OPELOUSAS, La., July 27,
2023 /PRNewswire/ -- Catalyst Bancorp, Inc.
(Nasdaq: "CLST") (the "Company"), the parent company for Catalyst
Bank (the "Bank") (www.catalystbank.com), reported financial
results for the second quarter of 2023. For the quarter, the
Company reported net income of $39,000, compared to $73,000 for the first quarter of 2023.
"One by one, we're adding new customers and expanding existing
relationships as our bankers deliver responsive and customized
service across Acadiana," said Joe
Zanco, President and Chief Executive Officer of the Company
and the Bank. "We're building a dedicated, fully engaged, high
character company where people want to bank and maximize the impact
of their work."
Capital and Share Repurchases
The Bank continues to maintain an exceptional capital position
with a total risk-based capital ratio of 57.27% and 57.69% at
June 30, 2023 and March 31, 2023, respectively. At June 30, 2023 and March
31, 2023, consolidated shareholders' equity totaled
$84.3 million, or 31.7% of total
assets, and $86.1 million, or 31.2%
of total assets, respectively.
On April 27, 2023, the Company
announced its second share repurchase plan (the "April 2023 Repurchase Plan"). Under the
April 2023 Repurchase Plan, the
Company may purchase up to 252,000 shares, or approximately 5% of
the Company's outstanding shares of common stock. During the second
quarter of 2023, the Company repurchased 129,070 shares of its
common stock at an average cost per share of $10.65. At June 30,
2023, 156,542 shares were available for repurchase under the
April 2023 Repurchase Plan.
Loans
Loans totaled $133.5 million at
June 30, 2023, up $803,000, or less than 1%, from March 31, 2023. During the second quarter of
2023, commercial and industrial loan growth was partially offset by
net declines in our real estate loan portfolio. The decline in
construction and land loans was primarily driven by the conversion
of construction loans to permanent financing.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
(Dollars in
thousands)
|
|
6/30/2023
|
|
3/31/2023
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
residential
|
|
$
|
85,655
|
|
$
|
86,464
|
|
$
|
(809)
|
|
(1)
|
%
|
Commercial real
estate
|
|
|
19,175
|
|
|
19,303
|
|
|
(128)
|
|
(1)
|
|
Construction and
land
|
|
|
4,620
|
|
|
6,536
|
|
|
(1,916)
|
|
(29)
|
|
Multi-family
residential
|
|
|
3,094
|
|
|
3,146
|
|
|
(52)
|
|
(2)
|
|
Total real estate
loans
|
|
|
112,544
|
|
|
115,449
|
|
|
(2,905)
|
|
(3)
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
17,609
|
|
|
14,109
|
|
|
3,500
|
|
25
|
|
Consumer
|
|
|
3,340
|
|
|
3,132
|
|
|
208
|
|
7
|
|
Total other
loans
|
|
|
20,949
|
|
|
17,241
|
|
|
3,708
|
|
22
|
|
Total loans
|
|
$
|
133,493
|
|
$
|
132,690
|
|
$
|
803
|
|
1
|
%
|
The majority of the Company's loan portfolio consists of real
estate loans secured by properties in our local market area, the
Acadiana region of south Louisiana. Loans secured by one- to
four-family residential properties accounted for 64% of total loans
and commercial real estate loans accounted for 14% of total loans
at June 30, 2023. Our commercial real
estate loans are generally secured by retail and industrial use
buildings, hotels, strip shopping centers and other properties used
for commercial purposes. Approximately 66% of our real estate loans
have adjustable rates and, of our total real estate loans,
approximately $55.1 million, or 49%,
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 13% of total loans, at
June 30, 2023. This segment of the
portfolio largely consists of loans to local businesses involved in
industrial manufacturing and equipment, communications, and
professional services. Approximately 37% of our commercial and
industrial loans have adjustable rates and, of total commercial and
industrial loans, approximately $8.8
million, or 50% are scheduled to re-price or mature during
the next 12 months.
Credit Quality and Allowance for Loan Losses
At June 30 and March 31, 2023, non-performing assets ("NPAs")
totaled $2.2 million and $2.0 million, respectively, and the ratio of NPAs
to total assets was 0.82% and 0.73%, respectively, at such dates.
