OPELOUSAS, La., July 28,
2022 /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 2022. For the quarter, the Company reported net
income of $18,000, compared to a net
loss of $131,000 for the first
quarter of 2022. The quarter was highlighted by the rebranding of
the Bank from St. Landry Homestead Federal Savings Bank to Catalyst
Bank. Pre-tax costs associated with the rebranding of the
Bank totaled $208,000 during the
quarter. The quarter also included the receipt and recognition into
income of a $171,000 Bank Enterprise
Award ("BEA") Program grant from the Community Development
Financial Institution ("CDFI") Fund. Professional fees associated
with the grant totaled $26,000.
![(PRNewsfoto/St. Landry Homestead Federal Savings Bank) (PRNewsfoto/St. Landry Homestead Federal Savings Bank)](https://mma.prnewswire.com/media/1774086/Catalyst_Bancorp_Logo.jpg)
"We're thrilled to have completed our rebrand to Catalyst Bank,"
said Joe Zanco, President and Chief
Executive Officer of the Company and the Bank. "Our name now
reflects our mission: to be catalysts for economic growth in our
communities. Congratulations to our team on executing our
rebrand strategy so incredibly well."
"During the second half of the year, we'll be laser focused on
developing and deepening customer relationships," continued Zanco.
"Thanks to the investment of our shareholders, we have a tremendous
level of capital to invest in growing our company."
Loans and Credit Quality
Loans receivable totaled $133.6
million at June 30, 2022, up $1.6 million, or 1%, from March 31, 2022. The increase was primarily driven
by new originations of residential mortgage loans and commercial
and industrial loans, partially offset by a decrease in commercial
real estate loans. Construction loans with outstanding balances of
$1.2 million at March 31, 2022 were converted to permanent
residential mortgage loans during the second quarter of 2022. At
June 30, 2022, the total unpaid
principal balance of PPP loans, included in commercial and
industrial loans, totaled $22,000,
down $819,000 from $841,000 at March 31,
2022.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
6/30/2022
|
|
3/31/2022
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
residential
|
|
$
|
89,531
|
|
$
|
87,144
|
|
$
|
2,387
|
|
3
|
%
|
Commercial real
estate
|
|
|
21,521
|
|
|
22,611
|
|
|
(1,090)
|
|
(5)
|
|
Construction and
land
|
|
|
3,843
|
|
|
4,739
|
|
|
(896)
|
|
(19)
|
|
Multi-family
residential
|
|
|
3,315
|
|
|
3,367
|
|
|
(52)
|
|
(2)
|
|
Total real estate
loans
|
|
|
118,210
|
|
|
117,861
|
|
|
349
|
|
-
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
11,410
|
|
|
10,119
|
|
|
1,291
|
|
13
|
|
Consumer
|
|
|
4,004
|
|
|
4,023
|
|
|
(19)
|
|
-
|
|
Total other
loans
|
|
|
15,414
|
|
|
14,142
|
|
|
1,272
|
|
9
|
|
Total loans
|
|
$
|
133,624
|
|
$
|
132,003
|
|
$
|
1,621
|
|
1
|
%
|
Non-performing assets ("NPAs") totaled $1.6 million at June 30, 2022, up
$18,000, or 1%, compared to
March 31, 2022, primarily due to a
slight increase in non-performing loans. The ratio of NPAs to total
assets was 0.57% at June 30, 2022, compared to 0.55% at
March 31, 2022. Non-performing loans
("NPLs") totaled $1.3 million, or
0.96% of total loans, at June 30, 2022 and March 31, 2022. At June
30, 2022, approximately 91% total NPLs were one- to
four-family residential mortgage loans, compared to 89% at
March 31, 2022.
The allowance for loan losses totaled $2.0 million, or 1.48% of total loans, at
June 30, 2022, down $193,000 from $2.2
million, or 1.65% of total loans, at March 31, 2022. The decline in the allowance for
loan losses primarily reflects the reversal of provisions made for
loan losses during 2020 associated with our initial assessment
COVID-19's impact on credit risk and a $77,000 decrease in reserves for loans
individually evaluated for impairment. The Company recorded a
reversal to the allowance for loan losses of $189,000 during the second quarter of 2022,
compared to a reversal of $71,000 for
the first quarter of 2022. Net loan charge-offs totaled
$4,000 during the second quarter of
2022, compared to net loan charge-offs of $32,000 for the first quarter of 2022.
