OPELOUSAS, La., April 28,
2022 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq:
"CLST") (the "Company"), the parent company for St Landry Homestead
Federal Savings Bank (the "Bank") (www.stlandryhomestead.com),
reported financial results for the first quarter of 2022. For the
quarter, the Company reported a net loss of $131,000, compared to net income of $83,000 for the fourth quarter of 2021.
"We've assembled a skilled and passionate team of bankers to
transform our business plan to focus on serving as key catalysts
for economic growth in our communities," said Joe Zanco, President and Chief Executive Officer
of the Company and the Bank. "We are deeply committed to helping
local businesses grow so that, together, we can add jobs across our
region. While our investments in our team, technology and
re-branding weigh on our current financial performance, those
investments will propel our growth in the coming years."
"If you want to grow your business and desire exceptional
service, come see us," Zanco continued. "We have the
technology you need, and pride ourselves on going above and beyond
for you. We'd love to earn your trust."
Loans and Credit Quality
Loans receivable totaled $132.0
million at March 31, 2022, up $161,000 from December 31,
2021. Small Business Administration Paycheck Protection
Program ("PPP") loan pay-offs totaled $1.9
million during the first quarter of 2022. At March 31, 2022, the total unpaid principal
balance of PPP loans, included in commercial and industrial loans,
totaled $841,000, compared to
$2.8 million at December 31, 2021.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
3/31/2022
|
|
12/31/2021
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family residential
|
|
$
|
87,144
|
|
$
|
87,303
|
|
$
|
(159)
|
|
-
|
%
|
Commercial real estate
|
|
|
22,611
|
|
|
23,112
|
|
|
(501)
|
|
(2)
|
|
Construction and land
|
|
|
4,739
|
|
|
4,079
|
|
|
660
|
|
16
|
|
Multi-family residential
|
|
|
3,367
|
|
|
4,589
|
|
|
(1,222)
|
|
(27)
|
|
Total real estate
loans
|
|
|
117,861
|
|
|
119,083
|
|
|
(1,222)
|
|
(1)
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
10,119
|
|
|
8,374
|
|
|
1,745
|
|
21
|
|
Consumer
|
|
|
4,023
|
|
|
4,385
|
|
|
(362)
|
|
(8)
|
|
Total other loans
|
|
|
14,142
|
|
|
12,759
|
|
|
1,383
|
|
11
|
|
Total loans
|
|
$
|
132,003
|
|
$
|
131,842
|
|
$
|
161
|
|
-
|
%
|
Non-performing assets ("NPAs") totaled $1.6 million at March 31, 2022, up
$358,000, or 29%, compared to
$1.2 million at December 31, 2021. The ratio of NPAs to total
assets was 0.55% at March 31, 2022, compared to 0.43% at
December 31, 2021. Nonperforming
loans ("NPLs") totaled $1.3 million
at March 31, 2022, up $378,000 or 42%, compared to December 31, 2021. The ratio of NPLs to total
loans was 0.96% at March 31, 2022, compared to 0.68% at
December 31, 2021. The increase in
NPAs and NPLs was primarily due to an increase in non-accruing one-
to four-family residential mortgage loans. The Company recorded net
loan charge-offs of $32,000 during
the first quarter of 2022, compared to net loan recoveries of
$4,000 for the fourth quarter of
2021.
The ratio of the allowance for loan losses to total loans was
1.65% at March 31, 2022, compared to 1.73% at
December 31, 2021. The decline in the
ratio of the allowance for loan losses to total loans primarily
reflects continued improvement in our assessment of the impact of
the COVID-19 pandemic on our borrowers. The Company recorded
a reversal to the allowance for loan losses of $71,000 during the first quarter of 2022.
Investment Securities
Total investment securities were $98.1
million at March 31, 2022,
down $3.7 million, or 4%, from
December 31, 2021. Net unrealized
losses on securities available-for-sale totaled $5.7 million at March 31,
2022, compared to $864,000 at
December 31, 2021. The increase in
unrealized losses on available-for-sale securities related
principally to increases in market interest rates for similar
securities. For the first quarter of 2022, the average yield
on the investment securities portfolio was 1.31%, up 7 basis points
from the fourth quarter of 2021.