Non-performing loans ("NPLs") totaled $1.9
million, or 1.42% of total loans, at June 30, 2023
and $1.7 million, or 1.27% of total
loans, at March 31, 2023. At
June 30, 2023 and March 31, 2023, greater than 94% of total NPLs
were one- to four-family residential mortgage loans.
Net loan recoveries totaled $13,000 during the second quarter of 2023,
compared to net recoveries of $54,000
for the first quarter of 2023. During the first quarter of 2023,
the Company recovered $41,000 of
principal from a previously charged-off residential mortgage
loan.
At June 30 and March 31, 2023, the allowance for loan losses
totaled $2.1 million, or 1.56% of
total loans. The total provision for credit losses on loans and
unfunded commitments was zero for the first six months of 2023.
Investment Securities
Total investment securities were $89.3
million, or 34% of total assets, at June 30, 2023. Our investment securities
portfolio consists primarily of debt obligations issued by the U.S.
government and government agencies and government-sponsored
mortgage-backed securities. The Company has not purchased
investment securities since the fourth quarter of 2022. We have
also not sold or reclassified securities during this current period
of interest rate hikes by the Federal Reserve, which began in
March 2022.
At June 30, 2023, 87% of total
investment securities, based on amortized cost, were classified as
available-for-sale. Net unrealized losses on securities
available-for-sale totaled $10.9
million at June 30, 2023,
compared to $10.1 million at
March 31, 2023. For the second
quarter of 2023, the average yield on the total investment
securities portfolio was 1.65%, down one basis point from the first
quarter of 2023.
The following table summarizes the amortized cost and fair value
of our investment securities portfolio as of June 30, 2023.
|
|
June 30, 2023
|
(Dollars in
thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
Securities
available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities
|
|
$
|
69,804
|
|
$
|
1
|
|
$
|
(9,477)
|
|
$
|
60,328
|
U.S. Government and
agency obligations
|
|
|
10,984
|
|
|
-
|
|
|
(976)
|
|
|
10,008
|
Municipal
obligations
|
|
|
6,031
|
|
|
1
|
|
|
(492)
|
|
|
5,540
|
Total
available-for-sale
|
|
$
|
86,819
|
|
$
|
2
|
|
$
|
(10,945)
|
|
$
|
75,876
|
Securities
held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and
agency obligations
|
|
$
|
13,005
|
|
$
|
-
|
|
$
|
(2,487)
|
|
$
|
10,518
|
Municipal
obligations
|
|
|
463
|
|
|
-
|
|
|
(31)
|
|
|
432
|
Total
held-to-maturity
|
|
$
|
13,468
|
|
$
|
-
|
|
$
|
(2,518)
|
|
$
|
10,950
|
Deposits and Liquidity
Total deposits were $171.4 million
at June 30, 2023, down $8.3 million, or 5%, from March 31, 2023. Compared to December 31, 2022, total deposits were up
$6.3 million, or 4%, at June 30, 2023. During the first and second
quarters of 2023, the average balance of total deposits was
$174.6 million and $172.5 million, respectively. The decrease during
the second quarter of 2023 was primarily due to decreases in public
fund deposits.
Our public funds consist primarily of non-interest bearing and
NOW account deposits from municipalities within our market. At
June 30, 2023, total public fund
deposits amounted to $24.7 million,
or 14% of total deposits, compared to $40.1
million, or 22% of total deposits, at March 31, 2023.
Our total uninsured deposits (that is deposits in excess of the
FDIC's insurance limit), inclusive of public funds, were
approximately $50.2 million at
June 30, 2023 and $59.7 million at March 31,
2023. Total uninsured non-public funds deposits were
approximately $30.5 million and
$24.6 million at June 30 and March 31,
2023, respectively. The full amount of our public fund
deposits in excess of the FDIC's insurance limit are secured by
pledging investment securities or by allocating available portions
of a letter of credit from the FHLB to collateralize the balances.
At June 30, 2023, the amortized cost
and fair value of investment securities pledged to secure public
fund deposits totaled $48.3 million
and $41.8 million, respectively.
The following table sets forth the composition of the Bank's
deposits as of the dates indicated.
