Catalyst Bancorp, Inc. Announces 2024 Fourth Quarter Results
Catalyst Bancorp (NASDAQ: CLST) reported Q4 2024 net income of $626,000, a 40% increase from Q3 2024's $447,000. The loan portfolio grew by a record $22.2 million (15%) year-over-year, reaching $167.1 million by December 31, 2024.
Key Q4 metrics include: total deposits increased 11% to $185.7 million; net interest margin improved to 3.92%; non-performing assets ratio was 0.66%; and the allowance for loan losses stood at 1.51% of total loans. The company maintained a strong capital position with consolidated shareholders' equity at 29.0% of total assets.
During Q4, CLST repurchased 120,977 shares at an average cost of $11.70 per share. Since January 2023, the company has repurchased approximately 19% of originally issued shares at an average cost of $11.93 per share.
Catalyst Bancorp (NASDAQ: CLST) ha riportato un reddito netto per il Q4 2024 di $626,000, con un aumento del 40% rispetto ai $447,000 del Q3 2024. Il portafoglio prestiti è cresciuto di un record di $22.2 milioni (15%) anno dopo anno, raggiungendo $167.1 milioni al 31 dicembre 2024.
I principali indicatori del Q4 includono: i depositi totali sono aumentati dell'11% a $185.7 milioni; il margine di interesse netto è migliorato al 3.92%; il rapporto delle attività non performanti era dello 0.66%; e la riserva per perdite su prestiti è stata pari all'1.51% dei prestiti totali. L'azienda ha mantenuto una solida posizione di capitale con un patrimonio netto consolidato pari al 29.0% del totale degli attivi.
Durante il Q4, CLST ha riacquistato 120,977 azioni a un costo medio di $11.70 per azione. Dall'inizio del 2023, l'azienda ha riacquistato circa il 19% delle azioni originariamente emesse a un costo medio di $11.93 per azione.
Catalyst Bancorp (NASDAQ: CLST) reportó un ingreso neto en el Q4 de 2024 de $626,000, un aumento del 40% respecto a los $447,000 del Q3 de 2024. La cartera de préstamos creció en un record de $22.2 millones (15%) año con año, alcanzando los $167.1 millones al 31 de diciembre de 2024.
Los principales indicadores del Q4 incluyen: los depósitos totales aumentaron un 11% a $185.7 millones; el margen de interés neto mejoró al 3.92%; la tasa de activos no rentables fue del 0.66%; y la reserva para pérdidas de préstamos se situó en el 1.51% del total de préstamos. La compañía mantuvo una sólida posición de capital con un patrimonio neto consolidado del 29.0% de los activos totales.
Durante el Q4, CLST recompró 120,977 acciones a un costo promedio de $11.70 por acción. Desde enero de 2023, la compañía ha recomprado aproximadamente el 19% de las acciones originalmente emitidas a un costo promedio de $11.93 por acción.
Catalyst Bancorp (NASDAQ: CLST)는 2024년 4분기 순이익이 $626,000으로, 2024년 3분기의 $447,000에서 40% 증가했다고 보고했습니다. 대출 포트폴리오는 연간 $22.2 백만(15%)의 기록적인 증가를 보이며, 2024년 12월 31일 기준으로 $167.1 백만에 도달했습니다.
4분기의 주요 지표는 다음과 같습니다: 총 예치금이 11% 증가하여 $185.7 백만에 도달했으며; 순이자 마진은 3.92%로 개선되었고; 비수익 자산 비율은 0.66%였으며; 대출 손실 충당금은 총 대출의 1.51%에 해당했습니다. 회사는 총 자산의 29.0%에 해당하는 통합 주주 지분으로 강력한 자본 상태를 유지했습니다.
4분기 동안 CLST는 평균 $11.70에 120,977주를 재매입했습니다. 2023년 1월 이후, 회사는 약 19%의 원래 발행된 주식을 평균 $11.93에 재매입했습니다.
Catalyst Bancorp (NASDAQ: CLST) a annoncé un revenu net de 626 000 $ pour le T4 2024, soit une augmentation de 40 % par rapport aux 447 000 $ du T3 2024. Le portefeuille de prêts a connu une croissance record de 22,2 millions $ (15 %) d'une année sur l'autre, atteignant 167,1 millions $ au 31 décembre 2024.
