Catalyst Bancorp, Inc. Announces 2024 Third Quarter Results
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) ha riportato un reddito netto per il terzo trimestre 2024 di $447.000, in calo di $80.000 rispetto ai $527.000 del secondo trimestre 2024. Il trimestre ha incluso un beneficio ante imposte di $238.000 derivante da un grant del programma BEA del CDFI Fund. Il portafoglio prestiti è cresciuto di un record di $12,6 milioni, raggiungendo $165,9 milioni, con un aumento dell'8% rispetto al secondo trimestre. Il margine di interesse netto è migliorato al 3,86%, in aumento di 14 punti base rispetto al trimestre precedente. Il rapporto degli attivi non performanti è rimasto stabile allo 0,57%. L'azienda ha continuato il suo programma di riacquisto di azioni, riacquistando 79.400 azioni a un costo medio di $11,75 per azione.
Catalyst Bancorp (NASDAQ: CLST) reportó un ingreso neto de $447,000 para el tercer trimestre de 2024, una disminución de $80,000 con respecto a los $527,000 del segundo trimestre de 2024. El trimestre incluyó un beneficio antes de impuestos de $238,000 proveniente de una subvención del programa BEA del CDFI Fund. El portafolio de préstamos creció en un récord de $12.6 millones, alcanzando los $165.9 millones, un incremento del 8% con respecto al segundo trimestre. El margen de interés neto mejoró al 3.86%, un aumento de 14 puntos base respecto al trimestre anterior. La relación de activos no productivos se mantuvo estable en el 0.57%. La compañía continuó su programa de recompra de acciones, recomprando 79,400 acciones a un costo promedio de $11.75 por acción.
카탈리스트 뱅코프 (NASDAQ: CLST)는 2024년 3분기 순이익이 $447,000으로 두 번째 분기 2024년 $527,000에서 $80,000 감소했다고 보고했습니다. 이번 분기에는 CDFI 기금 BEA 프로그램 보조금으로 인한 세전 이익 $238,000이 포함되었습니다. 대출 포트폴리오는 기록적인 $12.6백만 증가하여 $165.9백만에 달했으며, 이는 2분기 대비 8% 증가한 수치입니다. 순이자 마진은 3.86%로 개선되었으며, 이는 이전 분기 대비 14베이시스 포인트 상승한 수치입니다. 비수익 자산 비율은 0.57%로 안정세를 유지했습니다. 회사는 주식 매입 프로그램을 지속하여 79,400주를 주당 평균 $11.75에 다시 사들였습니다.
Catalyst Bancorp (NASDAQ: CLST) a annoncé un revenu net de 447 000 $ pour le troisième trimestre 2024, en baisse de 80 000 $ par rapport aux 527 000 $ du deuxième trimestre 2024. Le trimestre a inclus un avantage avant impôt de 238 000 $ provenant d'une subvention du programme BEA du CDFI Fund. Le portefeuille de prêts a augmenté d'un montant record de 12,6 millions de dollars pour atteindre 165,9 millions de dollars, soit une augmentation de 8 % par rapport au deuxième trimestre. La marge d'intérêt nette s'est améliorée à 3,86 %, en hausse de 14 points de base par rapport au trimestre précédent. Le ratio des actifs non performants est resté stable à 0,57 %. La société a poursuivi son programme de rachat d'actions, rachetant 79 400 actions à un coût moyen de 11,75 $ par action.
Catalyst Bancorp (NASDAQ: CLST) meldete einen Nettogewinn von 447.000 $ für das dritte Quartal 2024, was einem Rückgang von 80.000 $ gegenüber 527.000 $ im zweiten Quartal 2024 entspricht. Das Quartal umfasste einen vorsteuerlichen Vorteil von 238.000 $ aus einem Zuschuss des BEA-Programms des CDFI Fund. Das Kreditportfolio wuchs um einen Rekord von 12,6 Millionen $ auf 165,9 Millionen $, was einem Anstieg von 8 % gegenüber dem zweiten Quartal entspricht. Die Nettzinsmarge verbesserte sich auf 3,86 %, was einem Anstieg von 14 Basispunkten gegenüber dem Vorquartal entspricht. Die Quote der notleidenden Vermögenswerte blieb stabil bei 0,57 %. Das Unternehmen setzte sein Aktienrückkaufprogramm fort und kaufte 79.400 Aktien zum Durchschnittspreis von 11,75 $ pro Aktie zurück.
