Catalyst Bancorp, Inc. Announces 2024 Second Quarter Results
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 (Nasdaq: CLST) ha riportato un utile netto di 527.000 dollari per il secondo trimestre del 2024, rispetto a una perdita netta di 4,7 milioni di dollari nel primo trimestre del 2024. Il miglioramento è stato principalmente dovuto all'assenza di una perdita di 5,5 milioni di dollari dalla vendita di titoli e di 560.000 dollari in spese di conversione dei dati del primo trimestre. I prestiti sono aumentati del 7% a 153,3 milioni di dollari, con una forte crescita nei prestiti commerciali e industriali. Il margine di interesse netto è migliorato al 3,72%, in aumento di 60 punti base rispetto al primo trimestre. I depositi totali sono cresciuti del 6% a 180,1 milioni di dollari. La qualità del credito è rimasta stabile, con attività non performanti pari allo 0,58% del totale degli attivi. L'azienda ha continuato il suo programma di riacquisto di azioni, riacquistando 79.802 azioni a un costo medio di 11,88 dollari per azione durante il secondo trimestre.
Catalyst Bancorp (Nasdaq: CLST) reportó un ingreso neto de 527,000 dólares para el segundo trimestre de 2024, en comparación con una pérdida neta de 4.7 millones de dólares en el primer trimestre de 2024. La mejora se debió en gran parte a la ausencia de una pérdida de 5.5 millones de dólares por la venta de valores de inversión y 560,000 dólares en gastos de conversión de datos del primer trimestre. Los préstamos aumentaron un 7% a 153.3 millones de dólares, con un fuerte crecimiento en los préstamos comerciales e industriales. El margen de interés neto mejoró al 3.72%, un aumento de 60 puntos básicos respecto al primer trimestre. Los depósitos totales crecieron un 6% a 180.1 millones de dólares. La calidad crediticia se mantuvo estable con activos no productivos en el 0.58% de los activos totales. La compañía continuó su programa de recompra de acciones, comprando 79,802 acciones a un costo promedio de 11.88 dólares por acción durante el segundo trimestre.
Catalyst Bancorp (Nasdaq: CLST)는 2024년 2분기 527,000달러의 순이익을 보고했으며, 이는 2024년 1분기 470만 달러의 순손실과 비교됩니다. 개선은 1분기 550만 달러 손실이 발생한 투자 증권 매각과 56만 달러의 데이터 변환 비용 부재에 크게 기인합니다. 대출은 7% 증가하여 1억 5,330만 달러에 달했으며, 상업 및 산업 대출에서 강력한 성장이 있었습니다. 순이자 마진은 3.72%로 개선되어 1분기 대비 60베이시스 포인트 향상되었습니다. 총 예금은 6% 증가하여 1억 8,010만 달러에 달했습니다. 신용 품질은 안정적으로 유지되었고, 부실 자산은 총 자산의 0.58%를 차지했습니다. 회사는 주식 매입 프로그램을 계속 진행하여 2분기 동안 평균 11.88달러에 79,802주를 매입했습니다.
Catalyst Bancorp (Nasdaq: CLST) a déclaré un revenu net de 527 000 dollars pour le deuxième trimestre 2024, contre une perte nette de 4,7 millions de dollars au premier trimestre 2024. L'amélioration est principalement due à l'absence d'une perte de 5,5 millions de dollars sur la vente de titres d'investissement et de 560 000 dollars de frais de conversion de données du premier trimestre. Les prêts ont augmenté de 7 % pour atteindre 153,3 millions de dollars, avec une forte croissance des prêts commerciaux et industriels. La marge d'intérêt nette s'est améliorée à 3,72 %, en hausse de 60 points de base par rapport au premier trimestre. Les dépôts totaux ont augmenté de 6 % pour atteindre 180,1 millions de dollars. La qualité du crédit est restée stable avec des actifs non performants représentant 0,58 % des actifs totaux. La société a poursuivi son programme de rachat d'actions, rachetant 79 802 actions à un coût moyen de 11,88 dollars par action au cours du deuxième trimestre.