Les indicateurs clés du T4 comprennent : les dépôts totaux ont augmenté de 11 % pour atteindre 185,7 millions $ ; la marge d'intérêt nette s'est améliorée à 3,92 % ; le ratio des actifs non performants était de 0,66 % ; et la provision pour pertes sur prêts s'est élevée à 1,51 % du total des prêts. L'entreprise a maintenu une position de capital solide, avec un capital social consolidé représentant 29,0 % des actifs totaux.
Au cours du T4, CLST a racheté 120 977 actions à un coût moyen de 11,70 $ par action. Depuis janvier 2023, l'entreprise a racheté environ 19 % des actions initialement émises à un coût moyen de 11,93 $ par action.
Catalyst Bancorp (NASDAQ: CLST) berichtete für das 4. Quartal 2024 einen Nettogewinn von 626.000 $, was einem Anstieg von 40 % gegenüber 447.000 $ im 3. Quartal 2024 entspricht. Das Kreditportfolio wuchs im Jahresvergleich um einen Rekordbetrag von 22,2 Millionen $ (15 %) und erreichte am 31. Dezember 2024 167,1 Millionen $.
Wichtige Kennzahlen für das 4. Quartal sind: Die Gesamteinlagen stiegen um 11 % auf 185,7 Millionen $; Die Nettozinsmarge verbesserte sich auf 3,92 %; Das Verhältnis der nicht leistungsfähigen Vermögenswerte betrug 0,66 %; und die Rücklage für Kreditverluste betrug 1,51 % der gesamten Darlehen. Das Unternehmen hielt eine starke Kapitalposition mit einem konsolidierten Eigenkapital von 29,0 % der gesamten Aktiva.
Im 4. Quartal kaufte CLST 120.977 Aktien zu einem durchschnittlichen Preis von 11,70 $ pro Aktie zurück. Seit Januar 2023 hat das Unternehmen etwa 19 % der ursprünglich ausgegebenen Aktien zurückgekauft, zu einem durchschnittlichen Preis von 11,93 $ pro Aktie.
- Net income increased 40% quarter-over-quarter to $626,000
- Record annual loan growth of $22.2 million (15%)
- Total deposits increased 11% to $185.7 million
- Strong capital position with equity at 29.0% of total assets
- Net interest margin improved to 3.92% from 3.86%
- Non-interest expense decreased 10% quarter-over-quarter
- Non-performing assets increased 13% to $1.8 million
- Net unrealized losses on available-for-sale securities increased to $4.5 million from $3.4 million
- Non-interest income decreased by $283,000 quarter-over-quarter
Insights
The Q4 2024 results reveal a complex narrative for Catalyst Bancorp, with both encouraging developments and potential concerns worth noting. The 40% QoQ earnings growth to
The deposit composition shift is particularly noteworthy. The 43% increase in interest-bearing demand deposits, largely driven by public funds, suggests a strategic pivot in funding sources. While this helped grow the deposit base by
The loan portfolio evolution reveals strategic adjustments: Construction & land segments showed notable growth, particularly in retail (
Capital management strategy deserves special attention. With a 29% equity-to-assets ratio, the bank maintains capital levels well above industry norms. The aggressive share repurchase program, while returning capital to shareholders, raises questions about optimal capital deployment. The average repurchase price of
The improvement in net interest margin to
"Our loan growth momentum continued during the fourth quarter," said Joe Zanco, President and Chief Executive Officer of the Company and Bank. "For the year, the loan portfolio increased a record
"Given our incredibly strong capital base," continued Zanco, "we are well positioned to continue our growth as the
Loans
Loans totaled
(Dollars in thousands) | 12/31/2024 | 9/30/2024 | Change | |||||||||
Real estate loans | ||||||||||||
One- to four-family residential | $ | 81,097 | $ | 81,433 | $ | (336) | - | % | ||||
Commercial real estate | 22,108 | 22,704 | (596) | (3) | ||||||||
Construction and land | 32,941 | 30,310 | 2,631 | 9 | ||||||||
Multi-family residential | 2,570 | 2,622 | (52) | (2) | ||||||||
Total real estate loans | 138,716 | 137,069 | 1,647 | 1 | ||||||||
Other loans | ||||||||||||
Commercial and industrial | 26,439 | 26,507 | (68) | - | % | |||||||
Consumer | 1,921 | 2,306 | (385) | (17) | ||||||||
Total other loans | 28,360 | 28,813 | (453) | (2) | ||||||||
Total loans | $ | 167,076 | $ | 165,882 | $ | 1,194 | 1 | |||||
The following table presents certain major segments of our commercial real estate, construction and land, and commercial and industrial loan balances as of the dates indicated.