- Record loan portfolio growth of $12.6 million (8% increase) in Q3
- Net interest margin improved to 3.86%, up 14 basis points
- Strong capital position with 29.1% shareholders' equity to total assets
- Low non-performing assets ratio at 0.57%
- Net income decreased by $80,000 compared to Q2 2024
- Total deposits declined by $12.6 million (7%) from Q2 2024
- Net loan charge-offs increased to $131,000 from $38,000 in Q2
- Non-interest expenses increased by $192,000 (9%) compared to Q2
Insights
The Q3 2024 results show mixed signals for Catalyst Bancorp. Net income declined to
The loan portfolio showed impressive growth of
Key concerns include declining deposits (
The credit risk profile warrants attention. While NPLs decreased to
The funding structure shows increasing strain with deposits declining and increased reliance on costlier funding sources. The high loan-to-deposit ratio of
"Our loan portfolio grew a record
Loans
Loans totaled
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | Change | |||||||||
Real estate loans | ||||||||||||
One- to four-family residential | $ | 81,433 | $ | 80,572 | $ | 861 | 1 | % | ||||
Commercial real estate | 22,704 | 23,071 | (367) | (2) | ||||||||
Construction and land | 30,310 | 20,427 | 9,883 | 48 | ||||||||
Multi-family residential | 2,622 | 3,025 | (403) | (13) | ||||||||
Total real estate loans | 137,069 | 127,095 | 9,974 | 8 | ||||||||
Other loans | ||||||||||||
Commercial and industrial | 26,507 | 23,915 | 2,592 | 11 | % | |||||||
Consumer | 2,306 | 2,256 | 50 | 2 | ||||||||
Total other loans | 28,813 | 26,171 | 2,642 | 10 | ||||||||
Total loans | $ | 165,882 | $ | 153,266 | $ | 12,616 | 8 | |||||
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) | 9/30/2024 | 6/30/2024 | Change | |||||||||
Commercial real estate | ||||||||||||
Retail | $ | 4,154 | $ | 4,481 | $ | (327) | (7) | % | ||||
Hospitality | 3,594 | 3,736 | (142) | (4) | ||||||||
Restaurants | 1,112 | 973 | 139 | 14 | ||||||||
Oilfield services | 411 | 419 | (8) | (2) | ||||||||
Other non-owner occupied | 2,780 | 2,820 | (40) | (1) | ||||||||
Other owner occupied | 10,653 | 10,642 | 11 | 0 | ||||||||
Total commercial real estate | $ | 22,704 | $ | 23,071 | $ | (367) | (2) | |||||
Construction and land | ||||||||||||
Multi-family residential | $ | 8,353 | $ | 5,688 | $ | 2,665 | 47 | % | ||||
Health service facilities | 7,073 | 2,749 | 4,324 | 157 | ||||||||
Hospitality | 2,716 | 2,716 | - | - | ||||||||
Retail | 3,339 | 2,033 | 1,306 | 64 | ||||||||
Other commercial construction and land | 4,846 | 2,830 | 2,016 | 71 | ||||||||
Consumer residential construction and land | 3,983 | 4,411 | (428) | (10) | ||||||||
Total construction and land | $ | 30,310 | $ | 20,427 | $ | 9,883 | 48 | |||||
Commercial and industrial | ||||||||||||
Oilfield services | $ | 14,010 | $ | 10,382 | $ | 3,628 | 35 | % | ||||
Industrial equipment | 3,882 | 4,540 | (658) | (15) | ||||||||
Professional services | 2,910 | 2,839 | 71 | 3 | ||||||||
Other commercial and industrial | 5,705 | 6,154 | (449) | (7) | ||||||||
