|
$
|
1,960
|
|
2.44
|
%
|
|
|
|
|
$
|
1,972
|
|
2.53
|
%
|
Net interest
margin(TE)(3)
|
|
|
|
|
|
|
|
3.14
|
%
|
|
|
|
|
|
|
|
3.13
|
%
|
|
|
(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 fourth quarter of 2023 was
$672,000, up $366,000, or a 120% increase from the third
quarter of 2023. The Company received and recognized as income a
$437,000 Bank Enterprise Award
("BEA") Program grant from the CDFI Fund during the fourth quarter
of 2023. Non-interest income for the fourth quarter of 2023 also
included the $92,000 loss on the sale
of investment securities discussed previously. The securities were
sold for a total of $1.9 million.
Non-interest Expense
Non-interest expense for the fourth quarter of 2023 totaled
$2.1 million, up $41,000, or 2%, compared to the third quarter of
2023. Professional fees totaled $140,000 for the fourth quarter of 2023, up
$40,000, or 40%, from the prior
quarter. Professional fees associated with obtaining the BEA
Program grant totaled $66,000 and
were expensed in the fourth quarter of 2023.
During the first quarter of 2024, the Company is converting to a
new core processing system and expects to incur approximately
$500,000 (pre-tax) of data conversion
and other associated costs. The core system conversion will
significantly enhance our customer-facing and internal banking
technology. The Company also estimates annualized savings of
greater than $200,000 after
completing the conversion.
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 $270.9 million in assets at
December 31, 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, 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, 2022, 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)
|
|
12/31/2023
|
|
9/30/2023
|
|
12/31/2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
cash
|
|
$
|
3,654
|
|
$
|
3,497
|
|
$
|
5,092
|
Interest-bearing cash
and due from banks
|
|
|
15,357
|
|
|
9,769
|
|
|
8,380
|
Total cash and cash
equivalents
|
|
|
19,011
|
|
|
13,266
|
|
|
13,472
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value
|
|
|
70,540
|
|
|
71,808
|
|
|
79,602
|
Securities
held-to-maturity
|
|
|
13,461
|
|
|
13,464
|
|
|
13,475
|
Loans receivable, net
of unearned income
|
|
|
144,920
|
|
|
135,672
|
|
|
133,607
|
Allowance for loan
losses
|
|
|
(2,124)
|
|
|
(2,036)
|
|
|
(1,807)
|
Loans receivable,
net
|
|
|
142,796
|
|
|
133,636
|
|
|
131,800
|
Accrued interest
receivable
|
|
|
906
|
|
|
806
|
|
|
673
|
Foreclosed
assets
|
|
|
60
|
|
|
37
|
|
|
320
|
Premises and equipment,
net
|
|
|
6,072
|
|
|
6,160
|
|
|
6,303
|
Stock in correspondent
banks, at cost
|
|
|
1,878
|
|
|
1,858
|
|
|
1,808
|
Bank-owned life
insurance
|
|
|
14,026
|
|
|
13,917
|
|
|
13,617
|
Other assets
|
|
|
2,141
|
|
|
2,956
|
|
|
2,254
|
TOTAL
ASSETS
|
|
$
|
270,891
|
|
$
|
257,908
|
|
$
|
263,324
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
28,183
|
|
$
|
33,222
|
|
$
|
33,657
|
Interest-bearing