(Dollars in thousands) | 12/31/2024 | 9/30/2024 | Change | |||||||||
Commercial real estate | ||||||||||||
Retail | $ | 4,005 | $ | 4,154 | $ | (149) | (3.6) | % | ||||
Hospitality | 3,460 | 3,594 | (134) | (3.7) | ||||||||
Restaurants | 1,091 | 1,112 | (21) | (1.9) | ||||||||
Oilfield services | 402 | 411 | (9) | (2.2) | ||||||||
Other non-owner occupied | 2,658 | 2,780 | (122) | (4.4) | ||||||||
Other owner occupied | 10,492 | 10,653 | (161) | (1.5) | ||||||||
Total commercial real estate | $ | 22,108 | $ | 22,704 | $ | (596) | (2.6) | |||||
Construction and land | ||||||||||||
Multi-family residential | $ | 10,031 | $ | 8,353 | $ | 1,678 | 20.1 | % | ||||
Health service facilities | 7,139 | 7,073 | 66 | 0.9 | ||||||||
Hospitality | 2,716 | 2,716 | - | - | ||||||||
Retail | 5,106 | 3,339 | 1,767 | 52.9 | ||||||||
Other commercial construction and land | 4,364 | 4,846 | (482) | (9.9) | ||||||||
Consumer residential construction and land | 3,585 | 3,983 | (398) | (10.0) | ||||||||
Total construction and land | $ | 32,941 | $ | 30,310 | $ | 2,631 | 8.7 | |||||
Commercial and industrial | ||||||||||||
Oilfield services | $ | 14,823 | $ | 14,010 | $ | 813 | 5.8 | % | ||||
Industrial equipment | 2,831 | 3,882 | (1,051) | (27.1) | ||||||||
Professional services | 3,127 | 2,910 | 217 | 7.5 | ||||||||
Other commercial and industrial | 5,658 | 5,705 | (47) | (0.8) | ||||||||
Total commercial and industrial loans | $ | 26,439 | $ | 26,507 | $ | (68) | (0.3) | |||||
Credit Quality and Allowance for Credit Losses
At December 31, 2024, non-performing assets ("NPAs") totaled
At December 31, 2024, the allowance for loan losses totaled
Investment Securities
Total investment securities were
At December 31, 2024 the amortized cost and fair value of pledged investment securities totaled
Deposits
Total deposits were
(Dollars in thousands) | 12/31/2024 | 9/30/2024 | Change | |||||||||
Non-interest-bearing demand deposits | $ | 28,281 | $ | 27,904 | $ | 377 | 1 | % | ||||
Interest-bearing demand deposits | 48,334 | 33,751 | 14,583 | 43 | ||||||||
Money market | 10,729 | 13,372 | (2,643) | (20) | ||||||||
Savings | 37,639 | 36,798 | 841 | 2 | ||||||||
Certificates of deposit | 60,691 | 55,611 | 5,080 | 9 | ||||||||
Total deposits | $ | 185,674 | $ | 167,436 | $ | 18,238 | 11 | |||||
Total public fund deposits amounted to
Capital and Share Repurchases
At December 31 and September 30, 2024, consolidated shareholders' equity totaled
The Company repurchased 120,977 shares of its common stock at an average cost per share of
Net Interest Income
The net interest margin for the fourth quarter of 2024 was
Net interest income for the fourth quarter of 2024 was
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
Three Months Ended | ||||||||||||||||||
12/31/2024 | 9/30/2024 | |||||||||||||||||
(Dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||||||||
INTEREST-EARNING ASSETS | ||||||||||||||||||
Loans receivable(1) | $ | 167,187 | $ | 2,814 | 6.70 | % | $ | 161,410 | $ | 2,717 | 6.70 | % | ||||||
Investment securities(2) | 47,764 | 273 | 2.30 | 48,517 | 255 | 2.11 | ||||||||||||
Other interest earning assets | 36,107 | 424 | 4.66 | 51,142 | 699 | 5.45 | ||||||||||||
Total interest-earning assets | $ | 251,058 | $ | 3,511 | 5.57 | $ | 261,069 | $ | 3,671 | 5.60 | ||||||||
INTEREST-BEARING LIABILITIES | ||||||||||||||||||
Demand deposits, money market, and | $ | 85,118 | $ | 394 | 1.84 | % | $ | 85,164 | $ | 382 | 1.78 | % | ||||||