Total commercial and industrial loans | $ | 26,507 | $ | 23,915 | $ | 2,592 | 11 | |||||
Credit Quality and Allowance for Credit Losses
At September 30, 2024, non-performing assets ("NPAs") totaled
At September 30, 2024, the allowance for loan losses totaled
Investment Securities
Total investment securities were
At September 30, 2024 the amortized cost and fair value of pledged investment securities totaled
Deposits
Total deposits were
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | Change | |||||||||
Non-interest-bearing demand deposits | $ | 27,904 | $ | 30,177 | $ | (2,273) | (8) | % | ||||
Interest-bearing demand deposits | 33,751 | 44,038 | (10,287) | (23) | ||||||||
Money market | 13,372 | 13,685 | (313) | (2) | ||||||||
Savings | 36,798 | 36,746 | 52 | - | ||||||||
Certificates of deposit | 55,611 | 55,419 | 192 | - | ||||||||
Total deposits | $ | 167,436 | $ | 180,065 | $ | (12,629) | (7) | |||||
Total public fund deposits amounted to
Capital and Share Repurchases
At September 30 and June 30, 2024, consolidated shareholders' equity totaled
The Company repurchased 79,400 shares of its common stock at an average cost per share of
Net Interest Income
The net interest margin for the third quarter of 2024 was
Net interest income for the third 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 | ||||||||||||||||||
9/30/2024 | 6/30/2024 | |||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Average Yield/ Rate(TE) | Average Balance | Interest | Average Yield/ Rate(TE) | ||||||||||||
INTEREST-EARNING ASSETS | ||||||||||||||||||
Loans receivable(1) | $ | 161,410 | $ | 2,717 | 6.70 | % | $ | 150,257 | $ | 2,383 | 6.38 | % | ||||||
Investment securities(2) | 48,517 | 255 | 2.11 | 44,165 | 210 | 1.91 | ||||||||||||
Other interest earning assets | 51,142 | 699 | 5.45 | 70,354 | 932 | 5.33 | ||||||||||||
Total interest-earning assets | $ | 261,069 | $ | 3,671 | 5.60 | $ | 264,776 | $ | 3,525 | 5.35 | ||||||||
INTEREST-BEARING LIABILITIES | ||||||||||||||||||
Demand deposits, money market, and savings accounts | $ | 85,164 | $ | 382 | 1.78 | % | $ | 87,651 | $ | 327 | 1.50 | % | ||||||
Certificates of deposit | 55,910 | 448 | 3.19 | 55,960 | 444 | 3.19 | ||||||||||||
Total interest-bearing deposits | 141,074 | 830 | 2.34 | 143,611 | 771 | 2.16 | ||||||||||||
Borrowings | 29,502 | 309 | 4.17 | 29,468 | 306 | 4.17 | ||||||||||||
Total interest-bearing liabilities | $ | 170,576 | $ | 1,139 | 2.66 | $ | 173,079 | $ | 1,077 | 2.50 | ||||||||
Net interest-earning assets | $ | 90,493 | $ | 91,697 | ||||||||||||||
Net interest income; average interest rate spread | $ | 2,532 | 2.94 | % | $ | 2,448 | 2.85 | % | ||||||||||
Net interest margin(3) | 3.86 | 3.72 | ||||||||||||||||
(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 third quarter of 2024, non-interest income totaled
Non-interest Expense
Non-interest expense for the third quarter of 2024 totaled
Salaries and employee benefits expense totaled
Data processing and communication expense totaled
Professional fees 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) | 9/30/2024 | 6/30/2024 | 12/31/2023 | 9/30/2023 | ||||||||
