OPELOUSAS, La., April 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 first quarter of 2023. For the quarter, the Company
reported net income of $73,000
compared to $171,000 for the fourth
quarter of 2022.
"As our nation's economic angst rises, our capital strength
positions us to grow and thrive through whatever challenges the
economy offers," said Joe Zanco,
President and Chief Executive Officer of the Company and the Bank.
"Our focus remains on helping locally-owned businesses grow so
that, together, we can increase employment across our
communities."
Capital and Share Repurchases
The Bank continues to maintain an exceptional capital position
with a total risk-based capital ratio of 57.69% and 57.42% at
March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, consolidated shareholders'
equity totaled $86.1 million, or
31.2% of total assets, and $88.5
million, or 33.6% of total assets, respectively.
The Company announced that its Board of Directors approved the
Company's 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. Share repurchases
under the April 2023 Repurchase Plan
are expected to commence during the second quarter of 2023.
The Company announced its first share repurchase plan (the
"January 2023 Repurchase Plan") on
January 26, 2023, and completed
repurchases under the January 2023
Repurchase Plan in April 2023. Under
the January 2023 Repurchase Plan, the
Company repurchased 265,000 shares of its common stock at an
average cost per share of $12.62.
Loans and Credit Quality
Loans totaled $132.7 million at
March 31, 2023, down $917,000, or less than 1%, from December 31, 2022. During the first quarter of
2023, fundings on existing construction loans and new originations
of commercial and industrial loans were offset by paydowns across
other segments of the portfolio.
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 totaled $86.5 million, or 65% of total loans,
and commercial real estate loans totaled $19.3 million, or 15% of total loans, at
March 31, 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 in our market area. Approximately 66% of
our real estate loans have adjustable rates and, of these
adjustable-rate real estate loans, approximately $47.0 million are scheduled to re-price during
the next 12 months.
Our non-real estate loans primarily consist of commercial and
industrial loans of $14.1 million, or
11% of total loans, at March 31,
2023. The commercial and industrial portfolio mainly
consists of direct loans to small and mid-sized businesses located
in our market area. Since March 31,
2022, the Company has grown this segment of the portfolio by
$4.0 million, which was largely
driven by loans to local businesses involved in industrial
manufacturing and equipment, communications, and professional
services. Approximately 39% of our commercial and industrial loans
have adjustable rates and, of these adjustable-rate commercial and
industrial loans, approximately $5.5
million are scheduled to re-price during the next 12
months.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
3/31/2023
|
|
12/31/2022
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
residential
|
|
$
|
86,464
|
|
$
|
87,508
|
|
$
|
(1,044)
|
|
(1)
|
%
|
Commercial real
estate
|
|
|
19,303
|
|
|
19,437
|
|
|
(134)
|
|
(1)
|
|
Construction and
land
|
|
|
6,536
|
|
|
6,172
|
|
|
364
|
|
6
|
|
Multi-family
residential
|
|
|
3,146
|
|
|
3,200
|
|
|
(54)
|
|
(2)
|
|
Total real estate
loans
|
|
|
115,449
|
|
|
116,317
|
|
|
(868)
|
|
(1)
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
14,109
|
|
|
13,843
|
|
|
266
|
|
2
|
|
Consumer
|
|
|
3,132
|
|
|
3,447
|
|
|
(315)
|
|
(9)
|
|
Total other
loans
|
|
|
17,241
|
|
|
17,290
|
|
|
(49)
|
|
-
|
|
Total loans
|
|
$
|
132,690
|
|
$
|
133,607
|
|
$
|
(917)
|
|
(1)
|
%
|
At both March 31, 2023 and
December 31, 2022, non-performing
assets ("NPAs") totaled $2.0 million
and the ratio of NPAs to total assets was 0.73% and 0.76%,
respectively. Non-performing loans ("NPLs") totaled $1.7 million, or 1.27% of total loans, at
March 31, 2023 and $1.7
million, or 1.26% of total loans, at December 31, 2022. At March 31, 2023 and December 31, 2022, approximately 94% of total
NPLs were one- to four-family residential mortgage loans.