|
|
|
137,439
|
|
|
131,998
|
|
|
131,437
|
Total deposits
|
|
|
165,622
|
|
|
165,220
|
|
|
165,094
|
Borrowings
|
|
|
19,378
|
|
|
9,333
|
|
|
9,198
|
Other
liabilities
|
|
|
1,274
|
|
|
1,147
|
|
|
558
|
TOTAL
LIABILITIES
|
|
|
186,274
|
|
|
175,700
|
|
|
174,850
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
48
|
|
|
48
|
|
|
53
|
Additional paid-in
capital
|
|
|
45,020
|
|
|
45,855
|
|
|
51,062
|
Unallocated common
stock held by benefit plans
|
|
|
(6,221)
|
|
|
(6,274)
|
|
|
(6,307)
|
Retained
earnings
|
|
|
53,007
|
|
|
52,687
|
|
|
52,740
|
Accumulated other
comprehensive income (loss)
|
|
|
(7,237)
|
|
|
(10,108)
|
|
|
(9,074)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
84,617
|
|
|
82,208
|
|
|
88,474
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
270,891
|
|
$
|
257,908
|
|
$
|
263,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
(Dollars in
thousands)
|
|
12/31/2023
|
|
9/30/2023
|
|
12/31/2022
|
|
12/31/2023
|
|
12/31/2022
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
|
2,066
|
|
$
|
1,852
|
|
$
|
1,543
|
|
$
|
7,238
|
|
$
|
6,127
|
Investment
securities
|
|
|
400
|
|
|
403
|
|
|
418
|
|
|
1,643
|
|
|
1,480
|
Other
|
|
|
137
|
|
|
214
|
|
|
145
|
|
|
780
|
|
|
407
|
Total interest
income
|
|
|
2,603
|
|
|
2,469
|
|
|
2,106
|
|
|
9,661
|
|
|
8,014
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
529
|
|
|
428
|
|
|
130
|
|
|
1,541
|
|
|
402
|
Borrowings
|
|
|
114
|
|
|
69
|
|
|
76
|
|
|
319
|
|
|
281
|
Total interest
expense
|
|
|
643
|
|
|
497
|
|
|
206
|
|
|
1,860
|
|
|
683
|
Net interest
income
|
|
|
1,960
|
|
|
1,972
|
|
|
1,900
|
|
|
7,801
|
|
|
7,331
|
Provision for (reversal
of) credit losses
|
|
|
128
|
|
|
-
|
|
|
-
|
|
|
128
|
|
|
(375)
|
Net interest income
after provision for (reversal of) credit losses
|
|
|
1,832
|
|
|
1,972
|
|
|
1,900
|
|
|
7,673
|
|
|
7,706
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
201
|
|
|
190
|
|
|
189
|
|
|
774
|
|
|
731
|
Bank-owned life
insurance
|
|
|
109
|
|
|
104
|
|
|
98
|
|
|
409
|
|
|
314
|
Gain (loss) on sales of
investment securities
|
|
|
(92)
|
|
|
-
|
|
|
-
|
|
|
(92)
|
|
|
-
|
Gain (loss) on
disposals and sales of fixed assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(77)
|
Federal community
development grant
|
|
|
437
|
|
|
-
|
|
|
-
|
|
|
437
|
|
|
171
|
Other
|
|
|
17
|
|
|
12
|
|
|
14
|
|
|
61
|
|
|
34
|
Total non-interest
income
|
|
|
672
|
|
|
306
|
|
|
301
|
|
|
1,589
|
|
|
1,173
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,149
|
|
|
1,141
|
|
|
1,175
|
|
|
4,671
|
|
|
4,822
|
Occupancy and
equipment
|
|
|
193
|
|
|
198
|
|
|
193
|
|
|
802
|
|
|
833
|
Data processing and
communication
|
|
|
236
|
|
|
228
|
|
|
175
|
|
|
911
|
|
|
841
|
Professional
fees
|
|
|
140
|
|
|
100
|
|
|
66
|
|
|
486
|
|
|
538
|
Directors'
fees
|
|
|
118
|
|
|
116
|
|
|
117
|
|
|
463
|
|
|
302
|
ATM and debit
card
|
|
|
63
|
|
|
68
|
|
|
61
|
|
|
250
|
|