The following table sets forth the composition of the Company's
investment securities portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
3/31/2022
|
|
12/31/2021
|
|
Increase
(Decrease)
|
Available-for-sale,
at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities
|
|
$
|
70,149
|
|
$
|
74,663
|
|
$
|
(4,514)
|
|
(6)
|
%
|
U.
S. government and agency obligations
|
|
|
10,380
|
|
|
9,237
|
|
|
1,143
|
|
12
|
|
Municipal obligations
|
|
|
4,120
|
|
|
4,439
|
|
|
(319)
|
|
(7)
|
|
Total available-for-sale, at
fair value
|
|
|
84,649
|
|
|
88,339
|
|
|
(3,690)
|
|
(4)
|
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
U.
S. government and agency obligations
|
|
|
13,016
|
|
|
13,019
|
|
|
(3)
|
|
-
|
|
Municipal obligations
|
|
|
476
|
|
|
479
|
|
|
(3)
|
|
(1)
|
|
Total
held-to-maturity
|
|
|
13,492
|
|
|
13,498
|
|
|
(6)
|
|
-
|
|
Total investment
securities
|
|
$
|
98,141
|
|
$
|
101,837
|
|
$
|
(3,696)
|
|
(4)
|
%
|
Deposits
Total deposits were $183.1 million
at March 31, 2022, up $6.3
million, or 4%, from December 31,
2021, primarily due to increases in NOW accounts (up
$3.6 million, or 10%) and demand
deposits (up $2.8 million, or
9%).
The following table sets forth the composition of the Bank's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
3/31/2022
|
|
12/31/2021
|
|
Increase
(Decrease)
|
Demand
deposits
|
|
$
|
33,056
|
|
$
|
30,299
|
|
$
|
2,757
|
|
9
|
%
|
NOW
|
|
|
37,916
|
|
|
34,357
|
|
|
3,559
|
|
10
|
|
Money market
|
|
|
19,358
|
|
|
18,878
|
|
|
480
|
|
3
|
|
Savings
|
|
|
27,215
|
|
|
26,698
|
|
|
517
|
|
2
|
|
Certificates of
deposit
|
|
|
65,539
|
|
|
66,563
|
|
|
(1,024)
|
|
(2)
|
|
Total deposits
|
|
$
|
183,084
|
|
$
|
176,795
|
|
$
|
6,289
|
|
4
|
%
|
Net Interest Income
Net interest income for the first quarter of 2022 was
$1.8 million, up $44,000, or 3%, from the fourth quarter of 2021
primarily due to an increase in interest income from investment
securities (up $89,000, or 37%) and a
decrease in interest expense on deposits (down $17,000, or 16%). The impact of the change in
income from investment securities and interest expense on deposits
was partially offset by a decrease in interest income on loans
(down $58,000, or 4%).
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
|
|
|
3/31/2022
|
|
12/31/2021
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1)
|
|
$
|
130,755
|
|
$
|
1,563
|
|
4.85
|
%
|
|
$
|
137,190
|
|
$
|
1,621
|
|
4.69
|
%
|
Investment securities(TE)
|
|
|
101,348
|
|
|
329
|
|
1.31
|
|
|
|
78,455
|
|
|
240
|
|
1.24
|
|
Other interest earning assets
|
|
|
39,605
|
|
|
19
|
|
0.20
|
|
|
|
58,706
|
|
|
23
|
|
0.15
|
|
Total interest-earning
assets(TE)
|
|
$
|
271,708
|
|
$
|
1,911
|
|
2.85
|
%
|
|
$
|
274,351
|
|
$
|
1,884
|
|
2.73
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and savings
accounts
|
|
$
|
81,885
|
|
$
|
24
|
|
0.12
|
%
|
|
$
|
78,822
|
|
$
|
24
|
|
0.12
|
%
|
Certificates of deposit
|
|
|
65,939
|
|
|
68
|
|
0.42
|
|
|
|
67,798
|
|
|
85
|
|
0.49
|
|
Total interest-bearing
deposits
|
|
|
147,824
|
|
|
92
|
|
0.25
|
|
|
|
146,620
|
|
|
109
|
|
0.29
|
|
FHLB advances
|
|
|
9,034
|
|
|
68
|
|
3.02
|
|
|
|
8,989
|
|
|
68
|
|
3.03
|
|
Total interest-bearing
liabilities
|
|
$
|
156,858
|
|
$
|
160
|
|
0.41
|
%
|
|
$
|
155,609
|
|
$
|
177
|
|
0.45
|
%
|
Net interest-earning
assets
|
|
$
|
114,850
|
|
|
|
|
|
|
|
$
|
118,742
|
|
|
|
|
|
|
Net interest income;
average interest
rate spread(TE)
|
|
|
|
|
$
|
1,751
|
|
2.44
|
%
|
|
|
|
|
$
|
1,707
|
|
2.28
|
%
|
Net interest
margin(TE)(2)
|
|
|
|
|
|
|
|
2.61
|
%
|
|
|
|
|
|
|
|
2.48
|
%
|
|
|
(1)
|
Includes non-accrual
loans during the respective periods. Calculated net of deferred
fees and discounts and loans in-process.