Catalyst Bancorp (Nasdaq: CLST) berichtete von einem Nettoeinkommen von 527.000 Dollar für das 2. Quartal 2024, verglichen mit einem Nettoverlust von 4,7 Millionen Dollar im 1. Quartal 2024. Die Verbesserung war hauptsächlich auf das Fehlen eines Verlustes von 5,5 Millionen Dollar aus dem Verkauf von investmentbezogenen Wertpapieren und 560.000 Dollar an Datenumwandlungskosten im 1. Quartal zurückzuführen. Die Darlehen stiegen um 7% auf 153,3 Millionen Dollar, mit starkem Wachstum im Bereich der gewerblichen und industriellen Darlehen. Die netto Zinsmarge verbesserte sich auf 3,72%, was einem Anstieg um 60 Basispunkte im Vergleich zum 1. Quartal entspricht. Die Gesamteinlagen wuchsen um 6% auf 180,1 Millionen Dollar. Die Kreditqualität blieb stabil, mit nicht leistungsfähigen Vermögenswerten von 0,58% der Gesamtaktiva. Das Unternehmen setzte sein Aktienrückkaufprogramm fort und kaufte im 2. Quartal 79.802 Aktien zu einem durchschnittlichen Preis von 11,88 Dollar pro Aktie zurück.
- Net income of $527,000 in Q2 2024, compared to a net loss in Q1
- Loan growth of 7% to $153.3 million, with 52% increase in commercial and industrial loans
- Net interest margin improved by 60 basis points to 3.72%
- Deposit growth of 6% to $180.1 million
- Stable credit quality with non-performing assets at 0.58% of total assets
- Slight decrease in shareholders' equity from $81.3 million to $81.0 million
Insights
Catalyst Bancorp's Q2 2024 results show a significant turnaround from Q1, with net income of
The bank's loan portfolio grew by
Credit quality remains stable, with non-performing assets at
The net interest margin improved significantly, rising 60 basis points to
Catalyst's capital position remains strong, with a shareholders' equity to total assets ratio of
Overall, Catalyst Bancorp's Q2 results demonstrate improved profitability, solid loan growth and maintained asset quality. However, investors should monitor the bank's ability to sustain this growth trajectory and manage potential credit risks in an evolving economic environment.
Catalyst Bancorp's Q2 2024 performance reflects a strategic pivot towards commercial lending, particularly in the oilfield services sector. The
The bank's deposit growth of
The improvement in net interest margin to
Catalyst's capital position remains robust, with a
The ongoing share repurchase program, while potentially boosting earnings per share, also reduces the capital base. Balancing capital deployment between growth initiatives and shareholder returns will be key for long-term value creation.
In summary, while Catalyst Bancorp shows improved performance, its increased exposure to commercial and oilfield services loans, coupled with a changing deposit mix, introduces new risk factors that investors should closely monitor.
"We posted our strongest quarter of loan growth since becoming a public company," said Joe Zanco, President and Chief Executive Officer of the Company and Bank. "That growth was focused on living our mission – serving as catalysts for economic growth in our communities. We do that most effectively by helping local businesses expand and add jobs."
Loans
Loans totaled
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | Increase (Decrease) | |||||||||
Real estate loans | ||||||||||||
One- to four-family residential | $ | 80,572 | $ | 81,686 | $ | (1,114) | (1) | % | ||||
Commercial real estate | 23,071 | 21,130 | 1,941 | 9 | ||||||||
Construction and land | 20,427 | 19,369 | 1,058 | 5 | ||||||||
