OPELOUSAS, La., Oct. 27,
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
third quarter of 2022. For the quarter, the Company reported net
income of $139,000, up $121,000 from the second quarter of 2022. During
the second quarter of 2022, the Bank rebranded 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 second quarter of
2022, compared to $28,000 during the
third quarter of 2022. The second quarter of 2022 also included
$171,000 of non-interest income
attributable to a Bank Enterprise Award ("BEA") Program grant from
the Community Development Financial Institution ("CDFI") Fund.
![(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 just celebrated our first anniversary as a public company
and will celebrate the Bank's centennial in November," said
Joe Zanco, President and Chief
Executive Officer of the Company and the Bank. "Our team is
tremendously excited with the response we've received from our
rebranding to Catalyst Bank."
Loans and Credit Quality
Loans receivable totaled $131.7
million at September 30, 2022, down $1.9 million, or 1%, from June 30, 2022. During the third quarter of 2022,
additional fundings on existing construction and land loans were
largely offset by paydowns across other segments of the portfolio.
PPP loans, which totaled $22,000 at
June 30, 2022, were fully paid-off
during the third quarter of 2022.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
residential
|
|
$
|
88,327
|
|
$
|
89,531
|
|
$
|
(1,204)
|
|
(1)
|
%
|
Commercial real
estate
|
|
|
21,073
|
|
|
21,521
|
|
|
(448)
|
|
(2)
|
|
Construction and
land
|
|
|
4,450
|
|
|
3,843
|
|
|
607
|
|
16
|
|
Multi-family
residential
|
|
|
3,252
|
|
|
3,315
|
|
|
(63)
|
|
(2)
|
|
Total real estate
loans
|
|
|
117,102
|
|
|
118,210
|
|
|
(1,108)
|
|
(1)
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
11,087
|
|
|
11,410
|
|
|
(323)
|
|
(3)
|
|
Consumer
|
|
|
3,512
|
|
|
4,004
|
|
|
(492)
|
|
(12)
|
|
Total other
loans
|
|
|
14,599
|
|
|
15,414
|
|
|
(815)
|
|
(5)
|
|
Total loans
|
|
$
|
131,701
|
|
$
|
133,624
|
|
$
|
(1,923)
|
|
(1)
|
%
|
Non-performing assets ("NPAs") totaled $1.9 million at September 30, 2022, up
$313,000, or 19%, compared to
June 30, 2022, primarily due to an
increase in past due loans. The ratio of NPAs to total assets was
0.68% at September 30, 2022, compared to 0.57% at
June 30, 2022. Non-performing loans
("NPLs") totaled $1.6 million, or
1.21% of total loans, at September 30, 2022 and
$1.3 million, or 0.96% of total
loans, at June 30, 2022. At
September 30, 2022, approximately 88%
of total NPLs were one- to four-family residential mortgage loans,
compared to 91% at June 30, 2022.
The allowance for loan losses totaled $1.8 million, or 1.37% of total loans, at
September 30, 2022, down $176,000 from $2.0
million, or 1.48% of total loans, at June 30, 2022. The reduction in the allowance for
loan losses largely reflects the reversal of certain provisions
made for estimated loan losses during 2020 associated with our
initial assessment of COVID-19's impact on credit risk. The
Company recorded a reversal to the allowance for loan losses of
$115,000 during the third quarter of
2022, compared to a reversal of $189,000 for the second quarter of 2022. Net loan
charge-offs totaled $61,000 during
the third quarter of 2022, compared to net loan charge-offs of
$4,000 for the second quarter of
2022. The third quarter charge-offs were primarily related to two
residential mortgage loans.
Investment Securities
Total investment securities were $92.0
million at September 30, 2022,
down $3.7 million, or 4%, from
June 30, 2022. At September 30 and June 30,
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 $12.6 million at September
30, 2022, compared to $8.4
million at June 30, 2022. The
increase in unrealized losses on available-for-sale securities
related principally to increases in market interest rates for
similar securities. For the third quarter of 2022, the average
yield on the investment securities portfolio was 1.48%, up 11 basis
points from the second quarter of 2022.