|
(2)
|
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 2022 was
$197,000, down $27,000, or 12%, from the fourth quarter of 2021
primarily due to a decline in income from service charges on
deposits accounts.
Non-interest Expense
Non-interest expense for the first quarter of 2022 totaled
$2.2 million, down $12,000, or 1%, compared to the fourth quarter of
2021. Declines across most non-interest expense items were largely
offset by increases in franchise and shares tax expense and
advertising and marketing expense.
Salaries and employee benefits expense totaled $1.3 million for the first quarter of 2022, down
$39,000 from the fourth quarter of
2021 primarily due to the absence of severance costs and fewer
working days in the first quarter of 2022, partially offset by
additional expenses related to our benefit plans.
Advertising and marketing expense totaled $42,000 for the first quarter of 2022, up
$34,000 from the fourth quarter of
2021 primarily due to the costs incurred for the planned
re-branding of the Bank.
Franchise and shares tax expense totaled $58,000 for the first quarter of 2022. During the
fourth quarter of 2021, the Bank converted from the mutual to the
stock-form of ownership and established Catalyst Bancorp, Inc. as
its holding company. As a result, the Company became subject to
franchise tax and the Bank became subject to shares tax for
2022.
About St. Landry Homestead Federal Savings Bank
Founded in 1922, St. Landry Homestead Federal Savings Bank, is a
federally chartered savings bank that serves the banking needs of
customers in the Acadiana region of south-central Louisiana. We serve our customers through six
full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port
Barre. Our team is focused on fueling business and improving
lives across our region. By working together, we can grow our
economy and provide our children with the opportunity to raise
their families in Acadiana.
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 St. Landry Homestead Federal
Savings 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)
|
|
3/31/2022
|
|
12/31/2021
|
|
|
3/31/2021(1)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing cash
|
|
$
|
511
|
|
$
|
4,933
|
|
|
$
|
5,790
|
Interest-bearing cash and due from banks
|
|
|
39,585
|
|
|
35,951
|
|
|
|
31,281
|
Total cash and cash
equivalents
|
|
|
40,096
|
|
|
40,884
|
|
|
|
37,071
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale,
at fair value
|
|
|
84,649
|
|
|
88,339
|
|
|
|
26,493
|
Securities
held-to-maturity
|
|
|
13,492
|
|
|
13,498
|
|
|
|
17,517
|
Loans receivable, net of unearned income
|
|
|
132,003
|
|
|
131,842
|
|
|
|
145,638
|
Allowance for loan losses
|
|
|
(2,173)
|
|
|
(2,276)
|
|
|
|
(2,962)
|
Loans receivable,
net
|
|
|
129,830
|
|
|
129,566
|
|
|
|
142,676
|
Accrued interest receivable
|
|
|
536
|
|
|
579
|
|
|
|
532
|
Foreclosed assets
|
|
|
320
|
|
|
340
|
|
|
|
535
|
Premises and equipment, net
|
|
|
6,475
|
|
|
6,577
|
|
|
|
5,452
|
Stock in correspondent banks, at cost
|
|
|
1,794
|
|
|
1,793
|
|
|
|
1,791
|
Bank-owned life insurance
|
|
|
8,824
|
|
|
3,303
|
|
|
|
3,235
|
Other assets
|
|
|
1,256
|
|
|
470
|
|
|
|
1,187
|
TOTAL
ASSETS
|
|
$
|
287,272
|
|
$
|
285,349
|
|
|
$
|
236,489
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
33,056
|
|
$
|
30,299
|
|
|
$
|
30,024
|
Interest-bearing
|
|
|
150,028
|
|
|
146,496
|
|
|
|
146,392
|
Total deposits
|
|
|
183,084
|
|
|
176,795
|
|
|
|
176,416
|
Federal Home Loan Bank advances
|
|
|
9,063
|
|
|
9,018
|
|
|
|
8,883
|
Other liabilities
|
|
|
663
|
|
|
1,190
|
|
|
|
833
|
TOTAL
LIABILITIES
|
|
|
192,810
|
|
|
187,003
|
|
|
|
186,132
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
53
|
|
|
53
|
|
|
|
-
|
Additional paid-in capital
|
|
|
50,821
|
|
|
50,802
|
|
|
|
-
|
Unallocated common stock held by Employee Stock Ownership
Plan
|
|
|
(4,126)
|
|
|
(4,179)
|
|
|
|
-
|
Retained earnings
|
|
|
52,222
|
|
|
52,353
|
|
|
|
50,577
|
Accumulated other comprehensive income (loss)
|
|
|
(4,508)
|
|
|
(683)
|
|
|
|
(220)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
94,462
|
|
|
98,346
|
|
|
|
50,357
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
287,272
|
|
$
|
285,349
|
|
|
$
|
236,489
|
|
|
(1)
|
Data at March 31, 2021
is Bank-only.
