Welcome to our dedicated page for Catalyst Bancorp news (Ticker: CLST), a resource for investors and traders seeking the latest updates and insights on Catalyst Bancorp stock.
Catalyst Bancorp, Inc. (Nasdaq: CLST) is a federally chartered community-oriented savings bank headquartered in Louisiana. The bank primarily engages in attracting deposits from the general public and utilizing those funds to invest in loans and securities. These deposits, along with loans repayments, investment maturities, and external borrowings, serve as the main sources of funding for loan origination.
Core Business
Catalyst Bancorp's income is predominantly derived from interest earned on loans and investment securities. It also earns revenue from fees related to loan origination, service charges on deposit accounts, and other banking services. The bank has a strong emphasis on commercial and retail banking services throughout the Acadiana region in south-central Louisiana, operating through six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre.
Recent Achievements
In recent financial updates, Catalyst Bancorp reported net income of $320,000 for Q4 2023, demonstrating significant growth from previous quarters. This growth was primarily driven by commercial construction and real estate loans. The bank also received a $371,000 grant from the Community Development Financial Institution (CDFI) Fund and successfully implemented a new core processing system, enhancing its technological capabilities.
Financial Condition and Projects
As of March 31, 2024, the bank holds $282.0 million in assets. Despite a net loss of $4.7 million in Q1 2024 due to strategic repositioning and system upgrades, the bank remains focused on growth. Notably, the sale of lower-yielding securities has generated $42.6 million in cash, earmarked for reinvestment in higher-yielding assets, loans, share repurchases, and debt repayment. The bank maintains exceptional capital ratios and has announced multiple share repurchase plans, emphasizing its commitment to enhancing shareholder value.
Loan and Deposit Composition
As of the latest reports, Catalyst Bancorp's loan portfolio primarily consists of real estate loans, including residential and commercial properties. Non-real estate loans are mainly commercial and industrial loans to local businesses. The bank's deposits have remained steady, with a significant portion consisting of public funds from local municipalities.
Credit Quality
The bank maintains stringent credit quality measures, with non-performing assets comprising a small percentage of total assets. The allowance for loan losses remains robust, reflecting the bank's prudent risk management strategies.
To learn more about Catalyst Bancorp and its offerings, visit www.catalystbank.com.
Catalyst Bancorp (Nasdaq: CLST) has announced its fifth share repurchase plan, allowing the purchase of up to 215,000 shares (approximately 5%) of outstanding common stock. Since January 2023, the company has repurchased 972,916 shares (18% of originally issued shares) at an average cost of $11.93 per share. The company reports record loan growth of $21 million through Q3 2024, expanded branch network with new locations in Carencro and Lafayette, and achieved system upgrades resulting in over $200,000 annual reduction in non-interest expenses.
Catalyst Bancorp (NASDAQ: CLST) reported Q3 2024 net income of $447,000, down $80,000 from Q2 2024's $527,000. The quarter included a $238,000 pre-tax benefit from a CDFI Fund BEA Program grant. Loan portfolio grew by a record $12.6 million to $165.9 million, an 8% increase from Q2. Net interest margin improved to 3.86%, up 14 basis points from previous quarter. Non-performing assets ratio remained stable at 0.57%. The company continued its share repurchase program, buying back 79,400 shares at an average cost of $11.75 per share.
Catalyst Bancorp (Nasdaq: CLST) reported net income of $527,000 for Q2 2024, compared to a net loss of $4.7 million in Q1 2024. The improvement was largely due to the absence of a $5.5 million loss on investment securities sales and $560,000 in data conversion expenses from Q1. Loans increased by 7% to $153.3 million, with strong growth in commercial and industrial loans. The net interest margin improved to 3.72%, up 60 basis points from Q1. Total deposits grew by 6% to $180.1 million. Credit quality remained stable with non-performing assets at 0.58% of total assets. The company continued its share repurchase program, buying back 79,802 shares at an average cost of $11.88 per share during Q2.
Catalyst Bancorp, Inc. (CLST) reported a net loss of $4.7 million for Q1 2024, due to strategic moves like upgrading banking systems and selling lower-yielding securities to enhance growth prospects. The company plans to invest in new loans, higher-yielding securities, share repurchases, and debt repayments with $42.6 million in cash generated from sales.
Despite a slight decrease in loans and non-performing assets, the company's credit quality remains stable. The approval of a new share repurchase plan and increased net interest income are positive indicators for investors.
Catalyst Bancorp, Inc. (Nasdaq: CLST) reported Q1 2023 net income of $73,000, down from $171,000 in Q4 2022. Despite the decline in net income, the bank maintained a solid capital position with a risk-based capital ratio of 57.69% and total shareholders' equity of $86.1 million, representing 31.2% of total assets. The bank is initiating a share repurchase plan allowing for the purchase of up to 252,000 shares. Total loans decreased slightly to $132.7 million, with a non-performing loan ratio of 1.27%. The bank's net interest income rose 3% to $2 million, aided by higher interest income from loans and investment securities, although non-interest income fell 2% to $294,000.
Catalyst Bancorp, Inc. (Nasdaq: CLST) reported a net income of $171,000 for Q4 2022, marking a 27% increase from Q3 2022. The company announced a new share repurchase plan allowing for the buyback of up to 265,000 shares. Total loans reached $133.6 million, a 1% rise over the previous quarter, driven by growth in commercial and industrial loans. However, total deposits fell by 10%, down to $165.1 million. The net interest margin improved to 2.96%. Non-performing assets increased to $2.0 million, with the allowance for loan losses stable at $1.8 million. Non-interest income and expenses showed slight improvements.
Catalyst Bancorp (Nasdaq: CLST) reported a net income of $139,000 for Q3 2022, an increase of $121,000 from Q2 2022. Loans receivable decreased by 1% to $131.7 million, with non-performing assets rising 19% to $1.9 million. Deposits increased 3% to $184.2 million, driven by higher NOW account balances. Net interest income rose by 3% to $1.9 million, while non-interest income fell 22% to $296,000. The allowance for loan losses decreased to $1.8 million. Total investment securities declined by 4% to $92.0 million, with net unrealized losses increasing due to rising interest rates.
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