|
245
|
Foreclosed assets,
net
|
|
|
5
|
|
|
2
|
|
|
5
|
|
|
72
|
|
|
5
|
Advertising and
marketing
|
|
|
23
|
|
|
25
|
|
|
53
|
|
|
100
|
|
|
240
|
Franchise and shares
tax
|
|
|
10
|
|
|
19
|
|
|
(16)
|
|
|
81
|
|
|
115
|
Other
|
|
|
185
|
|
|
184
|
|
|
173
|
|
|
743
|
|
|
779
|
Total non-interest
expense
|
|
|
2,122
|
|
|
2,081
|
|
|
2,002
|
|
|
8,579
|
|
|
8,720
|
Income before income
tax expense (benefit)
|
|
|
382
|
|
|
197
|
|
|
199
|
|
|
683
|
|
|
159
|
Income tax expense
(benefit)
|
|
|
62
|
|
|
27
|
|
|
28
|
|
|
81
|
|
|
(21)
|
NET
INCOME
|
|
$
|
320
|
|
$
|
170
|
|
$
|
171
|
|
$
|
602
|
|
$
|
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.08
|
|
$
|
0.03
|
|
$
|
0.03
|
|
$
|
0.14
|
|
$
|
0.04
|
Diluted
|
|
|
0.08
|
|
|
0.03
|
|
|
0.03
|
|
|
0.14
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
(Dollars in
thousands)
|
|
12/31/2023
|
|
9/30/2023
|
|
12/31/2022
|
|
12/31/2023
|
|
12/31/2022
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
2,603
|
|
|
$
|
2,469
|
|
|
$
|
2,106
|
|
|
$
|
9,661
|
|
|
$
|
8,014
|
|
Total interest
expense
|
|
|
643
|
|
|
|
497
|
|
|
|
206
|
|
|
|
1,860
|
|
|
|
683
|
|
Net interest
income
|
|
|
1,960
|
|
|
|
1,972
|
|
|
|
1,900
|
|
|
|
7,801
|
|
|
|
7,331
|
|
Provision for (reversal
of) credit losses
|
|
|
128
|
|
|
|
-
|
|
|
|
-
|
|
|
|
128
|
|
|
|
(375)
|
|
Total non-interest
income
|
|
|
672
|
|
|
|
306
|
|
|
|
301
|
|
|
|
1,589
|
|
|
|
1,173
|
|
Total non-interest
expense
|
|
|
2,122
|
|
|
|
2,081
|
|
|
|
2,002
|
|
|
|
8,579
|
|
|
|
8,720
|
|
Income tax expense
(benefit)
|
|
|
62
|
|
|
|
27
|
|
|
|
28
|
|
|
|
81
|
|
|
|
(21)
|
|
Net income
|
|
$
|
320
|
|
|
$
|
170
|
|
|
$
|
171
|
|
|
$
|
602
|
|
|
$
|
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
$
|
140,757
|
|
|
$
|
134,851
|
|
|
$
|
133,102
|
|
|
$
|
135,713
|
|
|
$
|
132,503
|
|
Total interest-earning
assets
|
|
|
248,673
|
|
|
|
251,139
|
|
|
|
256,033
|
|
|
|
252,616
|
|
|
|
267,300
|
|
Total assets
|
|
|
261,657
|
|
|
|
265,057
|
|
|
|
270,121
|
|
|
|
266,655
|
|
|
|
282,931
|
|
Total interest-bearing
deposits
|
|
|
134,181
|
|
|
|
133,577
|
|
|
|
139,134
|
|
|
|
136,321
|
|
|
|
147,266
|
|
Total interest-bearing
liabilities
|
|
|
147,197
|
|
|
|
142,883
|
|
|
|
149,064
|
|
|
|
146,529
|
|
|
|
156,560
|
|
Total
deposits
|
|
|
165,102
|
|
|
|
170,589
|
|
|
|
170,952
|
|
|
|
170,677
|
|
|
|
179,826
|
|
Total shareholders'
equity
|
|
|
82,227
|
|
|
|
84,021
|
|
|
|
88,558
|
|
|
|
84,739
|
|
|
|
93,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.49
|
%
|
|
|
0.25
|
%
|
|
|
0.25
|
%
|
|
|
0.23
|
%
|
|
|
0.06
|
%
|
Return on average
equity
|
|
|
1.54
|
|
|
|
0.80
|
|
|
|
0.76
|
|
|
|
0.71
|
|
|
|
0.19
|
|
Efficiency
ratio
|
|
|
80.61
|
|
|
|
91.34
|
|
|
|
90.99
|
|
|
|
91.36
|
|
|
|
102.55
|
|
Net interest
margin(TE)
|
|
|
3.14
|
|
|
|
3.13
|
|
|
|
2.96
|
|
|
|
3.10
|
|
|
|
2.75
|
|
Average equity to
average assets
|
|
|
31.43
|
|
|
|
31.70
|
|
|
|
32.78