Investment Securities
Total investment securities were $95.8
million at June 30, 2022, down
$2.4 million, or 2%, from
March 31, 2022. At June 30, 2022 and March
31, 2022, 86% of our total investment securities were
classified as available-for-sale. Net unrealized losses on
securities available-for-sale totaled $8.4
million at June 30, 2022,
compared to $5.7 million at
March 31, 2022. The increase in
unrealized losses on available-for-sale securities related
principally to increases in market interest rates for similar
securities. For the second quarter of 2022, the average yield
on the investment securities portfolio was 1.37%, up 9 basis points
from the first quarter of 2022.
Deposits
Total deposits were $178.7 million
at June 30, 2022, down $4.3
million, or 2%, from March 31,
2022. The decrease in deposits was primarily due to declines
in certificates of deposit and demand deposit accounts, partially
offset by increases in NOW account balances. Total average deposits
were $183.3 million for the second
quarter of 2022, up $3.7 million, or
2%, from the prior quarter.
The following table sets forth the composition of the Bank's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
6/30/2022
|
|
3/31/2022
|
|
Increase
(Decrease)
|
Demand
deposits
|
|
$
|
30,400
|
|
$
|
33,056
|
|
$
|
(2,656)
|
|
(8)
|
%
|
NOW
|
|
|
39,454
|
|
|
37,916
|
|
|
1,538
|
|
4
|
|
Money market
|
|
|
19,525
|
|
|
19,358
|
|
|
167
|
|
1
|
|
Savings
|
|
|
27,388
|
|
|
27,215
|
|
|
173
|
|
1
|
|
Certificates of
deposit
|
|
|
61,968
|
|
|
65,539
|
|
|
(3,571)
|
|
(5)
|
|
Total
deposits
|
|
$
|
178,735
|
|
$
|
183,084
|
|
$
|
(4,349)
|
|
(2)
|
%
|
Net Interest Income
Our net interest margin for the second quarter of 2022 was
2.71%, up 12 basis points compared to the prior quarter. The
average yield on interest-earning assets increased by 11 basis
points to 2.94% for the second quarter of 2022, while the average
rate on interest-bearing liabilities declined 2 basis points to
0.39%, compared to the first quarter of 2022. Net interest income
for the second quarter of 2022 was $1.8
million, up $59,000, or 3%,
from the first quarter of 2022 primarily due to an increase in
interest income from investment securities (up $23,000, or 7%) and other interest earning assets
(up $39,000, or 205%). Rising market
interest rates have increased the yields earned on our securities
portfolio and our interest-bearing cash accounts. During the first
quarter of 2022, the Company recognized $45,000 of interest income due to the full
pay-off and recovery of a partially charged-off non-accrual
loan.
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
|
|
|
6/30/2022
|
|
3/31/2022
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average Yield/
Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable(1)
|
|
$
|
133,810
|
|
$
|
1,555
|
|
4.66
|
%
|
|
$
|
130,755
|
|
$
|
1,563
|
|
4.85
|
%
|
Investment
securities(TE)(2)
|
|
|
104,137
|
|
|
352
|
|
1.37
|
|
|
|
103,634
|
|
|
329
|
|
1.28
|
|
Other interest earning
assets
|
|
|
30,108
|
|
|
58
|
|
0.78
|
|
|
|
39,605
|
|
|
19
|
|
0.20
|
|
Total interest-earning
assets(TE)
|
|
$
|
268,055
|
|
$
|
1,965
|
|
2.94
|
%
|
|
$
|
273,994
|
|
$
|
1,911
|
|
2.83
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and
savings
accounts
|
|
$
|
85,646
|
|
$
|
24
|
|
0.11
|
%
|
|
$
|
81,885
|
|
$
|
24
|
|
0.12
|
%
|
Certificates of
deposit
|
|
|
64,936
|
|
|
63
|
|
0.39
|
|
|
|
65,939
|
|
|
68
|
|
0.42
|
|
Total interest-bearing
deposits
|
|
|
150,582
|
|
|
87
|
|
0.23
|
|
|
|
147,824
|
|
|
92
|
|
0.25
|
|
FHLB
advances
|
|
|
9,079
|
|
|
68
|
|
3.00
|
|
|
|
9,034
|
|
|
68
|
|
3.02
|
|
Total interest-bearing
liabilities
|
|
$
|
159,661
|
|
$
|
155
|
|
0.39
|
%
|
|
$
|
156,858
|
|
$
|
160
|
|
0.41
|
%
|
Net interest-earning
assets
|
|
$
|
108,394
|
|
|
|
|
|
|
|
$
|
117,136
|
|
|
|
|
|
|
Net interest income;
average interest
rate spread(TE)
|
|
|
|
|
$
|
1,810
|
|
2.55
|
%
|
|
|
|
|
$
|
1,751
|
|
2.42
|
%
|
Net interest
margin(TE)(3)
|
|
|
|
|
|
|
|
2.71
|
%
|
|
|
|
|
|
|
|
2.59
|
%
|
|
(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 2022 was
$379,000, up $182,000, or 92%, from the first quarter of 2022.