Certificates of deposit | 57,031 | 465 | 3.24 | 55,910 | 448 | 3.19 | ||||||||||||
Total interest-bearing deposits | 142,149 | 859 | 2.40 | 141,074 | 830 | 2.34 | ||||||||||||
Borrowings | 18,663 | 180 | 3.85 | 29,502 | 309 | 4.17 | ||||||||||||
Total interest-bearing liabilities | $ | 160,812 | $ | 1,039 | 2.57 | $ | 170,576 | $ | 1,139 | 2.66 | ||||||||
Net interest-earning assets | $ | 90,246 | $ | 90,493 | ||||||||||||||
Net interest income; average interest rate | $ | 2,472 | 3.00 | % | $ | 2,532 | 2.94 | % | ||||||||||
Net interest margin(3) | 3.92 | 3.86 | ||||||||||||||||
(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 | ||||||||||||||||||
Non-interest Income
For the fourth quarter of 2024, non-interest income totaled
Non-interest Expense
Non-interest expense for the fourth quarter of 2024 totaled
Data processing and communication expense totaled
Professional fees totaled
Other noninterest expense totaled
About Catalyst Bancorp, Inc.
Catalyst Bancorp, Inc. (Nasdaq: CLST) is a
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) | 12/31/2024 | 9/30/2024 | 12/31/2023 | |||||||
ASSETS | ||||||||||
Non-interest-bearing cash | $ | 4,076 | $ | 3,625 | $ | 3,654 | ||||
Interest-bearing cash and due from banks | 40,219 | 42,128 | 15,357 | |||||||
Total cash and cash equivalents | 44,295 | 45,753 | 19,011 | |||||||
Investment securities: | ||||||||||
Securities available-for-sale, at fair value | 28,712 | 32,196 | 70,540 | |||||||
Securities held-to-maturity | 13,447 | 13,450 | 13,461 | |||||||
Loans receivable, net of unearned income | 167,076 | 165,882 | 144,920 | |||||||
Allowance for loan losses | (2,522) | (2,414) | (2,124) | |||||||
Loans receivable, net | 164,554 | 163,468 | 142,796 | |||||||
Accrued interest receivable | 851 | 815 | 906 | |||||||
Foreclosed assets | 194 | 173 | 60 | |||||||
Premises and equipment, net | 6,085 | 6,135 | 6,072 | |||||||
Stock in correspondent banks, at cost | 1,961 | 1,939 | 1,878 | |||||||
Bank-owned life insurance | 14,489 | 14,370 | 14,026 | |||||||
Other assets | 2,109 | 2,318 | 2,182 | |||||||
TOTAL ASSETS | $ | 276,697 | $ | 280,617 | $ | 270,932 | ||||
LIABILITIES | ||||||||||
Deposits: | ||||||||||
Non-interest-bearing | $ | 28,281 | $ | 27,904 | $ | 28,183 | ||||
Interest-bearing | 157,393 | 139,532 | 137,439 | |||||||
Total deposits | 185,674 | 167,436 | 165,622 | |||||||
Borrowings | 9,558 | 29,513 | 19,378 | |||||||
Other liabilities | 1,261 | 2,001 | 1,373 | |||||||
TOTAL LIABILITIES | 196,493 | 198,950 | 186,373 | |||||||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock | 43 | 44 | 48 | |||||||
Additional paid-in capital | 39,561 | 40,847 | 45,020 | |||||||
Unallocated common stock held by benefit plans | (5,702) | (5,777) | (6,221) | |||||||
Retained earnings | 49,860 | 49,234 | 52,949 | |||||||
Accumulated other comprehensive income (loss) | (3,558) | (2,681) | (7,237) | |||||||
TOTAL SHAREHOLDERS' EQUITY | 80,204 | 81,667 | 84,559 | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 276,697 | $ | 280,617 | $ | 270,932 | ||||
CATALYST BANCORP, INC. AND SUBSIDIARY | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
(Dollars in thousands) | 12/31/2024 | 9/30/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | ||||||||||
INTEREST INCOME | |||||||||||||||
Loans receivable, including fees | $ | 2,814 | $ | 2,717 | $ | 2,066 | $ | 10,128 | $ | 7,238 | |||||