|
|
|
|
31.78
|
|
|
|
32.90
|
|
Common equity Tier 1
capital ratio(1)
|
|
|
52.34
|
|
|
|
54.97
|
|
|
|
56.17
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
ratio(1)
|
|
|
31.67
|
|
|
|
31.08
|
|
|
|
30.37
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio(1)
|
|
|
53.60
|
|
|
|
56.23
|
|
|
|
57.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total employees
(full-time equivalent)
|
|
|
48
|
|
|
|
47
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
Common shares issued
and outstanding, end of period
|
|
|
4,761,326
|
|
|
|
4,848,290
|
|
|
|
5,290,000
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Year
Ended
|
(Dollars in
thousands)
|
|
12/31/2023
|
|
9/30/2023
|
|
12/31/2022
|
|
12/31/2023
|
|
12/31/2022
|
ALLOWANCE FOR CREDIT
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
2,036
|
|
|
$
|
2,081
|
|
|
$
|
1,804
|
|
|
$
|
1,807
|
|
|
$
|
2,276
|
|
CECL adoption
impact
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
209
|
|
|
|
-
|
|
Provision for
(reversal of) loan losses
|
|
|
151
|
|
|
|
(62)
|
|
|
|
-
|
|
|
|
87
|
|
|
|
(375)
|
|
Charge-offs
|
|
|
(76)
|
|
|
|
(9)
|
|
|
|
(19)
|
|
|
|
(102)
|
|
|
|
(210)
|
|
Recoveries
|
|
|
13
|
|
|
|
26
|
|
|
|
22
|
|
|
|
123
|
|
|
|
116
|
|
Net (charge-offs)
recoveries
|
|
|
(63)
|
|
|
|
17
|
|
|
|
3
|
|
|
|
21
|
|
|
|
(94)
|
|
Ending
balance
|
|
$
|
2,124
|
|
|
$
|
2,036
|
|
|
$
|
1,807
|
|
|
$
|
2,124
|
|
|
$
|
1,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
unfunded commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
|
280
|
|
|
|
218
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
CECL adoption
impact
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
216
|
|
|
|
-
|
|
Provision for losses
on unfunded commitments
|
|
|
(23)
|
|
|
|
62
|
|
|
|
-
|
|
|
|
41
|
|
|
|
-
|
|
Ending
balance
|
|
$
|
257
|
|
|
$
|
280
|
|
|
$
|
-
|
|
|
$
|
257
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
credit losses, end of period
|
|
$
|
2,381
|
|
|
$
|
2,316
|
|
|
$
|
1,807
|
|
|
$
|
2,381
|
|
|
$
|
1,807
|
|
Total provision for
(reversal of) credit losses
|
|
|
128
|
|
|
|
-
|
|
|
|
-
|
|
|
|
128
|
|
|
|
(375)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,967
|
|
|
$
|
1,961
|
|
|
$
|
1,494
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days
or more past due
|
|
|
24
|
|
|
|
127
|
|
|
|
191
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
|
|
1,991
|
|
|
|
2,088
|
|
|
|
1,685
|
|
|
|
|
|
|
|
|
|
Foreclosed
assets
|
|
|
60
|
|
|
|
37
|
|
|
|
320
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
|
$
|
2,051
|
|
|
$
|
2,125
|
|
|
$
|
2,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
1.37
|
%
|
|
|
1.54
|
%
|
|
|
1.26
|
%
|
|
|
|
|
|
|
|
|
Total non-performing
assets to total assets
|
|
|
0.76
|
|
|
|
0.82
|
|
|
|
0.76
|
|
|
|
|
|
|
|
|
|
|
(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-fourth-quarter-results-302043941.html
SOURCE Catalyst Bancorp, Inc.