During the second quarter of 2022, the Company received and
recognized into income a $171,000 BEA
Program grant from the CDFI Fund. The BEA Program grants awards to
depository institutions that have successfully increased their
investments in economically distressed communities through certain
qualified activities, including investments in CDFIs and providing
loans, investments and financial services to businesses and
residents located in distressed communities. In addition,
income from bank-owned life insurance ("BOLI") increased by
$77,000 to $98,000 for the second quarter of 2022 compared
to the previous quarter largely due to an aggregate of $10.0 million in additional policies purchased in
March and April of 2022.
The increases in non-interest income due to the BEA Program
grant and BOLI were partially offset by the disposal of fixed
assets totaling $77,000, net of
accumulated depreciation, during the second quarter of 2022. Of the
assets disposed, $55,000 was
attributable to branch signage that was replaced due to our
rebranding.
Non-interest Expense
Non-interest expense for the second quarter of 2022 totaled
$2.4 million, up $193,000, or 9%, compared to the first quarter of
2022. Total non-interest expense for the second quarter of 2022
included $153,000 of
rebranding-related expenses, compared to $34,000 for the first quarter of 2022.
Salaries and employee benefits expense totaled $1.2 million for the second quarter of 2022, down
$43,000, or 3%, from the first
quarter of 2022 primarily due to a decrease in our employee
count.
Data processing and communication expense totaled $242,000, up $34,000, or 16%, from the previous quarter
primarily due to rebranding expenses related to project support
provided by our core software vendor.
Professional fees totaled $175,000
for the second quarter of 2022, up $35,000, or 25%, from the first quarter of 2022.
During the second quarter of 2022, the Company incurred
professional fees of $26,000 for
assistance with the BEA Program grant application.
Advertising and marketing expense totaled $109,000 for the second quarter of 2022, up
$67,000, or 160%, from the first
quarter of 2022. Advertising and marketing expense included
rebranding costs of $87,000 in the
second quarter of 2022 and $34,000 in
the first quarter of 2022.
Other non-interest expense totaled $240,000 for the second quarter of 2022, up
$58,000, or 32%, from the first
quarter of 2022. In the second quarter of 2022, other non-interest
expense included rebranding costs of $18,000.