Investment securities | 273 | 255 | 400 | 1,063 | 1,643 | ||||||||||
Other | 424 | 699 | 137 | 2,671 | 780 | ||||||||||
Total interest income | 3,511 | 3,671 | 2,603 | 13,862 | 9,661 | ||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 859 | 830 | 545 | 3,229 | 1,637 | ||||||||||
Borrowings | 180 | 309 | 114 | 1,088 | 319 | ||||||||||
Total interest expense | 1,039 | 1,139 | 659 | 4,317 | 1,956 | ||||||||||
Net interest income | 2,472 | 2,532 | 1,944 | 9,545 | 7,705 | ||||||||||
Provision for credit losses | - | 337 | 128 | 531 | 128 | ||||||||||
Net interest income after provision for | 2,472 | 2,195 | 1,816 | 9,014 | 7,577 | ||||||||||
NON-INTEREST INCOME | |||||||||||||||
Service charges on deposit accounts | 201 | 200 | 201 | 798 | 774 | ||||||||||
Bank-owned life insurance | 119 | 118 | 109 | 463 | 409 | ||||||||||
Loss on sales of investment securities | - | - | (92) | (5,507) | (92) | ||||||||||
Gain (loss) on disposals and sales of | - | - | - | 6 | - | ||||||||||
Federal community development grant | - | 280 | 437 | 280 | 437 | ||||||||||
Other | 17 | 22 | 17 | 120 | 61 | ||||||||||
Total non-interest income (loss) | 337 | 620 | 672 | (3,840) | 1,589 | ||||||||||
NON-INTEREST EXPENSE | |||||||||||||||
Salaries and employee benefits | 1,227 | 1,200 | 1,149 | 4,830 | 4,671 | ||||||||||
Occupancy and equipment | 193 | 193 | 193 | 765 | 802 | ||||||||||
Data processing and communication | 179 | 238 | 236 | 1,349 | 911 | ||||||||||
Professional fees | 94 | 151 | 140 | 469 | 486 | ||||||||||
Directors' fees | 116 | 116 | 118 | 461 | 463 | ||||||||||
ATM and debit card | 17 | 24 | 63 | 141 | 250 | ||||||||||
Foreclosed assets, net | 7 | 33 | 5 | 74 | 72 | ||||||||||
Advertising and marketing | 17 | 31 | 23 | 129 | 100 | ||||||||||
Franchise and shares tax | 21 | 15 | 10 | 67 | 81 | ||||||||||
Other | 167 | 259 | 185 | 872 | 743 | ||||||||||
Total non-interest expense | 2,038 | 2,260 | 2,122 | 9,157 | 8,579 | ||||||||||
Income (loss) before income tax | 771 | 555 | 366 | (3,983) | 587 | ||||||||||
Income tax expense (benefit) | 145 | 108 | 59 | (894) | 61 | ||||||||||
NET INCOME (LOSS) | $ | 626 | $ | 447 | $ | 307 | $ | (3,089) | $ | 526 | |||||
Earnings (loss) per share: | |||||||||||||||
Basic | $ | 0.16 | $ | 0.11 | $ | 0.08 | $ | (0.78) | $ | 0.12 | |||||
Diluted | 0.16 | 0.11 | 0.08 | (0.78) | 0.12 | ||||||||||
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
(Dollars in thousands) | 12/31/2024 | 9/30/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | |||||||||||||||
EARNINGS DATA | ||||||||||||||||||||
Total interest income | $ | 3,511 | $ | 3,671 | $ | 2,603 | $ | 13,862 | $ | 9,661 | ||||||||||
Total interest expense | 1,039 | 1,139 | 659 | 4,317 | 1,956 | |||||||||||||||
Net interest income | 2,472 | 2,532 | 1,944 | 9,545 | 7,705 | |||||||||||||||
Provision for credit losses | - | 337 | 128 | 531 | 128 | |||||||||||||||
Total non-interest income (loss) | 337 | 620 | 672 | (3,840) | 1,589 | |||||||||||||||
Total non-interest expense | 2,038 | 2,260 | 2,122 | 9,157 | 8,579 | |||||||||||||||
Income tax expense (benefit) | 145 | 108 | 59 | (894) | 61 | |||||||||||||||
Net income (loss) | $ | 626 | $ | 447 | $ | 307 | $ | (3,089) | $ | 526 | ||||||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Total loans | $ | 167,187 | $ | 161,410 | $ | 140,757 | $ | 155,867 | $ | 135,713 | ||||||||||