Net loan recoveries totaled $54,000 during the first quarter of 2023,
compared to net loan recoveries of $3,000 for the fourth quarter of 2022. During the
first quarter of 2023, the Company recovered $41,000 of principal from a previously
charged-off residential mortgage loan. In addition to the recovery
of principal, the Company recovered $29,000 of interest income related to the same
loan during the first quarter of 2023.
CECL Adoption and Allowance for Credit Losses
As of January 1, 2023, the Company adopted Accounting
Standards Update ("ASU") 2016-13, Financial Instruments -
Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments, which introduced a new framework
known as CECL. The adoption of CECL resulted in a $209,000, or 12%, increase in the allowance for
loan losses, and a $216,000 increase
in other liabilities due to the allowance for credit losses on
unfunded commitments. At adoption, we also recorded a corresponding
$335,000 after-tax decrease in
retained earnings. The increase in the total allowance for credit
losses, which is inclusive of the reserve for unfunded commitments,
was primarily due to the addition of forecasted credit losses.
At January 1, 2023, the allowance for loan losses totaled
$2.0 million, or 1.51% of total
loans, compared to $1.8 million, or
1.35% of total loans, at December 31, 2022. At March 31, 2023, the allowance for loan losses
totaled $2.1 million, or 1.56% of
total loans, and the allowance for credit losses on unfunded
commitments totaled $216,000,
unchanged from the date of adoption. The Company did not record a
provision for or a reversal of loan losses during the first quarter
of 2023.
Investment Securities
Total investment securities were $92.4
million at March 31, 2023,
down $669,000, or 1%, from
December 31, 2022. At March 31, 2023 and December 31, 2022, 87% of total investment
securities, based on amortized cost, were classified as
available-for-sale. Net unrealized losses on securities
available-for-sale totaled $10.1
million at March 31, 2023,
compared to $11.5 million at
December 31, 2022. For the first
quarter of 2023, the average yield on the investment securities
portfolio was 1.66%, up five basis points from the fourth quarter
of 2022.
The following table summarizes the amortized cost and fair value
of our investment securities portfolio as of March 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023
|
(Dollars in
thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
Securities
available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities
|
|
$
|
72,032
|
|
$
|
24
|
|
$
|
(8,818)
|
|
$
|
63,238
|
U.S. Government and
agency obligations
|
|
|
10,981
|
|
|
|
|
|
(905)
|
|
|
10,076
|
Municipal
obligations
|
|
|
6,048
|
|
|
12
|
|
|
(437)
|
|
|
5,623
|
Total
available-for-sale
|
|
$
|
89,061
|
|
$
|
36
|
|
$
|
(10,160)
|
|
$
|
78,937
|
Securities
held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and
agency obligations
|
|
$
|
13,005
|
|
$
|
-
|
|
$
|
(2,327)
|
|
$
|
10,678
|
Municipal
obligations
|
|
|
466
|
|
|
-
|
|
|
(25)
|
|
|
441
|
Total
held-to-maturity
|
|
$
|
13,471
|
|
$
|
-
|
|
$
|
(2,352)
|
|
$
|
11,119
|
Deposits and Liquidity
Total deposits were $179.7 million
at March 31, 2023, up $14.6
million, or 9%, from December 31,
2022. The increase in deposits was primarily due to an
increase in the balance of public funds. Our public funds consist
primarily of non-interest bearing and NOW account deposits from
municipalities within our market. At March
31, 2023, total public fund deposits amounted to
$40.1 million, or 22% of total
deposits.
Our total uninsured deposits (that is deposits in excess of the
FDIC's insurance limit), inclusive of public funds, were
approximately $59.7 million at
March 31, 2023. Total uninsured
non-public funds deposits were approximately $24.6 million at March 31,
2023. The full amount of our public funds 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 March 31, 2023, the amortized cost and fair value
of investment securities pledged to secure public fund deposits
totaled $36.9 million and
$31.6 million, respectively.