Multi-family residential | 3,025 | 3,061 | (36) | (1) | ||||||||
Total real estate loans | 127,095 | 125,246 | 1,849 | 1 | ||||||||
Other loans | ||||||||||||
Commercial and industrial | 23,915 | 15,711 | 8,204 | 52 | ||||||||
Consumer | 2,256 | 2,534 | (278) | (11) | ||||||||
Total other loans | 26,171 | 18,245 | 7,926 | 43 | ||||||||
Total loans | $ | 153,266 | $ | 143,491 | $ | 9,775 | 7 | % | ||||
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) | 6/30/2024 | 3/31/2024 | Increase (Decrease) | |||||||||
Commercial real estate | ||||||||||||
Retail | $ | 3,891 | $ | 4,071 | $ | (180) | (4) | % | ||||
Hospitality | 3,736 | 3,873 | (137) | (4) | ||||||||
Office buildings | 2,263 | 2,285 | (22) | (1) | ||||||||
Restaurants | 623 | 632 | (9) | (1) | ||||||||
Oilfield services | 419 | 428 | (9) | (2) | ||||||||
Other commercial real estate | 12,139 | 9,841 | 2,298 | 23 | ||||||||
Total commercial real estate | $ | 23,071 | $ | 21,130 | $ | 1,941 | 9 | % | ||||
Construction and land | ||||||||||||
Multi-family residential | $ | 5,688 | $ | 4,782 | $ | 906 | 19 | % | ||||
Health service facilities | 2,749 | 2,749 | - | - | ||||||||
Hospitality | 2,716 | 2,716 | - | - | ||||||||
Retail | 2,033 | 711 | 1,322 | 186 | ||||||||
Other commercial construction and land | 2,830 | 4,900 | (2,070) | (42) | ||||||||
Consumer residential construction and land | 4,411 | 3,511 | 900 | 26 | ||||||||
Total construction and land | $ | 20,427 | $ | 19,369 | $ | 1,058 | 5 | % | ||||
Commercial and industrial | ||||||||||||
Oilfield services | 10,382 | 4,821 | 5,561 | 115 | ||||||||
Industrial equipment | 4,540 | 3,626 | 914 | 25 | ||||||||
Professional services | 2,839 | 2,713 | 126 | 5 | ||||||||
Other commercial and industrial | 6,154 | 4,551 | 1,603 | 35 | ||||||||
Total commercial and industrial loans | $ | 23,915 | $ | 15,711 | $ | 8,204 | 52 | % | ||||
Credit Quality and Allowance for Credit Losses
At both June 30, 2024 and March 31, 2024, non-performing assets ("NPAs") totaled
At June 30, 2024, the allowance for loan losses totaled
Investment Securities
Total investment securities were
At June 30, 2024 the amortized cost and fair value of pledged investment securities totaled
Deposits
Total deposits were
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | Increase (Decrease) | |||||||||
Non-interest-bearing demand deposits | $ | 30,177 | $ | 28,836 | $ | 1,341 | 5 | % | ||||
Interest-bearing demand deposits | 44,038 | 35,374 | 8,664 | 24 | ||||||||
Money market | 13,685 | 14,712 | (1,027) | (7) | ||||||||
Savings | 36,746 | 33,675 | 3,071 | 9 | ||||||||
Certificates of deposit | 55,419 | 57,040 | (1,621) | (3) | ||||||||
Total deposits | $ | 180,065 | $ | 169,637 | $ | 10,428 | 6 | % | ||||
Total public fund deposits amounted to
Capital and Share Repurchases
At June 30 and March 31, 2024, consolidated shareholders' equity totaled
The Company repurchased 79,802 shares of its common stock at an average cost per share of
Net Interest Income
The net interest margin for the second quarter of 2024 was
Net interest income for the second 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 | ||||||||||||||||||
6/30/2024 | 3/31/2024 | |||||||||||||||||
(Dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||||||||
INTEREST-EARNING ASSETS | ||||||||||||||||||
Loans receivable(1) | $ | 150,257 | $ | 2,383 | 6.38 | % | $ | 144,428 | $ | 2,214 | 6.17 | % | ||||||
Investment securities(2) | 44,165 | 210 | 1.91 | 76,628 | 325 | 1.71 | ||||||||||||