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
3/31/2022
|
|
12/31/2021
|
|
3/31/2021(1)
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees
|
|
$
|
1,563
|
|
$
|
1,621
|
|
$
|
1,808
|
Investment securities
|
|
|
329
|
|
|
240
|
|
|
121
|
Other
|
|
|
19
|
|
|
23
|
|
|
14
|
Total interest
income
|
|
|
1,911
|
|
|
1,884
|
|
|
1,943
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
92
|
|
|
109
|
|
|
155
|
Advances from Federal Home Loan Bank
|
|
|
68
|
|
|
68
|
|
|
68
|
Total interest
expense
|
|
|
160
|
|
|
177
|
|
|
223
|
Net interest
income
|
|
|
1,751
|
|
|
1,707
|
|
|
1,720
|
Provision for (reversal
of) loan losses
|
|
|
(71)
|
|
|
(374)
|
|
|
-
|
Net interest income
after provision for (reversal of)
loan losses
|
|
|
1,822
|
|
|
2,081
|
|
|
1,720
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
168
|
|
|
193
|
|
|
123
|
Gain on sale of fixed assets
|
|
|
-
|
|
|
-
|
|
|
25
|
Bank-owned life insurance
|
|
|
21
|
|
|
23
|
|
|
22
|
Other
|
|
|
8
|
|
|
8
|
|
|
17
|
Total non-interest
income
|
|
|
197
|
|
|
224
|
|
|
187
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
1,261
|
|
|
1,300
|
|
|
1,067
|
Occupancy and equipment
|
|
|
210
|
|
|
220
|
|
|
182
|
Data processing and communication
|
|
|
208
|
|
|
221
|
|
|
174
|
Professional fees
|
|
|
140
|
|
|
133
|
|
|
73
|
Directors' fees
|
|
|
55
|
|
|
68
|
|
|
71
|
ATM
and debit card
|
|
|
49
|
|
|
64
|
|
|
43
|
Foreclosed assets, net
|
|
|
(17)
|
|
|
1
|
|
|
(7)
|
Advertising and marketing
|
|
|
42
|
|
|
8
|
|
|
9
|
Franchise and shares tax
|
|
|
58
|
|
|
-
|
|
|
-
|
Other
|
|
|
182
|
|
|
185
|
|
|
114
|
Total non-interest
expense
|
|
|
2,188
|
|
|
2,200
|
|
|
1,726
|
Income (loss) before
income tax expense
|
|
|
(169)
|
|
|
105
|
|
|
181
|
Income tax expense
(benefit)
|
|
|
(38)
|
|
|
22
|
|
|
30
|
NET INCOME
(LOSS)
|
|
$
|
(131)
|
|
$
|
83
|
|
$
|
151
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - basic
|
|
$
|
(0.03)
|
|
$
|
0.02
|
|
$
|
N/A
|
|
|
(1)
|
Data for the period
ended March 31, 2021 is Bank-only.