The following table sets forth the composition of the Bank's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
3/31/2023
|
|
12/31/2022
|
|
Increase
(Decrease)
|
Non-interest-bearing
demand deposits
|
|
$
|
35,483
|
|
$
|
33,657
|
|
$
|
1,826
|
|
5
|
%
|
NOW
|
|
|
49,252
|
|
|
36,991
|
|
|
12,261
|
|
33
|
|
Money market
|
|
|
16,153
|
|
|
15,734
|
|
|
419
|
|
3
|
|
Savings
|
|
|
28,200
|
|
|
26,209
|
|
|
1,991
|
|
8
|
|
Certificates of
deposit
|
|
|
50,624
|
|
|
52,503
|
|
|
(1,879)
|
|
(4)
|
|
Total
deposits
|
|
$
|
179,712
|
|
$
|
165,094
|
|
$
|
14,618
|
|
9
|
%
|
The ratio of the Company's total loans to total deposits was 73%
and 80% as of March 31, 2023 and
December 31, 2022, 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 March 31,
2023, we had available capacity to borrow $34.3 million from the FHLB and an additional
$17.8 million on a line of credit
with our primary correspondent bank.
Net Interest Income
Net interest margin for the first quarter of 2023 was 3.10%, up
14 basis points compared to the prior quarter. The average yield on
interest-earning assets increased by 29 basis points to 3.57% for
the first quarter of 2023, while the average rate on
interest-bearing liabilities increased by 25 basis points to 0.80%,
compared to the fourth quarter of 2022.
Net interest income for the first quarter of 2023 was
$2.0 million, up $66,000, or 3%, from the fourth quarter of 2022
primarily due to an increase in interest income from loans (up
$86,000, or 6%) and other interest
income (up $66,000, or 46%). These
increases were partially offset by an increase in interest expense
on deposits (up $103,000, or 79%).
The Company's interest-earning asset yield continues to benefit
from rising interest rates due to increasing yields on our
adjustable-rate loan portfolio and our interest-earning cash, which
is included in other interest-earning assets. However, rising
interest rates have also increased competition for deposits and
have led us to offer higher rates on our deposit
accounts.
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
|
|
|
3/31/2023
|
|
12/31/2022
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable(1)
|
|
$
|
133,781
|
|
$
|
1,629
|
|
4.94
|
%
|
|
$
|
133,102
|
|
$
|
1,543
|
|
4.60
|
%
|
Investment
securities(TE)(2)
|
|
|
103,739
|
|
|
427
|
|
1.66
|
|
|
|
105,488
|
|
|
418
|
|
1.61
|
|
Other interest earning
assets
|
|
|
19,820
|
|
|
211
|
|
4.33
|
|
|
|
17,443
|
|
|
145
|
|
3.29
|
|
Total interest-earning
assets(TE)
|
|
$
|
257,340
|
|
$
|
2,267
|
|
3.57
|
%
|
|
$
|
256,033
|
|
$
|
2,106
|
|
3.28
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and
savings accounts
|
|
$
|
90,972
|
|
$
|
81
|
|
0.36
|
%
|
|
$
|
84,157
|
|
$
|
37
|
|
0.18
|
%
|
Certificates of
deposit
|
|
|
51,528
|
|
|
152
|
|
1.20
|
|
|
|
54,977
|
|
|
93
|
|
0.67
|
|
Total interest-bearing
deposits
|
|
|
142,500
|
|
|
233
|
|
0.66
|
|
|
|
139,134
|
|
|
130
|
|
0.37
|
|
FHLB
advances
|
|
|
9,216
|
|
|
68
|
|
2.96
|
|
|
|
9,930
|
|
|
76
|
|
3.07
|
|
Total interest-bearing
liabilities
|
|
$
|
151,716
|
|
$
|
301
|
|
0.80
|
%
|
|
$
|
149,064
|
|
$
|
206
|
|
0.55
|
%
|
Net interest-earning
assets
|
|
$
|
105,624
|
|
|
|
|
|
|
|
$
|
106,969
|
|
|
|
|
|
|
Net interest income;
average interest rate spread(TE)
|
|
|
|
|
$
|
1,966
|
|
2.77
|
%
|
|
|
|
|
$
|
1,900
|
|
2.73
|
%
|
Net interest
margin(TE)(3)
|
|
|
|
|
|
|
|
3.10
|
%
|
|
|
|
|
|
|
|
2.96
|
%
|
|
|
(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 first quarter of 2023 was
$294,000, down $7,000, or 2%, from the fourth quarter of 2022
primarily due to a decrease in debit card and ATM transaction fees
included in service charges on deposit accounts.