(Dollars in
thousands)
|
|
6/30/2023
|
|
3/31/2023
|
|
Increase
(Decrease)
|
Non-interest-bearing
demand deposits
|
|
$
|
41,482
|
|
$
|
35,483
|
|
$
|
5,999
|
|
17
|
%
|
NOW
|
|
|
34,159
|
|
|
49,252
|
|
|
(15,093)
|
|
(31)
|
|
Money market
|
|
|
18,798
|
|
|
16,153
|
|
|
2,645
|
|
16
|
|
Savings
|
|
|
26,927
|
|
|
28,200
|
|
|
(1,273)
|
|
(5)
|
|
Certificates of
deposit
|
|
|
50,007
|
|
|
50,624
|
|
|
(617)
|
|
(1)
|
|
Total
deposits
|
|
$
|
171,373
|
|
$
|
179,712
|
|
$
|
(8,339)
|
|
(5)
|
%
|
The ratio of the Company's total loans to total deposits was 78%
and 74% as of June 30 and
March 31, 2023, respectively. In
addition to our deposit base, our secondary sources of liquidity
include borrowings from the FHLB and a line of credit from our
primary correspondent bank. At June 30,
2023, we had available capacity to borrow $47.9 million from the FHLB and an additional
$17.8 million on a line of credit
with our primary correspondent bank.
Net Interest Income
The net interest margin for the second quarter of 2023 was
3.02%, down eight basis points compared to the prior quarter. The
average yield on interest-earning assets increased by 11 basis
points to 3.68% for the second quarter of 2023, while the average
rate on interest-bearing liabilities increased by 37 basis points
to 1.17%, compared to the first quarter of 2023.
Net interest income for the second quarter of 2023 was
$1.9 million, down $63,000, or 3%, from the first quarter of 2023
primarily due to an increase in interest expense on deposits (up
$118,000, or 51%) partially offset by
an increase in interest income on loans (up $62,000, or 4%). Demand for higher rates on
deposit accounts remained persistent during the second quarter of
2023 largely driven by competitor offerings.
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
|
|
|
6/30/2023
|
|
3/31/2023
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable(1)
|
|
$
|
133,394
|
|
$
|
1,691
|
|
5.09
|
%
|
|
$
|
133,781
|
|
$
|
1,629
|
|
4.94
|
%
|
Investment
securities(TE)(2)
|
|
|
101,630
|
|
|
413
|
|
1.65
|
|
|
|
103,739
|
|
|
427
|
|
1.66
|
|
Other interest earning
assets
|
|
|
18,403
|
|
|
218
|
|
4.73
|
|
|
|
19,820
|
|
|
211
|
|
4.33
|
|
Total interest-earning
assets(TE)
|
|
$
|
253,427
|
|
$
|
2,322
|
|
3.68
|
%
|
|
$
|
257,340
|
|
$
|
2,267
|
|
3.57
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and
savings
accounts
|
|
$
|
83,962
|
|
$
|
142
|
|
0.68
|
%
|
|
$
|
90,972
|
|
$
|
81
|
|
0.36
|
%
|
Certificates of
deposit
|
|
|
51,185
|
|
|
209
|
|
1.64
|
|
|
|
51,528
|
|
|
152
|
|
1.20
|
|
Total interest-bearing
deposits
|
|
|
135,147
|
|
|
351
|
|
1.04
|
|
|
|
142,500
|
|
|
233
|
|
0.66
|
|
FHLB
advances
|
|
|
9,264
|
|
|
68
|
|
2.94
|
|
|
|
9,216
|
|
|
68
|
|
2.96
|
|
Total interest-bearing
liabilities
|
|
$
|
144,411
|
|
$
|
419
|
|
1.17
|
%
|
|
$
|
151,716
|
|
$
|
301
|
|
0.80
|
%
|
Net interest-earning
assets
|
|
$
|
109,016
|
|
|
|
|
|
|
|
$
|
105,624
|
|
|
|
|
|
|
Net interest income;
average interest rate
spread(TE)
|
|
|
|
|
$
|
1,903
|
|
2.51
|
%
|
|
|
|
|
$
|
1,966
|
|
2.77
|
%
|
Net interest
margin(TE)(3)
|
|
|
|
|
|
|
|
3.02
|
%
|
|
|
|
|
|
|
|
3.10
|
%
|
|
|
(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 second quarter of 2023 was
$317,000, up $23,000, or 8%, from the first quarter of 2023
primarily due to higher debit card income.