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 $281.0 million in assets at
June 30, 2022. Catalyst Bank,
formerly St. Landry Homestead Federal Savings Bank, has been in
operation in the Acadiana region of south-central Louisiana for 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)
|
|
(Dollars in
thousands)
|
|
6/30/2022
|
|
3/31/2022
|
|
|
6/30/2021(1)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
cash
|
|
$
|
4,553
|
|
$
|
511
|
|
|
$
|
6,426
|
Interest-bearing cash
and due from banks
|
|
|
24,582
|
|
|
39,585
|
|
|
|
22,661
|
Total cash and cash
equivalents
|
|
|
29,135
|
|
|
40,096
|
|
|
|
29,087
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value
|
|
|
82,276
|
|
|
84,649
|
|
|
|
41,856
|
Securities
held-to-maturity
|
|
|
13,486
|
|
|
13,492
|
|
|
|
15,511
|
Loans receivable, net
of unearned income
|
|
|
133,624
|
|
|
132,003
|
|
|
|
140,288
|
Allowance for loan
losses
|
|
|
(1,980)
|
|
|
(2,173)
|
|
|
|
(2,649)
|
Loans receivable,
net
|
|
|
131,644
|
|
|
129,830
|
|
|
|
137,639
|
Accrued interest
receivable
|
|
|
556
|
|
|
536
|
|
|
|
558
|
Foreclosed
assets
|
|
|
320
|
|
|
320
|
|
|
|
590
|
Premises and equipment,
net
|
|
|
6,494
|
|
|
6,475
|
|
|
|
6,545
|
Stock in correspondent
banks, at cost
|
|
|
1,795
|
|
|
1,794
|
|
|
|
1,792
|
Bank-owned life
insurance
|
|
|
13,422
|
|
|
8,824
|
|
|
|
3,258
|
Other assets
|
|
|
1,855
|
|
|
1,256
|
|
|
|
1,493
|
TOTAL
ASSETS
|
|
$
|
280,983
|
|
$
|
287,272
|
|
|
$
|
238,329
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
30,400
|
|
$
|
33,056
|
|
|
$
|
28,720
|
Interest-bearing
|
|
|
148,335
|
|
|
150,028
|
|
|
|
148,857
|
Total deposits
|
|
|
178,735
|
|
|
183,084
|
|
|
|
177,577
|
Federal Home Loan Bank
advances
|
|
|
9,108
|
|
|
9,063
|
|
|
|
8,928
|
Other
liabilities
|
|
|
727
|
|
|
663
|
|
|
|
1,092
|
TOTAL
LIABILITIES
|
|
|
188,570
|
|
|
192,810
|
|
|
|
187,597
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
53
|
|
|
53
|
|
|
|
-
|
Additional paid-in
capital
|
|
|
50,838
|
|
|
50,821
|
|
|
|
-
|
Unallocated common
stock held by Employee Stock Ownership Plan
|
|
|
(4,073)
|
|
|
(4,126)
|
|
|
|
-
|
Retained
earnings
|
|
|
52,240
|
|
|
52,222
|
|
|
|
50,837
|
Accumulated other
comprehensive income (loss)
|
|
|
(6,645)
|
|
|
(4,508)
|
|
|
|
(105)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
92,413
|
|
|
94,462
|
|
|
|
50,732
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
280,983
|
|
$
|
287,272
|
|
|
$
|
238,329
|
|
(1)
|
Data at June 30, 2021
is Bank-only.
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
(Dollars in
thousands)
|
|
6/30/2022
|
|
3/31/2022
|
|
6/30/2021(1)
|
|
6/30/2022
|
|
6/30/2021(1)
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
|
1,555
|
|
$
|
1,563
|
|
$
|
1,865
|
|
$
|
3,118
|
|
$
|
3,673
|
Investment
securities
|
|
|
352
|
|
|
329
|
|
|
141
|
|
|
681
|
|
|
262
|
Other
|
|
|
58
|
|
|
19
|
|
|
10
|
|
|
77
|
|
|
24
|
Total interest
income
|
|
|
1,965
|
|
|
1,911
|
|
|
2,016
|
|
|
3,876
|
|
|
3,959
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
87
|
|
|
92
|
|
|
135
|
|
|
179
|
|
|
290
|
Advances from Federal
Home