Non-interest Expense
Non-interest expense for the first quarter of 2023 totaled
$2.2 million, up $183,000, or 9%, compared to the fourth quarter
of 2022.
Data processing and communication expense totaled $227,000 for the first quarter of 2023, up
$52,000, or 30%, from the prior
quarter. During the fourth quarter of 2022, the Company received a
credit from our core system provider, which lowered data processing
and communication expense by $26,000
for the fourth quarter. The remaining increase in data processing
and communication expense was primarily due to annual rate
increases by our core system provider.
Professional fees totaled $129,000
for the first quarter of 2023, up $63,000, or 95%, from the prior quarter primarily
due to increases in expenses related to audit and consulting
services and 2022 annual reporting.
Franchise and shares tax expense increased $43,000, compared to the fourth quarter of 2022.
During the fourth quarter of 2022, the Company recorded a reversal
of franchise and shares tax expense of $16,000. Shares tax due for 2022 was received
during the fourth quarter of 2022 and the actual expense was less
than our initial estimate.
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 $275.8 million in assets at
March 31, 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)
|
(Dollars in
thousands)
|
|
3/31/2023
|
|
12/31/2022
|
|
|
3/31/2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
cash
|
|
$
|
3,531
|
|
$
|
5,092
|
|
|
$
|
511
|
Interest-bearing cash
and due from banks
|
|
|
23,996
|
|
|
8,380
|
|
|
|
39,585
|
Total cash and cash
equivalents
|
|
|
27,527
|
|
|
13,472
|
|
|
|
40,096
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value
|
|
|
78,937
|
|
|
79,602
|
|
|
|
84,649
|
Securities
held-to-maturity
|
|
|
13,471
|
|
|
13,475
|
|
|
|
13,492
|
Loans receivable, net
of unearned income
|
|
|
132,690
|
|
|
133,607
|
|
|
|
132,252
|
Allowance for loan
losses
|
|
|
(2,070)
|
|
|
(1,807)
|
|
|
|
(2,173)
|
Loans receivable,
net
|
|
|
130,620
|
|
|
131,800
|
|
|
|
130,079
|
Accrued interest
receivable
|
|
|
675
|
|
|
673
|
|
|
|
536
|
Foreclosed
assets
|
|
|
320
|
|
|
320
|
|
|
|
320
|
Premises and equipment,
net
|
|
|
6,202
|
|
|
6,303
|
|
|
|
6,475
|
Stock in correspondent
banks, at cost
|
|
|
1,823
|
|
|
1,808
|
|
|
|
1,794
|
Bank-owned life
insurance
|
|
|
13,714
|
|
|
13,617
|
|
|
|
8,824
|
Other assets
|
|
|
2,539
|
|
|
2,254
|
|
|
|
1,204
|
TOTAL
ASSETS
|
|
$
|
275,828
|
|
$
|
263,324
|
|
|
$
|
287,469
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
35,483
|
|
$
|
33,657
|
|
|
$
|
33,056
|
Interest-bearing
|
|
|
144,229
|
|
|
131,437
|
|
|
|
150,028
|
Total deposits
|
|
|
179,712
|
|
|
165,094
|
|
|
|
183,084
|
Federal Home Loan Bank
advances
|
|
|
9,243
|
|
|
9,198
|
|
|
|
9,063
|
Other