Total interest-earning assets | 251,058 | 261,069 | 248,673 | 261,654 | 252,616 | |||||||||||||||
Total assets | 272,443 | 282,440 | 261,695 | 281,817 | 266,693 | |||||||||||||||
Total interest-bearing deposits | 142,149 | 141,074 | 134,181 | 143,250 | 136,321 | |||||||||||||||
Total interest-bearing liabilities | 160,812 | 170,576 | 147,197 | 169,643 | 146,529 | |||||||||||||||
Total deposits | 170,991 | 169,437 | 165,102 | 172,092 | 170,677 | |||||||||||||||
Total shareholders' equity | 80,988 | 81,307 | 82,265 | 81,480 | 84,777 | |||||||||||||||
SELECTED RATIOS | ||||||||||||||||||||
Return on average assets | 0.91 | % | 0.63 | % | 0.47 | % | (1.10) | % | 0.20 | % | ||||||||||
Return on average equity | 3.08 | 2.18 | 1.49 | (3.79) | 0.62 | |||||||||||||||
Efficiency ratio | 72.54 | 71.72 | 81.07 | 160.51 | 92.29 | |||||||||||||||
Net interest margin(TE) | 3.92 | 3.86 | 3.12 | 3.65 | 3.06 | |||||||||||||||
Average equity to average assets | 29.73 | 28.79 | 31.44 | 28.91 | 31.79 | |||||||||||||||
Common equity Tier 1 capital ratio(1) | 45.81 | 45.71 | 52.34 | |||||||||||||||||
Tier 1 leverage capital ratio(1) | 28.73 | 27.43 | 31.67 | |||||||||||||||||
Total risk-based capital ratio(1) | 47.07 | 46.97 | 53.59 | |||||||||||||||||
NON-FINANCIAL DATA | ||||||||||||||||||||
Total employees (full-time equivalent) | 49 | 48 | 48 | |||||||||||||||||
Common shares issued and outstanding, | 4,278,150 | 4,399,127 | 4,761,326 | |||||||||||||||||
(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) | 12/31/2024 | 9/30/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | |||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 2,414 | $ | 2,215 | $ | 2,036 | $ | 2,124 | $ | 1,807 | ||||||||||
CECL adoption impact | - | - | - | - | 209 | |||||||||||||||
Provision for (reversal of) loan losses | 110 | 330 | 151 | 667 | 87 | |||||||||||||||
Charge-offs | (28) | (184) | (76) | (392) | (102) | |||||||||||||||
Recoveries | 26 | 53 | 13 | 123 | 123 | |||||||||||||||
Net (charge-offs) recoveries | (2) | (131) | (63) | (269) | 21 | |||||||||||||||
Ending balance | $ | 2,522 | $ | 2,414 | $ | 2,124 | $ | 2,522 | $ | 2,124 | ||||||||||
Allowance for unfunded | ||||||||||||||||||||
Beginning balance | 231 | 224 | 280 | 257 | - | |||||||||||||||
CECL adoption impact | - | - | - | - | 216 | |||||||||||||||
Provision for (reversal of) losses on | (110) | 7 | (23) | (136) | 41 | |||||||||||||||
Ending balance | $ | 121 | $ | 231 | $ | 257 | $ | 121 | $ | 257 | ||||||||||
Total allowance for credit losses, end of | $ | 2,643 | $ | 2,645 | $ | 2,381 | $ | 2,643 | $ | 2,381 | ||||||||||
Total provision for credit losses | - | 337 | 128 | 531 | 128 | |||||||||||||||
CREDIT QUALITY(1) | ||||||||||||||||||||
Non-accruing loans | $ | 1,567 | $ | 1,423 | $ | 1,967 | ||||||||||||||
Accruing loans 90 days or more past due | 64 | 15 | 24 | |||||||||||||||||
Total non-performing loans | 1,631 | 1,438 | 1,991 | |||||||||||||||||
Foreclosed assets | 194 | 173 | 60 | |||||||||||||||||
Total non-performing assets | $ | 1,825 | $ | 1,611 | $ | 2,051 | ||||||||||||||
Total non-performing loans to total loans | 0.98 | % | 0.87 | % | 1.37 | % | ||||||||||||||
Total non-performing assets to total assets | 0.66 | 0.57 | 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
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SOURCE Catalyst Bancorp, Inc.
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