Non-interest Expense
Non-interest expense for the second quarter of 2023 totaled
$2.2 million, up $6,000 compared to the first quarter of 2023.
Salaries and employee benefits expense totaled $1.2 million for the second quarter of 2023, down
$25,000, or 2%, from the prior
quarter. Compensation expense related to our ESOP was down from the
prior quarter due to a decline in the average market price of the
Company's common stock.
Occupancy and equipment expense totaled $198,000 for the second quarter of 2023, down
$15,000, or 7%, from the prior
quarter primarily due to a decline in repairs and maintenance
expense.
Professional fees totaled $117,000
for the second quarter of 2023, down $12,000, or 9%, from the prior quarter primarily
due to lower audit and consulting expenses.
Foreclosed assets expense totaled $63,000 for the second quarter of 2023, up
$61,000 from the prior quarter.
During the second quarter of 2023, the Company recorded a
write-down of $62,000 on real estate
held as foreclosed assets. The real estate had a carrying value of
$320,000 at March 31, 2023 and the sale of the property
closed in July 2023.
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 $266.0 million in assets at
June 30, 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 Bank, visit
www.catalystbank.com.
Forward-looking Statements
This press release contains certain forward-looking
statements. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They often include words like "believe," "expect,"
"anticipate," "estimate" and "intend" or future or conditional
verbs such as "will," "would," "should," "could" or "may."
Certain factors that could cause actual results to differ
materially from expected results include changes in the interest
rate environment, changes in general economic conditions,
legislative and regulatory changes that adversely affect the
business of Catalyst Bancorp, Inc. and Catalyst Bank, and changes
in the securities markets. Except as required by law, the
Company does not undertake any obligation to update any
forward-looking statements to reflect changes in belief,
expectations or events.
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
(Unaudited)
|
(Dollars in
thousands)
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
6/30/2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
cash
|
|
$
|
4,769
|
|
$
|
3,531
|
|
$
|
5,092
|
|
$
|
4,553
|
Interest-bearing cash
and due from banks
|
|
|
15,022
|
|
|
23,996
|
|
|
8,380
|
|
|
24,582
|
Total cash and cash
equivalents
|
|
|
19,791
|
|
|
27,527
|
|
|
13,472
|
|
|
29,135
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value
|
|
|
75,876
|
|
|
78,937
|
|
|
79,602
|
|
|
82,276
|
Securities
held-to-maturity
|
|
|
13,468
|
|
|
13,471
|
|
|
13,475
|
|
|
13,486
|
Loans receivable, net
of unearned income
|
|
|
133,493
|
|
|
132,690
|
|
|
133,607
|
|
|
133,869
|
Allowance for loan
losses
|
|
|
(2,081)
|
|
|
(2,070)
|
|
|
(1,807)
|
|
|
(1,980)
|
Loans receivable,
net
|
|
|
131,412
|
|
|
130,620
|
|
|
131,800
|
|
|
131,889
|
Accrued interest
receivable
|
|
|