ASSETS | ||||||||||||
Non-interest-bearing cash | $ | 3,625 | $ | 4,952 | $ | 3,654 | $ | 3,497 | ||||
Interest-bearing cash and due from banks | 42,128 | 70,503 | 15,357 | 9,769 | ||||||||
Total cash and cash equivalents | 45,753 | 75,455 | 19,011 | 13,266 | ||||||||
Investment securities: | ||||||||||||
Securities available-for-sale, at fair value | 32,196 | 29,748 | 70,540 | 71,808 | ||||||||
Securities held-to-maturity | 13,450 | 13,454 | 13,461 | 13,464 | ||||||||
Loans receivable, net of unearned income | 165,882 | 153,266 | 144,920 | 135,672 | ||||||||
Allowance for loan losses | (2,414) | (2,215) | (2,124) | (2,036) | ||||||||
Loans receivable, net | 163,468 | 151,051 | 142,796 | 133,636 | ||||||||
Accrued interest receivable | 815 | 737 | 906 | 806 | ||||||||
Foreclosed assets | 173 | 104 | 60 | 37 | ||||||||
Premises and equipment, net | 6,135 | 6,114 | 6,072 | 6,160 | ||||||||
Stock in correspondent banks, at cost | 1,939 | 1,919 | 1,878 | 1,858 | ||||||||
Bank-owned life insurance | 14,370 | 14,252 | 14,026 | 13,917 | ||||||||
Other assets | 2,318 | 2,499 | 2,182 | 2,995 | ||||||||
TOTAL ASSETS | $ | 280,617 | $ | 295,333 | $ | 270,932 | $ | 257,947 | ||||
LIABILITIES | ||||||||||||
Deposits: | ||||||||||||
Non-interest-bearing | $ | 27,904 | $ | 30,177 | $ | 28,183 | $ | 33,222 | ||||
Interest-bearing | 139,532 | 149,888 | 137,439 | 131,998 | ||||||||
Total deposits | 167,436 | 180,065 | 165,622 | 165,220 | ||||||||
Borrowings | 29,513 | 30,261 | 19,378 | 9,333 | ||||||||
Other liabilities | 2,001 | 3,994 | 1,373 | 1,231 | ||||||||
TOTAL LIABILITIES | 198,950 | 214,320 | 186,373 | 175,784 | ||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Common stock | 44 | 45 | 48 | 48 | ||||||||
Additional paid-in capital | 40,847 | 41,914 | 45,020 | 45,855 | ||||||||
Unallocated common stock held by benefit plans | (5,777) | (6,116) | (6,221) | (6,274) | ||||||||
Retained earnings | 49,234 | 48,787 | 52,949 | 52,642 | ||||||||
Accumulated other comprehensive income (loss) | (2,681) | (3,617) | (7,237) | (10,108) | ||||||||
TOTAL SHAREHOLDERS' EQUITY | 81,667 | 81,013 | 84,559 | 82,163 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 280,617 | $ | 295,333 | $ | 270,932 | $ | 257,947 | ||||
CATALYST BANCORP, INC. AND SUBSIDIARY | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||||||||
INTEREST INCOME | |||||||||||||||
Loans receivable, including fees | $ | 2,717 | $ | 2,383 | $ | 1,852 | $ | 7,314 | $ | 5,172 | |||||
Investment securities | 255 | 210 | 403 | 790 | 1,243 | ||||||||||
Other | 699 | 932 | 214 | 2,247 | 643 | ||||||||||
Total interest income | 3,671 | 3,525 | 2,469 | 10,351 | 7,058 | ||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 830 | 771 | 452 | 2,370 | 1,092 | ||||||||||
Borrowings | 309 | 306 | 69 | 908 | 205 | ||||||||||
Total interest expense | 1,139 | 1,077 | 521 | 3,278 | 1,297 | ||||||||||
Net interest income | 2,532 | 2,448 | 1,948 | 7,073 | 5,761 | ||||||||||
Provision for credit losses | 337 | 99 | - | 531 | - | ||||||||||