Deposits
Total deposits were $184.2 million
at September 30, 2022, up $5.5
million, or 3%, from June 30,
2022. The increase in deposits was primarily due to an
increase in NOW account balances, partially offset by declines in
certificates of deposit and money market accounts. Total average
deposits were $185.5 million for the
third quarter of 2022, up $2.1
million, or 1%, from the prior quarter.
The following table sets forth the composition of the Bank's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
Increase
(Decrease)
|
Demand
deposits
|
|
$
|
31,988
|
|
$
|
30,400
|
|
$
|
1,588
|
|
5
|
%
|
NOW
|
|
|
50,547
|
|
|
39,454
|
|
|
11,093
|
|
28
|
|
Money market
|
|
|
17,129
|
|
|
19,525
|
|
|
(2,396)
|
|
(12)
|
|
Savings
|
|
|
26,874
|
|
|
27,388
|
|
|
(514)
|
|
(2)
|
|
Certificates of
deposit
|
|
|
57,689
|
|
|
61,968
|
|
|
(4,279)
|
|
(7)
|
|
Total
deposits
|
|
$
|
184,227
|
|
$
|
178,735
|
|
$
|
5,492
|
|
3
|
%
|
Net Interest Income
Our net interest margin for the third quarter of 2022 was 2.75%,
up four basis points compared to the prior quarter. The average
yield on interest-earning assets increased by five basis points to
2.99% for the third quarter of 2022, while the average rate on
interest-bearing liabilities increased by one basis point to 0.40%,
compared to the second quarter of 2022.
Net interest income for the third quarter of 2022 was
$1.9 million, up $60,000, or 3%, from the second quarter of 2022
primarily due to an increase in interest income from
interest-bearing cash included in other interest income (up
$127,000, or 219%), partially offset
by a decline in interest income from loans. Rising market interest
rates have increased the yields on our interest-bearing cash
accounts and securities portfolio.
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
|
|
|
9/30/2022
|
|
6/30/2022
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable(1)
|
|
$
|
131,583
|
|
$
|
1,466
|
|
4.42
|
%
|
|
$
|
133,810
|
|
$
|
1,555
|
|
4.66
|
%
|
Investment
securities(TE)(2)
|
|
|
104,403
|
|
|
381
|
|
1.48
|
|
|
|
104,137
|
|
|
352
|
|
1.37
|
|
Other interest earning
assets
|
|
|
34,548
|
|
|
185
|
|
2.12
|
|
|
|
30,108
|
|
|
58
|
|
0.78
|
|
Total interest-earning
assets(TE)
|
|
$
|
270,534
|
|
$
|
2,032
|
|
2.99
|
%
|
|
$
|
268,055
|
|
$
|
1,965
|
|
2.94
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and
savings accounts
|
|
$
|
91,738
|
|
$
|
29
|
|
0.13
|
%
|
|
$
|
85,646
|
|
$
|
24
|
|
0.11
|
%
|
Certificates of
deposit
|
|
|
59,833
|
|
|
64
|
|
0.43
|
|
|
|
64,936
|
|
|
63
|
|
0.39
|
|
Total interest-bearing
deposits
|
|
|
151,571
|
|
|
93
|
|
0.24
|
|
|
|
150,582
|
|
|
87
|
|
0.23
|
|
FHLB
advances
|
|
|
9,126
|
|
|
69
|
|
2.99
|
|
|
|
9,079
|
|
|
68
|
|
3.00
|
|
Total interest-bearing
liabilities
|
|
$
|
160,697
|
|
$
|
162
|
|
0.40
|
%
|
|
$
|
159,661
|
|
$
|
155
|
|
0.39
|
%
|
Net interest-earning
assets
|
|
$
|
109,837
|
|
|
|
|
|
|
|
$
|
108,394
|
|
|
|
|
|
|
Net interest income;
average interest rate spread(TE)
|
|
|
|
|
$
|
1,870
|
|
2.59
|
%
|
|
|
|
|
$
|
1,810
|
|
2.55
|
%
|
Net interest
margin(TE)(3)
|
|
|
|
|
|
|
|
2.75
|
%
|
|
|
|
|
|
|
|
2.71
|
%
|
|
|
(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 third quarter of 2022 was
$296,000, down $83,000, or 22%, from the second 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. In addition, the Company disposed
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 third quarter of 2022 totaled
$2.1 million, down $253,000, or 11%, compared to the second quarter
of 2022. Total non-interest expense for the third quarter of 2022
included $28,000 of
rebranding-related expenses, compared to $153,000 for the second quarter of 2022.