707
|
|
|
675
|
|
|
673
|
|
|
556
|
Foreclosed
assets
|
|
|
296
|
|
|
320
|
|
|
320
|
|
|
320
|
Premises and equipment,
net
|
|
|
6,111
|
|
|
6,202
|
|
|
6,303
|
|
|
6,494
|
Stock in correspondent
banks, at cost
|
|
|
1,839
|
|
|
1,823
|
|
|
1,808
|
|
|
1,795
|
Bank-owned life
insurance
|
|
|
13,813
|
|
|
13,714
|
|
|
13,617
|
|
|
13,422
|
Other assets
|
|
|
2,662
|
|
|
2,539
|
|
|
2,254
|
|
|
1,804
|
TOTAL
ASSETS
|
|
$
|
265,975
|
|
$
|
275,828
|
|
$
|
263,324
|
|
$
|
281,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
41,482
|
|
$
|
35,483
|
|
$
|
33,657
|
|
$
|
30,400
|
Interest-bearing
|
|
|
129,891
|
|
|
144,229
|
|
|
131,437
|
|
|
148,335
|
Total deposits
|
|
|
171,373
|
|
|
179,712
|
|
|
165,094
|
|
|
178,735
|
Federal Home Loan Bank
advances
|
|
|
9,288
|
|
|
9,243
|
|
|
9,198
|
|
|
9,108
|
Other
liabilities
|
|
|
977
|
|
|
747
|
|
|
558
|
|
|
727
|
TOTAL
LIABILITIES
|
|
|
181,638
|
|
|
189,702
|
|
|
174,850
|
|
|
188,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
49
|
|
|
51
|
|
|
53
|
|
|
53
|
Additional paid-in
capital
|
|
|
47,032
|
|
|
48,259
|
|
|
51,062
|
|
|
50,838
|
Unallocated common
stock held by benefit plans
|
|
|
(6,616)
|
|
|
(6,664)
|
|
|
(6,307)
|
|
|
(4,073)
|
Retained
earnings
|
|
|
52,517
|
|
|
52,478
|
|
|
52,740
|
|
|
52,434
|
Accumulated other
comprehensive income (loss)
|
|
|
(8,645)
|
|
|
(7,998)
|
|
|
(9,074)
|
|
|
(6,645)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
84,337
|
|
|
86,126
|
|
|
88,474
|
|
|
92,607
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
265,975
|
|
$
|
275,828
|
|
$
|
263,324
|
|
$
|
281,177
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
(Dollars in
thousands)
|
|
6/30/2023
|
|
3/31/2023
|
|
6/30/2022
|
|
6/30/2023
|
|
6/30/2022
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
|
1,691
|
|
$
|
1,629
|
|
$
|
1,555
|
|
$
|
3,320
|
|
$
|
3,118
|
Investment
securities
|
|
|
413
|
|
|
427
|
|
|
352
|
|
|
840
|
|
|
681
|
Other
|
|
|
218
|
|
|
211
|
|
|
58
|
|
|
429
|
|
|
77
|
Total interest
income
|
|
|
2,322
|
|
|
2,267
|
|
|
1,965
|
|
|
4,589
|
|
|
3,876
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
351
|
|
|
233
|
|
|
87
|
|
|
584
|
|
|
179
|
Advances from Federal
Home Loan
Bank
|
|
|
68
|
|
|
68
|
|
|
68
|
|
|
136
|
|
|
136
|
Total interest
expense
|
|
|
419
|
|
|
301
|
|
|
155
|
|
|
720
|
|
|
315
|
Net interest
income
|
|
|
1,903
|
|
|
1,966
|
|
|
1,810
|
|
|
3,869
|
|
|
3,561
|
Provision for (reversal
of) credit losses
|
|
|
-
|
|
|
-
|
|
|
(189)
|
|
|
-
|
|
|
(260)
|
Net interest income
after provision for
(reversal of) loan losses
|
|
|
1,903
|
|
|
1,966
|
|
|
1,999
|
|
|
3,869
|
|
|
3,821
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
200
|
|
|
183
|
|
|
182
|
|
|
383
|
|
|
350
|
Gain (loss) on
disposals and sales of
fixed assets
|
|
|
-
|
|
|
-
|
|
|
(77)
|
|
|
-
|
|
|
(77)
|
Bank-owned life
insurance
|
|
|
99
|
|
|
97
|
|
|
98
|
|
|
196
|
|
|
119
|
Federal community
development grant
|
|
|
-
|
|
|
-
|
|
|
171
|
|
|
-
|
|
|
171
|
Other
|
|
|
18
|
|
|
14
|
|
|
5
|
|
|
32
|
|
|
13
|
Total non-interest