Net interest income after provision for credit losses | 2,195 | 2,349 | 1,948 | 6,542 | 5,761 | ||||||||||
NON-INTEREST INCOME | |||||||||||||||
Service charges on deposit accounts | 200 | 194 | 190 | 597 | 573 | ||||||||||
Bank-owned life insurance | 118 | 113 | 104 | 344 | 300 | ||||||||||
Loss on sales of investment securities | - | - | - | (5,507) | - | ||||||||||
Gain (loss) on disposals and sales of fixed assets | - | (5) | - | 6 | - | ||||||||||
Federal community development grant | 280 | - | - | 280 | - | ||||||||||
Other | 22 | 64 | 12 | 103 | 44 | ||||||||||
Total non-interest income (loss) | 620 | 366 | 306 | (4,177) | 917 | ||||||||||
NON-INTEREST EXPENSE | |||||||||||||||
Salaries and employee benefits | 1,200 | 1,143 | 1,141 | 3,603 | 3,522 | ||||||||||
Occupancy and equipment | 193 | 183 | 198 | 572 | 609 | ||||||||||
Data processing and communication | 238 | 138 | 228 | 1,170 | 675 | ||||||||||
Professional fees | 151 | 117 | 100 | 375 | 346 | ||||||||||
Directors' fees | 116 | 114 | 116 | 345 | 345 | ||||||||||
ATM and debit card | 24 | 31 | 68 | 124 | 187 | ||||||||||
Foreclosed assets, net | 33 | 26 | 2 | 67 | 67 | ||||||||||
Advertising and marketing | 31 | 43 | 25 | 112 | 77 | ||||||||||
Franchise and shares tax | 15 | 15 | 19 | 46 | 71 | ||||||||||
Other | 259 | 258 | 184 | 705 | 558 | ||||||||||
Total non-interest expense | 2,260 | 2,068 | 2,081 | 7,119 | 6,457 | ||||||||||
Income (loss) before income tax expense (benefit) | 555 | 647 | 173 | (4,754) | 221 | ||||||||||
Income tax expense (benefit) | 108 | 120 | 22 | (1,039) | 2 | ||||||||||
NET INCOME (LOSS) | $ | 447 | $ | 527 | $ | 151 | $ | (3,715) | $ | 219 | |||||
Earnings (loss) per share: | |||||||||||||||
Basic | $ | 0.11 | $ | 0.13 | $ | 0.03 | $ | (0.93) | $ | 0.05 | |||||
Diluted | 0.11 | 0.13 | 0.03 | (0.93) | 0.05 | ||||||||||
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | |||||||||||||||
EARNINGS DATA | ||||||||||||||||||||
Total interest income | $ | 3,671 | $ | 3,525 | $ | 2,469 | $ | 10,351 | $ | 7,058 | ||||||||||
Total interest expense | 1,139 | 1,077 | 521 | 3,278 | 1,297 | |||||||||||||||
Net interest income | 2,532 | 2,448 | 1,948 | 7,073 | 5,761 | |||||||||||||||
Provision for credit losses | 337 | 99 | - | 531 | - | |||||||||||||||
Total non-interest income (loss) | 620 | 366 | 306 | (4,177) | 917 | |||||||||||||||
Total non-interest expense | 2,260 | 2,068 | 2,081 | 7,119 | 6,457 | |||||||||||||||
Income tax expense (benefit) | 108 | 120 | 22 | (1,039) | 2 | |||||||||||||||
Net income (loss) | $ | 447 | $ | 527 | $ | 151 | $ | (3,715) | $ | 219 | ||||||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Total loans | $ | 161,410 | $ | 150,257 | $ | 134,851 | $ | 152,066 | $ | 134,013 | ||||||||||
Total interest-earning assets | 261,069 | 264,776 | 251,139 | 265,212 | 253,946 | |||||||||||||||
Total assets | 282,440 | 285,773 | 265,095 | 284,964 | 268,377 | |||||||||||||||
Total interest-bearing deposits | 141,074 | 143,611 | 133,577 | 143,619 | 137,042 | |||||||||||||||