liabilities
|
|
|
747
|
|
|
558
|
|
|
|
663
|
TOTAL
LIABILITIES
|
|
|
189,702
|
|
|
174,850
|
|
|
|
192,810
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
51
|
|
|
53
|
|
|
|
53
|
Additional paid-in
capital
|
|
|
48,259
|
|
|
51,062
|
|
|
|
50,821
|
Unallocated common
stock held by benefit plans
|
|
|
(6,664)
|
|
|
(6,307)
|
|
|
|
(4,126)
|
Retained
earnings
|
|
|
52,478
|
|
|
52,740
|
|
|
|
52,419
|
Accumulated other
comprehensive income (loss)
|
|
|
(7,998)
|
|
|
(9,074)
|
|
|
|
(4,508)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
86,126
|
|
|
88,474
|
|
|
|
94,659
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
275,828
|
|
$
|
263,324
|
|
|
$
|
287,469
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
|
1,629
|
|
$
|
1,543
|
|
$
|
1,563
|
Investment
securities
|
|
|
427
|
|
|
418
|
|
|
329
|
Other
|
|
|
211
|
|
|
145
|
|
|
19
|
Total interest
income
|
|
|
2,267
|
|
|
2,106
|
|
|
1,911
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
233
|
|
|
130
|
|
|
92
|
Advances from Federal
Home Loan Bank
|
|
|
68
|
|
|
76
|
|
|
68
|
Total interest
expense
|
|
|
301
|
|
|
206
|
|
|
160
|
Net interest
income
|
|
|
1,966
|
|
|
1,900
|
|
|
1,751
|
Provision for (reversal
of) credit losses
|
|
|
-
|
|
|
-
|
|
|
(71)
|
Net interest income
after provision for (reversal of) loan losses
|
|
|
1,966
|
|
|
1,900
|
|
|
1,822
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
183
|
|
|
189
|
|
|
168
|
Bank-owned life
insurance
|
|
|
97
|
|
|
98
|
|
|
21
|
Other
|
|
|
14
|
|
|
14
|
|
|
8
|
Total non-interest
income
|
|
|
294
|
|
|
301
|
|
|
197
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,203
|
|
|
1,175
|
|
|
1,261
|
Occupancy and
equipment
|
|
|
213
|
|
|
193
|
|
|
210
|
Data processing and
communication
|
|
|
227
|
|
|
175
|
|
|
208
|
Professional
fees
|
|
|
129
|
|
|
66
|
|
|
140
|
Directors'
fees
|
|
|
115
|
|
|
117
|
|
|
55
|
ATM and debit
card
|
|
|
58
|
|
|
61
|
|
|
49
|
Foreclosed assets,
net
|
|
|
2
|
|
|
5
|
|
|
(4)
|
Advertising and
marketing
|
|
|
30
|
|
|
53
|
|
|
42
|
Franchise and shares
tax
|
|
|
27
|
|
|
(16)
|
|
|
58
|
Other
|
|
|
181
|
|
|
173
|
|
|
182
|
Total non-interest
expense
|
|
|
2,185
|
|
|
2,002
|
|
|
2,201
|
Income (loss) before
income tax expense
|
|
|
75
|
|
|
199
|
|
|
(182)
|
Income tax expense
(benefit)
|
|
|
2
|
|
|
28
|
|
|
(41)
|
NET INCOME
(LOSS)
|
|
$
|
73
|
|
$
|
171
|
|
$
|
(141)
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.02
|
|
$
|
0.04
|
|
$
|
(0.03)
|
Diluted
|
|
|
0.02
|
|
|
0.04
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
2,267
|
|
|
$
|
2,106
|
|
|
$
|
1,911
|
|
Total interest
expense
|
|
|
301
|
|
|
|
206
|
|
|
|
160
|
|
Net interest
income
|
|
|
1,966
|
|
|
|
1,900
|
|
|
|
1,751
|
|
Provision for (reversal