income
|
|
|
317
|
|
|
294
|
|
|
379
|
|
|
611
|
|
|
576
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,178
|
|
|
1,203
|
|
|
1,218
|
|
|
2,381
|
|
|
2,479
|
Occupancy and
equipment
|
|
|
198
|
|
|
213
|
|
|
227
|
|
|
411
|
|
|
437
|
Data processing and
communication
|
|
|
220
|
|
|
227
|
|
|
242
|
|
|
447
|
|
|
450
|
Professional
fees
|
|
|
117
|
|
|
129
|
|
|
175
|
|
|
246
|
|
|
315
|
Directors'
fees
|
|
|
114
|
|
|
115
|
|
|
55
|
|
|
229
|
|
|
110
|
ATM and debit
card
|
|
|
61
|
|
|
58
|
|
|
59
|
|
|
119
|
|
|
108
|
Foreclosed assets,
net
|
|
|
63
|
|
|
2
|
|
|
1
|
|
|
65
|
|
|
(3)
|
Advertising and
marketing
|
|
|
22
|
|
|
30
|
|
|
109
|
|
|
52
|
|
|
151
|
Franchise and shares
tax
|
|
|
25
|
|
|
27
|
|
|
58
|
|
|
52
|
|
|
116
|
Other
|
|
|
193
|
|
|
181
|
|
|
240
|
|
|
374
|
|
|
422
|
Total non-interest
expense
|
|
|
2,191
|
|
|
2,185
|
|
|
2,384
|
|
|
4,376
|
|
|
4,585
|
Income (loss) before
income tax
expense
|
|
|
29
|
|
|
75
|
|
|
(6)
|
|
|
104
|
|
|
(188)
|
Income tax expense
(benefit)
|
|
|
(10)
|
|
|
2
|
|
|
(21)
|
|
|
(8)
|
|
|
(62)
|
NET INCOME
(LOSS)
|
|
$
|
39
|
|
$
|
73
|
|
$
|
15
|
|
$
|
112
|
|
$
|
(126)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.01
|
|
$
|
0.02
|
|
$
|
0.01
|
|
$
|
0.03
|
|
$
|
(0.02)
|
Diluted
|
|
|
0.01
|
|
|
0.02
|
|
|
N/A
|
|
|
0.03
|
|
|
N/A
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
(Dollars in
thousands)
|
|
6/30/2023
|
|
3/31/2023
|
|
6/30/2022
|
|
6/30/2023
|
|
6/30/2022
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
2,322
|
|
|
$
|
2,267
|
|
|
$
|
1,965
|
|
|
$
|
4,589
|
|
|
$
|
3,876
|
|
Total interest
expense
|
|
|
419
|
|
|
|
301
|
|
|
|
155
|
|
|
|
720
|
|
|
|
315
|
|
Net interest
income
|
|
|
1,903
|
|
|
|
1,966
|
|
|
|
1,810
|
|
|
|
3,869
|
|
|
|
3,561
|
|
Provision for (reversal
of) credit losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(189)
|
|
|
|
-
|
|
|
|
(260)
|
|
Total non-interest
income
|
|
|
317
|
|
|
|
294
|
|
|
|
379
|
|
|
|
611
|
|
|
|
576
|
|
Total non-interest
expense
|
|
|
2,191
|
|
|
|
2,185
|
|
|
|
2,384
|
|
|
|
4,376
|
|
|
|
4,585
|
|
Income tax expense
(benefit)
|
|
|
(10)
|
|
|
|
2
|
|
|
|
(21)
|
|
|
|
(8)
|
|
|
|
(62)
|
|
Net income
(loss)
|
|
$
|
39
|
|
|
$
|
73
|
|
|
$
|
15
|
|
|
$
|
112
|
|
|
$
|
(126)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
268,095
|
|
|
$
|
271,940
|
|
|
$
|
286,529
|
|
|
$
|
270,007
|
|
|
$
|
286,741
|
|
Total interest-earning
assets
|
|
|
253,427
|
|
|
|
257,340
|
|
|
|
268,303
|
|
|
|
255,373
|
|
|
|
271,259
|
|
Total loans
|
|
|
133,394
|
|
|
|
133,781
|
|
|
|
134,058
|
|
|
|
133,586
|
|
|
|
132,542
|
|
Total interest-bearing
deposits
|
|
|
135,147
|
|
|
|
142,500
|
|
|
|
150,582
|
|
|
|
138,803
|
|
|
|
149,210
|
|
Total interest-bearing
liabilities
|
|
|
144,411
|
|
|
|
151,716
|
|
|
|
159,661
|
|
|
|
148,043
|
|
|
|
158,267
|
|
Total
deposits
|
|
|
172,526
|
|
|
|
174,597
|
|
|
|
183,316
|
|
|
|
173,555
|
|
|
|
181,476
|
|
Total shareholders'
equity
|
|
|
85,421
|
|
|
|
87,350
|
|
|
|
93,514
|
|
|
|
86,380
|
|
|
|
95,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.06