Other interest earning assets | 70,354 | 932 | 5.33 | 48,779 | 616 | 5.08 | ||||||||||||
Total interest-earning assets | $ | 264,776 | $ | 3,525 | 5.35 | % | $ | 269,835 | $ | 3,155 | 4.70 | % | ||||||
INTEREST-BEARING LIABILITIES | ||||||||||||||||||
Demand deposits, money market, and savings accounts | $ | 87,651 | $ | 327 | 1.50 | % | $ | 89,109 | $ | 332 | 1.50 | % | ||||||
Certificates of deposit | 55,960 | 444 | 3.19 | 57,092 | 437 | 3.08 | ||||||||||||
Total interest-bearing deposits | 143,611 | 771 | 2.16 | 146,201 | 769 | 2.12 | ||||||||||||
Borrowings | 29,468 | 306 | 4.17 | 27,991 | 293 | 4.21 | ||||||||||||
Total interest-bearing liabilities | $ | 173,079 | $ | 1,077 | 2.50 | % | $ | 174,192 | $ | 1,062 | 2.45 | % | ||||||
Net interest-earning assets | $ | 91,697 | $ | 95,643 | ||||||||||||||
Net interest income; average interest rate spread | $ | 2,448 | 2.85 | % | $ | 2,093 | 2.25 | % | ||||||||||
Net interest margin(3) | 3.72 | % | 3.12 | % | ||||||||||||||
(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 second quarter of 2024, non-interest income totaled
Non-interest Expense
Non-interest expense for the second quarter of 2024 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) | (Unaudited) | ||||||||||
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | 12/31/2023 | 6/30/2023 | ||||||||
ASSETS | ||||||||||||
Non-interest-bearing cash | $ | 4,952 | $ | 3,118 | $ | 3,654 | $ | 4,769 | ||||
Interest-bearing cash and due from banks | 70,503 | 72,893 | 15,357 | 15,022 | ||||||||
Total cash and cash equivalents | 75,455 | 76,011 | 19,011 | 19,791 | ||||||||
Investment securities: | ||||||||||||
Securities available-for-sale, at fair value | 29,748 | 25,534 | 70,540 | 75,876 | ||||||||
Securities held-to-maturity | 13,454 | 13,457 | 13,461 | 13,468 | ||||||||
Loans receivable, net of unearned income | 153,266 | 143,491 | 144,920 | 133,493 | ||||||||
Allowance for loan losses | (2,215) | (2,068) | (2,124) | (2,081) | ||||||||
Loans receivable, net | 151,051 | 141,423 | 142,796 | 131,412 | ||||||||
Accrued interest receivable | 737 | 733 | 906 | 707 | ||||||||
Foreclosed assets | 104 | 237 | 60 | 296 | ||||||||
Premises and equipment, net | 6,114 | 5,995 | 6,072 | 6,111 | ||||||||
Stock in correspondent banks, at cost | 1,919 | 1,898 | 1,878 | 1,839 | ||||||||
Bank-owned life insurance | 14,252 | 14,139 | 14,026 | 13,813 | ||||||||
Other assets | 2,499 | 2,622 | 2,182 | 2,701 | ||||||||
TOTAL ASSETS | $ | 295,333 | $ | 282,049 | $ | 270,932 | $ | 266,014 | ||||
LIABILITIES | ||||||||||||
Deposits: | ||||||||||||
Non-interest-bearing | $ | 30,177 | $ | 28,836 | $ | 28,183 | $ | 41,482 | ||||
Interest-bearing | 149,888 | 140,801 | 137,439 | 129,891 | ||||||||
Total deposits | 180,065 | 169,637 | 165,622 | 171,373 | ||||||||
Borrowings | 30,261 | 29,423 | 19,378 | 9,288 | ||||||||
Other liabilities | 3,994 | 1,736 | 1,373 | 1,042 | ||||||||
TOTAL LIABILITIES | 214,320 | 200,796 | 186,373 | 181,703 | ||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Common stock | 45 | 46 | 48 | 49 | ||||||||
Additional paid-in capital | 41,914 | 42,711 | 45,020 | 47,032 | ||||||||
Unallocated common stock held by benefit plans | (6,116) | (6,169) | (6,221) | (6,616) | ||||||||
Retained earnings | 48,787 | 48,260 | 52,949 | 52,491 | ||||||||
Accumulated other comprehensive income (loss) | (3,617) | (3,595) | (7,237) | (8,645) | ||||||||