of) credit losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(71)
|
|
Total non-interest
income
|
|
|
294
|
|
|
|
301
|
|
|
|
197
|
|
Total non-interest
expense
|
|
|
2,185
|
|
|
|
2,002
|
|
|
|
2,201
|
|
Income tax expense
(benefit)
|
|
|
2
|
|
|
|
28
|
|
|
|
(41)
|
|
Net income
(loss)
|
|
$
|
73
|
|
|
$
|
171
|
|
|
$
|
(141)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
271,910
|
|
|
$
|
270,121
|
|
|
$
|
286,955
|
|
Total interest-earning
assets
|
|
|
257,340
|
|
|
|
256,033
|
|
|
|
274,249
|
|
Total loans
|
|
|
133,781
|
|
|
|
133,102
|
|
|
|
131,009
|
|
Total interest-bearing
deposits
|
|
|
142,500
|
|
|
|
139,134
|
|
|
|
147,824
|
|
Total interest-bearing
liabilities
|
|
|
151,716
|
|
|
|
149,064
|
|
|
|
156,858
|
|
Total
deposits
|
|
|
174,597
|
|
|
|
170,952
|
|
|
|
179,615
|
|
Total shareholders'
equity
|
|
|
87,350
|
|
|
|
88,558
|
|
|
|
97,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.11
|
%
|
|
|
0.25
|
%
|
|
|
(0.20)
|
%
|
Return on average
equity
|
|
|
0.34
|
|
|
|
0.76
|
|
|
|
(0.59)
|
|
Efficiency
ratio
|
|
|
96.68
|
|
|
|
90.99
|
|
|
|
112.98
|
|
Net interest
margin(TE)
|
|
|
3.10
|
|
|
|
2.96
|
|
|
|
2.59
|
|
Average equity to
average assets
|
|
|
32.12
|
|
|
|
32.78
|
|
|
|
33.93
|
|
Common equity Tier 1
capital ratio(1)
|
|
|
56.43
|
|
|
|
56.17
|
|
|
|
57.98
|
|
Tier 1 leverage capital
ratio(1)
|
|
|
30.11
|
|
|
|
30.37
|
|
|
|
28.39
|
|
Total risk-based
capital ratio(1)
|
|
|
57.69
|
|
|
|
57.42
|
|
|
|
59.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOANS
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
1,807
|
|
|
$
|
1,804
|
|
|
$
|
2,276
|
|
CECL adoption
impact
|
|
|
209
|
|
|
|
-
|
|
|
|
-
|
|
Provision for (reversal
of) credit losses
|
|
|
-
|
|
|
|
-
|
|
|
|
(71)
|
|
Charge-offs
|
|
|
(7)
|
|
|
|
(19)
|
|
|
|
(63)
|
|
Recoveries
|
|
|
61
|
|
|
|
22
|
|
|
|
31
|
|
Net (charge-offs)
recoveries
|
|
|
54
|
|
|
|
3
|
|
|
|
(32)
|
|
Ending
balance
|
|
$
|
2,070
|
|
|
$
|
1,807
|
|
|
$
|
2,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,618
|
|
|
$
|
1,494
|
|
|
$
|
1,269
|
|
Accruing loans 90 days
or more past due
|
|
|
69
|
|
|
|
191
|
|
|
|
-
|
|
Total non-performing
loans
|
|
|
1,687
|
|
|
|
1,685
|
|
|
|
1,269
|
|
Foreclosed
assets
|
|
|
320
|
|
|
|
320
|
|
|
|
320
|
|
Total non-performing
assets
|
|
$
|
2,007
|
|
|
$
|
2,005
|
|
|
$
|
1,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
1.27
|
%
|
|
|
1.26
|
%
|
|
|
0.96
|
%
|
Total non-performing
assets to total assets
|
|
|
0.73
|
|
|
|
0.76
|
|
|
|
0.55
|
|
|
|
(1)
|
Capital ratios are
preliminary end-of-period ratios for the Bank only and are subject
to change.
|
For more information:
Joe
Zanco, President and CEO
(337) 948-3033
View original content to download
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SOURCE Catalyst Bancorp, Inc.