Total interest-bearing liabilities | 170,576 | 173,079 | 142,883 | 172,608 | 146,304 | |||||||||||||||
Total deposits | 169,437 | 173,326 | 170,589 | 172,461 | 172,556 | |||||||||||||||
Total shareholders' equity | 81,307 | 80,965 | 84,059 | 81,645 | 85,623 | |||||||||||||||
SELECTED RATIOS | ||||||||||||||||||||
Return on average assets | 0.63 | % | 0.74 | % | 0.23 | % | (1.74) | % | 0.11 | % | ||||||||||
Return on average equity | 2.18 | 2.62 | 0.71 | (6.08) | 0.34 | |||||||||||||||
Efficiency ratio | 71.72 | 73.47 | 92.32 | 245.83 | 96.69 | |||||||||||||||
Net interest margin(TE) | 3.86 | 3.72 | 3.13 | 3.56 | 3.08 | |||||||||||||||
Average equity to average assets | 28.79 | 28.33 | 31.71 | 28.65 | 31.90 | |||||||||||||||
Common equity Tier 1 capital ratio | 45.74 | 49.09 | 54.97 | |||||||||||||||||
Tier 1 leverage capital ratio | 27.43 | 26.88 | 31.08 | |||||||||||||||||
Total risk-based capital ratio | 46.99 | 50.34 | 56.23 | |||||||||||||||||
NON-FINANCIAL DATA | ||||||||||||||||||||
Total employees (full-time equivalent) | 48 | 47 | 47 | |||||||||||||||||
Common shares issued and outstanding, end of period | 4,399,127 | 4,478,527 | 4,848,290 | |||||||||||||||||
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||||||
(continued) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | |||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 2,215 | $ | 2,068 | $ | 2,081 | $ | 2,124 | $ | 1,807 | ||||||||||
CECL adoption impact | - | - | - | - | 209 | |||||||||||||||
Provision for (reversal of) loan losses | 330 | 185 | (62) | 557 | (64) | |||||||||||||||
Charge-offs | (184) | (57) | (9) | (364) | (26) | |||||||||||||||
Recoveries | 53 | 19 | 26 | 97 | 110 | |||||||||||||||
Net (charge-offs) recoveries | (131) | (38) | 17 | (267) | 84 | |||||||||||||||
Ending balance | $ | 2,414 | $ | 2,215 | $ | 2,036 | $ | 2,414 | $ | 2,036 | ||||||||||
Allowance for unfunded commitments: | ||||||||||||||||||||
Beginning balance | 224 | 310 | 218 | 257 | - | |||||||||||||||
CECL adoption impact | - | - | - | - | 216 | |||||||||||||||
Provision for (reversal of) losses on unfunded commitments | 7 | (86) | 62 | (26) | 64 | |||||||||||||||
Ending balance | $ | 231 | $ | 224 | $ | 280 | $ | 231 | $ | 280 | ||||||||||
Total allowance for credit losses, end of period | $ | 2,645 | $ | 2,439 | $ | 2,316 | $ | 2,645 | $ | 2,316 | ||||||||||
Total provision for credit losses | 337 | 99 | - | 531 | - | |||||||||||||||
CREDIT QUALITY(1) | ||||||||||||||||||||
Non-accruing loans | $ | 1,423 | $ | 1,560 | $ | 1,961 | ||||||||||||||
Accruing loans 90 days or more past due | 15 | 40 | 127 | |||||||||||||||||
Total non-performing loans | 1,438 | 1,600 | 2,088 | |||||||||||||||||
Foreclosed assets | 173 | 104 | 37 | |||||||||||||||||
Total non-performing assets | $ | 1,611 | $ | 1,704 | $ | 2,125 | ||||||||||||||
Total non-performing loans to total loans | 0.87 | % | 1.04 | % | 1.54 | % | ||||||||||||||
Total non-performing assets to total assets | 0.57 | 0.58 | 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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