TOTAL SHAREHOLDERS' EQUITY | 81,013 | 81,253 | 84,559 | 84,311 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 295,333 | $ | 282,049 | $ | 270,932 | $ | 266,014 | ||||
CATALYST BANCORP, INC. AND SUBSIDIARY | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||||||||
INTEREST INCOME | |||||||||||||||
Loans receivable, including fees | $ | 2,383 | $ | 2,214 | $ | 1,691 | $ | 4,597 | $ | 3,320 | |||||
Investment securities | 210 | 325 | 413 | 535 | 840 | ||||||||||
Other | 932 | 616 | 218 | 1,548 | 429 | ||||||||||
Total interest income | 3,525 | 3,155 | 2,322 | 6,680 | 4,589 | ||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 771 | 769 | 380 | 1,540 | 640 | ||||||||||
Borrowings | 306 | 293 | 68 | 599 | 136 | ||||||||||
Total interest expense | 1,077 | 1,062 | 448 | 2,139 | 776 | ||||||||||
Net interest income | 2,448 | 2,093 | 1,874 | 4,541 | 3,813 | ||||||||||
Provision for credit losses | 99 | 95 | - | 194 | - | ||||||||||
Net interest income after provision for credit losses | 2,349 | 1,998 | 1,874 | 4,347 | 3,813 | ||||||||||
NON-INTEREST INCOME | |||||||||||||||
Service charges on deposit accounts | 194 | 203 | 200 | 397 | 383 | ||||||||||
Bank-owned life insurance | 113 | 113 | 99 | 226 | 196 | ||||||||||
Loss on sales of investment securities | - | (5,507) | - | (5,507) | - | ||||||||||
Gain (loss) on disposals and sales of fixed assets | (5) | 11 | - | 6 | - | ||||||||||
Other | 64 | 17 | 18 | 81 | 32 | ||||||||||
Total non-interest income (loss) | 366 | (5,163) | 317 | (4,797) | 611 | ||||||||||
NON-INTEREST EXPENSE | |||||||||||||||
Salaries and employee benefits | 1,143 | 1,260 | 1,178 | 2,403 | 2,381 | ||||||||||
Occupancy and equipment | 183 | 196 | 198 | 379 | 411 | ||||||||||
Data processing and communication | 133 | 794 | 220 | 927 | 447 | ||||||||||
Professional fees | 117 | 107 | 117 | 224 | 246 | ||||||||||
Directors' fees | 114 | 115 | 114 | 229 | 229 | ||||||||||
ATM and debit card | 36 | 69 | 61 | 105 | 119 | ||||||||||
Foreclosed assets, net | 26 | 8 | 63 | 34 | 65 | ||||||||||
Advertising and marketing | 43 | 38 | 22 | 81 | 52 | ||||||||||
Franchise and shares tax | 15 | 16 | 25 | 31 | 52 | ||||||||||
Other | 258 | 188 | 193 | 446 | 374 | ||||||||||
Total non-interest expense | 2,068 | 2,791 | 2,191 | 4,859 | 4,376 | ||||||||||
Income (loss) before income tax expense (benefit) | 647 | (5,956) | - | (5,309) | 48 | ||||||||||
Income tax expense (benefit) | 120 | (1,267) | (16) | (1,147) | (20) | ||||||||||
NET INCOME (LOSS) | $ | 527 | $ | (4,689) | $ | 16 | $ | (4,162) | $ | 68 | |||||
Earnings (loss) per share: | |||||||||||||||
Basic | $ | 0.13 | $ | (1.15) | $ | - | $ | (1.03) | $ | 0.02 | |||||
Diluted | 0.13 | (1.15) | - | (1.03) | 0.02 | ||||||||||
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | |||||||||||||||
EARNINGS DATA | ||||||||||||||||||||
Total interest income | $ | 3,525 | $ | 3,155 | $ | 2,322 | $ | 6,680 | $ | 4,589 | ||||||||||
Total interest expense | 1,077 | 1,062 | 448 | 2,139 | 776 | |||||||||||||||
Net interest income | 2,448 | 2,093 | 1,874 | 4,541 | 3,813 | |||||||||||||||
Provision for credit losses | 99 | 95 | - | 194 | - | |||||||||||||||
Total non-interest income (loss) | 366 | (5,163) | 317 | (4,797) | 611 | |||||||||||||||
Total non-interest expense | 2,068 | 2,791 | 2,191 | 4,859 | 4,376 | |||||||||||||||
Income tax expense (benefit) | 120 | (1,267) | (16) | (1,147) | (20) | |||||||||||||||
Net income (loss) | $ | 527 | $ | (4,689) | $ | 16 | $ | (4,162) | $ | 68 | ||||||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Total loans | $ | 150,257 | $ | 144,428 | $ | 133,394 | $ | 147,342 | $ | 133,586 | ||||||||||