Loan Bank
|
|
|
68
|
|
|
68
|
|
|
68
|
|
|
136
|
|
|
136
|
Total interest
expense
|
|
|
155
|
|
|
160
|
|
|
203
|
|
|
315
|
|
|
426
|
Net interest
income
|
|
|
1,810
|
|
|
1,751
|
|
|
1,813
|
|
|
3,561
|
|
|
3,533
|
Provision for (reversal
of) loan
losses
|
|
|
(189)
|
|
|
(71)
|
|
|
(286)
|
|
|
(260)
|
|
|
(286)
|
Net interest income
after provision
for (reversal of) loan losses
|
|
|
1,999
|
|
|
1,822
|
|
|
2,099
|
|
|
3,821
|
|
|
3,819
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit
accounts
|
|
|
182
|
|
|
168
|
|
|
160
|
|
|
350
|
|
|
283
|
Gain (loss) on
disposals and sales
of fixed assets
|
|
|
(77)
|
|
|
-
|
|
|
-
|
|
|
(77)
|
|
|
25
|
Bank-owned life
insurance
|
|
|
98
|
|
|
21
|
|
|
23
|
|
|
119
|
|
|
45
|
Federal community
development
grant
|
|
|
171
|
|
|
-
|
|
|
-
|
|
|
171
|
|
|
-
|
Other
|
|
|
5
|
|
|
8
|
|
|
7
|
|
|
13
|
|
|
24
|
Total non-interest
income
|
|
|
379
|
|
|
197
|
|
|
190
|
|
|
576
|
|
|
377
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,218
|
|
|
1,261
|
|
|
1,180
|
|
|
2,479
|
|
|
2,247
|
Occupancy and
equipment
|
|
|
227
|
|
|
210
|
|
|
172
|
|
|
437
|
|
|
354
|
Data processing and
communication
|
|
|
242
|
|
|
208
|
|
|
181
|
|
|
450
|
|
|
355
|
Professional
fees
|
|
|
175
|
|
|
140
|
|
|
94
|
|
|
315
|
|
|
167
|
Directors'
fees
|
|
|
55
|
|
|
55
|
|
|
70
|
|
|
110
|
|
|
141
|
ATM and debit
card
|
|
|
59
|
|
|
49
|
|
|
46
|
|
|
108
|
|
|
89
|
Foreclosed assets,
net
|
|
|
(2)
|
|
|
(17)
|
|
|
42
|
|
|
(19)
|
|
|
35
|
Advertising and
marketing
|
|
|
109
|
|
|
42
|
|
|
12
|
|
|
151
|
|
|
21
|
Franchise and shares
tax
|
|
|
58
|
|
|
58
|
|
|
-
|
|
|
116
|
|
|
-
|
Other
|
|
|
240
|
|
|
182
|
|
|
169
|
|
|
422
|
|
|
283
|
Total non-interest
expense
|
|
|
2,381
|
|
|
2,188
|
|
|
1,966
|
|
|
4,569
|
|
|
3,692
|
Income (loss) before
income tax
expense
|
|
|
(3)
|
|
|
(169)
|
|
|
323
|
|
|
(172)
|
|
|
504
|
Income tax expense
(benefit)
|
|
|
(21)
|
|
|
(38)
|
|
|
63
|
|
|
(59)
|
|
|
93
|
NET INCOME
(LOSS)
|
|
$
|
18
|
|
$
|
(131)
|
|
$
|
260
|
|
$
|
(113)
|
|
$
|
411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - basic
|
|
$
|
0.01
|
|
$
|
(0.03)
|
|
$
|
N/A
|
|
$
|
(0.02)
|
|
$
|
N/A
|
|
(1)
|
Data for the
periods ended June 30, 2021 is Bank-only.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
(Dollars in
thousands)
|
|
6/30/2022
|
|
3/31/2022
|
|
6/30/2021(1)
|
|
6/30/2022
|
|
6/30/2021(1)
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
1,965
|
|
|
$
|
1,911
|
|
|
$
|
2,016
|
|
|
$
|
3,876
|
|
|
$
|
3,959
|
|
Total interest
expense
|
|
|
155
|
|
|
|
160
|
|
|
|
203
|
|
|
|
315
|
|
|
|
426
|
|
Net interest
income
|
|
|
1,810
|
|
|
|
1,751
|
|
|
|
1,813
|
|
|
|
3,561
|
|
|
|
3,533
|
|
Provision for (reversal
of) loan losses
|
|
|
(189)
|
|
|
|
(71)
|
|
|
|
(286)
|
|
|
|
(260)
|
|
|
|
(286)
|
|
Total non-interest
income
|
|
|
379
|
|
|
|
197
|
|
|
|
190
|
|
|
|
576
|
|
|
|
377
|
|
Total non-interest
expense
|
|
|
2,381
|
|
|
|
2,188
|
|
|
|
1,966
|
|
|
|
4,569
|
|
|
|
3,692
|
|
Income tax expense
(benefit)
|
|
|
(21)
|
|
|
|
(38)
|
|
|
|
63
|
|
|
|
(59)
|
|
|
|
93
|
|
Net income
(loss)
|
|
$
|
18
|
|
|
$
|