|
%
|
|
|
0.11
|
%
|
|
|
0.02
|
%
|
|
|
0.08
|
%
|
|
|
(0.09)
|
%
|
Return on average
equity
|
|
|
0.18
|
|
|
|
0.34
|
|
|
|
0.06
|
|
|
|
0.26
|
|
|
|
(0.27)
|
|
Efficiency
ratio
|
|
|
98.73
|
|
|
|
96.68
|
|
|
|
108.93
|
|
|
|
97.69
|
|
|
|
110.84
|
|
Net interest
margin(TE)
|
|
|
3.02
|
|
|
|
3.10
|
|
|
|
2.71
|
|
|
|
3.06
|
|
|
|
2.65
|
|
Average equity to
average assets
|
|
|
31.86
|
|
|
|
32.12
|
|
|
|
32.64
|
|
|
|
31.99
|
|
|
|
33.28
|
|
Common equity Tier 1
capital ratio(1)
|
|
|
56.02
|
|
|
|
56.43
|
|
|
|
58.51
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
ratio(1)
|
|
|
30.64
|
|
|
|
30.11
|
|
|
|
28.43
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio(1)
|
|
|
57.27
|
|
|
|
57.69
|
|
|
|
59.76
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Six Months
Ended
|
(Dollars in
thousands)
|
|
6/30/2023
|
|
3/31/2023
|
|
6/30/2022
|
|
6/30/2023
|
|
6/30/2022
|
ALLOWANCE FOR CREDIT
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
2,070
|
|
|
$
|
1,807
|
|
|
$
|
2,173
|
|
|
$
|
1,807
|
|
|
$
|
2,276
|
|
CECL adoption
impact
|
|
|
-
|
|
|
|
209
|
|
|
|
-
|
|
|
|
209
|
|
|
|
-
|
|
Provision for
(reversal of) loan losses
|
|
|
(2)
|
|
|
|
-
|
|
|
|
(189)
|
|
|
|
(2)
|
|
|
|
(260)
|
|
Charge-offs
|
|
|
(10)
|
|
|
|
(7)
|
|
|
|
(38)
|
|
|
|
(17)
|
|
|
|
(101)
|
|
Recoveries
|
|
|
23
|
|
|
|
61
|
|
|
|
34
|
|
|
|
84
|
|
|
|
65
|
|
Net (charge-offs)
recoveries
|
|
|
13
|
|
|
|
54
|
|
|
|
(4)
|
|
|
|
67
|
|
|
|
(36)
|
|
Ending
balance
|
|
$
|
2,081
|
|
|
$
|
2,070
|
|
|
$
|
1,980
|
|
|
$
|
2,081
|
|
|
$
|
1,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
unfunded
commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
|
216
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
CECL adoption
impact
|
|
|
-
|
|
|
|
216
|
|
|
|
-
|
|
|
|
216
|
|
|
|
-
|
|
Provision for losses
on unfunded
commitments
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
Ending
balance
|
|
$
|
218
|
|
|
$
|
216
|
|
|
$
|
-
|
|
|
$
|
218
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
credit losses, end of
period
|
|
$
|
2,299
|
|
|
$
|
2,286
|
|
|
$
|
1,980
|
|
|
$
|
2,299
|
|
|
$
|
1,980
|
|
Total provision for
(reversal of) credit
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(189)
|
|
|
|
-
|
|
|
|
(260)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,629
|
|
|
$
|
1,618
|
|
|
$
|
1,246
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days
or more past due
|
|
|
260
|
|
|
|
69
|
|
|
|
41
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
|
|
1,889
|
|
|
|
1,687
|
|
|
|
1,287
|
|
|
|
|
|
|
|
|
|
Foreclosed
assets
|
|
|
296
|
|
|
|
320
|
|
|
|
320
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
|
$
|
2,185
|
|
|
$
|
2,007
|
|
|
$
|
1,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
1.42
|
%
|
|
|
1.27
|
%
|
|
|
0.96
|
%
|
|
|
|
|
|
|
|
|
Total non-performing
assets to total assets
|
|
|
0.82
|
|
|
|
0.73
|
|
|
|
0.57
|
|
|
|
|
|
|
|
|
|
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-second-quarter-results-301886843.html
SOURCE Catalyst Bancorp, Inc.