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(Dollars in
thousands)
|
|
3/31/2022
|
|
12/31/2021
|
|
3/31/2021(1)
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
$
|
1,911
|
|
|
$
|
1,884
|
|
|
$
|
1,943
|
|
Total interest expense
|
|
|
160
|
|
|
|
177
|
|
|
|
223
|
|
Net interest income
|
|
|
1,751
|
|
|
|
1,707
|
|
|
|
1,720
|
|
Provision for (reversal of) loan losses
|
|
|
(71)
|
|
|
|
(374)
|
|
|
|
-
|
|
Total non-interest income
|
|
|
197
|
|
|
|
224
|
|
|
|
187
|
|
Total non-interest expense
|
|
|
2,188
|
|
|
|
2,200
|
|
|
|
1,726
|
|
Income tax expense (benefit)
|
|
|
(38)
|
|
|
|
22
|
|
|
|
30
|
|
Net income (loss)
|
|
$
|
(131)
|
|
|
$
|
83
|
|
|
$
|
151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
286,646
|
|
|
$
|
288,852
|
|
|
$
|
229,674
|
|
Total interest-earning assets
|
|
|
271,708
|
|
|
|
274,351
|
|
|
|
215,635
|
|
Total loans
|
|
|
130,755
|
|
|
|
137,190
|
|
|
|
149,183
|
|
Total interest-bearing deposits
|
|
|
147,824
|
|
|
|
146,620
|
|
|
|
142,526
|
|
Total interest-bearing liabilities
|
|
|
156,858
|
|
|
|
155,609
|
|
|
|
151,380
|
|
Total deposits
|
|
|
179,615
|
|
|
|
185,660
|
|
|
|
169,339
|
|
Total equity
|
|
|
97,165
|
|
|
|
92,942
|
|
|
|
50,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
(0.19)
|
%
|
|
|
0.11
|
%
|
|
|
0.27
|
%
|
Return on average equity
|
|
|
(0.55)
|
|
|
|
0.35
|
|
|
|
1.21
|
|
Efficiency ratio
|
|
|
112.32
|
|
|
|
113.93
|
|
|
|
90.51
|
|
Average equity to average assets
|
|
|
33.90
|
|
|
|
32.18
|
|
|
|
22.08
|
|
Common equity Tier 1 capital ratio(2)
|
|
|
57.98
|
|
|
|
63.51
|
|
|
|
41.09
|
|
Tier 1 leverage capital ratio(2)
|
|
|
28.39
|
|
|
|
27.38
|
|
|
|
22.01
|
|
Total risk-based capital ratio(2)
|
|
|
59.23
|
|
|
|
64.77
|
|
|
|
42.36
|
|
Net
interest margin(TE)
|
|
|
2.61
|
|
|
|
2.48
|
|
|
|
3.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOANS
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
2,276
|
|
|
$
|
2,646
|
|
|
$
|
3,022
|
|
Provision for (reversal of) loan losses
|
|
|
(71)
|
|
|
|
(374)
|
|
|
|
-
|
|
Charge-offs
|
|
|
(63)
|
|
|
|
-
|
|
|
|
(89)
|
|
Recoveries
|
|
|
31
|
|
|
|
4
|
|
|
|
29
|
|
Net (charge-offs)
recoveries
|
|
|
(32)
|
|
|
|
4
|
|
|
|
(60)
|
|
Ending balance
|
|
$
|
2,173
|
|
|
$
|
2,276
|
|
|
$
|
2,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,269
|
|
|
$
|
890
|
|
|
$
|
954
|
|
Accruing loans 90 days
or more past due
|
|
|
-
|
|
|
|
1
|
|
|
|
261
|
|
Total non-performing loans
|
|
|
1,269
|
|
|
|
891
|
|
|
|
1,215
|
|
Foreclosed
assets
|
|
|
320
|
|
|
|
340
|
|
|
|
535
|
|
Total non-performing assets
|
|
$
|
1,589
|
|
|
$
|
1,231
|
|
|
$
|
1,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
0.96
|
%
|
|
|
0.68
|
%
|
|
|
0.83
|
%
|
Total non-performing
assets to total assets
|
|
|
0.55
|
|
|
|
0.43
|
|
|
|
0.74
|
|
|
|
(1)
|
Data at and for the
period ended March 31, 2021 is Bank-only.
|
(2)
|
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
multimedia:https://www.prnewswire.com/news-releases/catalyst-bancorp-inc-announces-2022-first-quarter-results-301534831.html
SOURCE Catalyst Bancorp, Inc.