(131)
|
|
|
$
|
260
|
|
|
$
|
(113)
|
|
|
$
|
411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
286,288
|
|
|
$
|
286,646
|
|
|
$
|
237,926
|
|
|
$
|
286,466
|
|
|
$
|
233,823
|
|
Total interest-earning
assets
|
|
|
268,055
|
|
|
|
273,994
|
|
|
|
223,443
|
|
|
|
271,009
|
|
|
|
219,499
|
|
Total loans
|
|
|
133,810
|
|
|
|
130,755
|
|
|
|
143,145
|
|
|
|
132,291
|
|
|
|
146,148
|
|
Total interest-bearing
deposits
|
|
|
150,582
|
|
|
|
147,824
|
|
|
|
147,914
|
|
|
|
149,210
|
|
|
|
145,236
|
|
Total interest-bearing
liabilities
|
|
|
159,661
|
|
|
|
156,858
|
|
|
|
156,812
|
|
|
|
158,267
|
|
|
|
154,112
|
|
Total
deposits
|
|
|
183,316
|
|
|
|
179,615
|
|
|
|
177,749
|
|
|
|
181,476
|
|
|
|
173,567
|
|
Total equity
|
|
|
93,318
|
|
|
|
97,165
|
|
|
|
50,374
|
|
|
|
95,231
|
|
|
|
50,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.02
|
%
|
|
|
(0.19)
|
%
|
|
|
0.44
|
%
|
|
|
(0.08)
|
%
|
|
|
0.35
|
%
|
Return on average
equity
|
|
|
0.08
|
|
|
|
(0.55)
|
|
|
|
2.07
|
|
|
|
(0.24)
|
|
|
|
1.64
|
|
Efficiency
ratio
|
|
|
108.78
|
|
|
|
112.34
|
|
|
|
98.18
|
|
|
|
110.45
|
|
|
|
94.44
|
|
Average equity to
average assets
|
|
|
32.60
|
|
|
|
33.90
|
|
|
|
21.17
|
|
|
|
33.24
|
|
|
|
21.61
|
|
Common equity Tier 1
capital ratio(2)
|
|
|
58.51
|
|
|
|
57.98
|
|
|
|
41.92
|
|
|
|
58.51
|
|
|
|
41.92
|
|
Tier 1 leverage capital
ratio(2)
|
|
|
28.43
|
|
|
|
28.39
|
|
|
|
21.37
|
|
|
|
28.43
|
|
|
|
21.37
|
|
Total risk-based
capital ratio(2)
|
|
|
59.76
|
|
|
|
59.24
|
|
|
|
43.18
|
|
|
|
59.76
|
|
|
|
43.18
|
|
Net interest
margin(TE)
|
|
|
2.71
|
|
|
|
2.59
|
|
|
|
3.26
|
|
|
|
2.65
|
|
|
|
3.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOANS
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
2,173
|
|
|
$
|
2,276
|
|
|
$
|
2,962
|
|
|
$
|
2,276
|
|
|
$
|
3,022
|
|
Provision for (reversal
of) loan losses
|
|
|
(189)
|
|
|
|
(71)
|
|
|
|
(286)
|
|
|
|
(260)
|
|
|
|
(286)
|
|
Charge-offs
|
|
|
(38)
|
|
|
|
(63)
|
|
|
|
(43)
|
|
|
|
(101)
|
|
|
|
(132)
|
|
Recoveries
|
|
|
34
|
|
|
|
31
|
|
|
|
16
|
|
|
|
65
|
|
|
|
45
|
|
Net (charge-offs)
recoveries
|
|
|
(4)
|
|
|
|
(32)
|
|
|
|
(27)
|
|
|
|
(36)
|
|
|
|
(87)
|
|
Ending
balance
|
|
$
|
1,980
|
|
|
$
|
2,173
|
|
|
$
|
2,649
|
|
|
$
|
1,980
|
|
|
$
|
2,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,246
|
|
|
$
|
1,269
|
|
|
$
|
754
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days
or more past due
|
|
|
41
|
|
|
|
-
|
|
|
|
143
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
|
|
1,287
|
|
|
|
1,269
|
|
|
|
897
|
|
|
|
|
|
|
|
|
|
Foreclosed
assets
|
|
|
320
|
|
|
|
320
|
|
|
|
590
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
|
$
|
1,607
|
|
|
$
|
1,589
|
|
|
$
|
1,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
0.96
|
%
|
|
|
0.96
|
%
|
|
|
0.64
|
%
|
|
|
|
|
|
|
|
|
Total non-performing
assets to total
assets
|
|
|
0.57
|
|
|
|
0.55
|
|
|
|
0.62
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Data at and for the
periods ended June 30, 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-second-quarter-results-301595276.html
SOURCE Catalyst Bancorp, Inc.