Total interest-earning assets | 264,776 | 269,835 | 253,427 | 267,306 | 255,373 | |||||||||||||||
Total assets | 285,773 | 286,708 | 268,133 | 286,240 | 270,045 | |||||||||||||||
Total interest-bearing deposits | 143,611 | 146,201 | 135,147 | 144,906 | 138,803 | |||||||||||||||
Total interest-bearing liabilities | 173,079 | 174,192 | 144,411 | 173,636 | 148,043 | |||||||||||||||
Total deposits | 173,326 | 174,656 | 172,526 | 173,990 | 173,555 | |||||||||||||||
Total shareholders' equity | 80,965 | 82,667 | 85,459 | 81,816 | 86,418 | |||||||||||||||
SELECTED RATIOS | ||||||||||||||||||||
Return on average assets | 0.74 | % | (6.58) | % | 0.02 | % | (2.92) | % | 0.05 | % | ||||||||||
Return on average equity | 2.62 | (22.81) | 0.08 | (10.23) | 0.16 | |||||||||||||||
Efficiency ratio | 73.47 | (90.93) | 100.00 | (1,901.18) | 98.91 | |||||||||||||||
Net interest margin(TE) | 3.72 | 3.12 | 2.97 | 3.42 | 3.01 | |||||||||||||||
Average equity to average assets | 28.33 | 28.83 | 31.87 | 28.58 | 32.00 | |||||||||||||||
Common equity Tier 1 capital ratio | 49.09 | 52.09 | 56.02 | |||||||||||||||||
Tier 1 leverage capital ratio | 26.88 | 26.84 | 30.64 | |||||||||||||||||
Total risk-based capital ratio | 50.34 | 53.34 | 57.27 | |||||||||||||||||
NON-FINANCIAL DATA | ||||||||||||||||||||
Total employees (full-time equivalent) | 47 | 47 | 50 | |||||||||||||||||
Common shares issued and outstanding, end of period | 4,478,527 | 4,558,329 | 4,929,542 | |||||||||||||||||
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||||||
(continued) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | |||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 2,068 | $ | 2,124 | $ | 2,070 | $ | 2,124 | $ | 1,807 | ||||||||||
CECL adoption impact | - | - | - | - | 209 | |||||||||||||||
Provision for loan losses | 185 | 42 | (2) | 227 | (2) | |||||||||||||||
Charge-offs | (57) | (123) | (10) | (180) | (17) | |||||||||||||||
Recoveries | 19 | 25 | 23 | 44 | 84 | |||||||||||||||
Net (charge-offs) recoveries | (38) | (98) | 13 | (136) | 67 | |||||||||||||||
Ending balance | $ | 2,215 | $ | 2,068 | $ | 2,081 | $ | 2,215 | $ | 2,081 | ||||||||||
Allowance for unfunded commitments: | ||||||||||||||||||||
Beginning balance | 310 | 257 | 216 | 257 | - | |||||||||||||||
CECL adoption impact | - | - | - | - | 216 | |||||||||||||||
Provision for (reversal of) losses on unfunded commitments | (86) | 53 | 2 | (33) | 2 | |||||||||||||||
Ending balance | $ | 224 | $ | 310 | $ | 218 | $ | 224 | $ | 218 | ||||||||||
Total allowance for credit losses, end of period | $ | 2,439 | $ | 2,378 | $ | 2,299 | $ | 2,439 | $ | 2,299 | ||||||||||
Total provision for credit losses | 99 | 95 | - | 194 | - | |||||||||||||||
CREDIT QUALITY(1) | ||||||||||||||||||||
Non-accruing loans | $ | 1,560 | $ | 1,453 | $ | 1,629 | ||||||||||||||
Accruing loans 90 days or more past due | 40 | 29 | 260 | |||||||||||||||||
Total non-performing loans | 1,600 | 1,482 | 1,889 | |||||||||||||||||
Foreclosed assets | 104 | 237 | 296 | |||||||||||||||||
Total non-performing assets | $ | 1,704 | $ | 1,719 | $ | 2,185 | ||||||||||||||
Total non-performing loans to total loans | 1.04 | % | 1.03 | % | 1.42 | % | ||||||||||||||
Total non-performing assets to total assets | 0.58 | 0.61 | 0.82 | |||||||||||||||||
(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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