Salaries and employee benefits expense totaled $1.2 million for the third quarter of 2022, down
$50,000, or 4%, from the second
quarter of 2022 primarily due to a decrease in our employee
count.
Directors' fees totaled $75,000
for the third quarter of 2022, up $20,000, or 36%, from the second quarter of 2022
mainly due to stock compensation expense related to awards granted
under the Company's 2022 Stock Option Plan and 2022 Recognition and
Retention Plan and Trust Agreement in September 2022. Total stock compensation expense,
allocated between salaries and employee benefits expense and
directors' fees, during the fourth quarter of 2022 is expected to
be approximately $141,000, compared
to $47,000 for the third quarter of
2022.
Data processing and communication expense totaled $216,000, down $26,000, or 11%, from the previous quarter
primarily due to the absence of rebranding expenses during the
third quarter of 2022.
Advertising and marketing expense totaled $36,000 for the third quarter of 2022, down
$73,000, or 67%, from the second
quarter of 2022. Advertising and marketing expense included
rebranding costs of $3,000 in the
third quarter of 2022, compared to $87,000 in the second quarter of 2022.
Other non-interest expense totaled $184,000 for the third quarter of 2022, down
$56,000, or 23%, from the second
quarter of 2022. Other non-interest expense included rebranding
costs of $7,000 and $18,000 during the third and second quarters of
2022, respectively. In addition, the Company benefited from
recoveries on charged-off deposit accounts and certain cost saving
initiatives during the third quarter of 2022.
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 $283.4 million in assets at
September 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)
|
|
9/30/2022
|
|
6/30/2022
|
|
|
9/30/2021(1)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
cash
|
|
$
|
4,558
|
|
$
|
4,553
|
|
|
$
|
5,117
|
Interest-bearing cash
and due from banks
|
|
|
31,639
|
|
|
24,582
|
|
|
|
95,287
|
Total cash and cash
equivalents
|
|
|
36,197
|
|
|
29,135
|
|
|
|
100,404
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value
|
|
|
78,563
|
|
|
82,276
|
|
|
|
49,682
|
Securities
held-to-maturity
|
|
|
13,480
|
|
|
13,486
|
|
|
|
13,504
|
Loans receivable, net
of unearned income
|
|
|
131,701
|
|
|
133,624
|
|
|
|
136,720
|
Allowance for loan
losses
|
|
|
(1,804)
|
|
|
(1,980)
|
|
|
|
(2,646)
|
Loans receivable,
net
|
|
|
129,897
|
|
|
131,644
|
|
|
|
134,074
|
Accrued interest
receivable
|
|
|
566
|
|
|
556
|
|
|
|
511
|
Foreclosed
assets
|
|
|
320
|
|
|
320
|
|
|
|
399
|
Premises and equipment,
net
|
|
|
6,392
|
|
|
6,494
|
|
|
|
6,658
|
Stock in correspondent
banks, at cost
|
|
|
1,799
|
|
|
1,795
|
|
|
|
1,792
|
Bank-owned life
insurance
|
|
|
13,519
|
|
|
13,422
|
|
|
|
3,280
|
Other assets
|
|
|
2,681
|
|
|
1,855
|
|
|
|
1,259
|
TOTAL
ASSETS
|
|
$
|
283,414
|
|
$
|
280,983
|
|
|
$
|
311,563
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
31,988
|
|
$
|
30,400
|
|
|
$
|
102,091
|
Interest-bearing
|
|
|
152,239
|
|
|
148,335
|
|
|
|
147,369
|
Total deposits
|
|
|
184,227
|
|
|
178,735
|
|
|
|
249,460
|
Federal Home Loan Bank
advances
|
|
|
9,153
|
|
|
9,108
|
|
|
|
8,973
|
Other
liabilities
|
|
|
706
|
|
|
727
|
|
|
|
1,130
|
TOTAL
LIABILITIES
|
|
|
194,086
|
|
|
188,570
|
|
|
|
259,563
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
53
|
|
|
53
|
|
|
|
-
|
Additional paid-in
capital
|
|
|
50,902
|
|
|
50,838
|
|
|
|
-
|
Unallocated common
stock held by Employee Stock Ownership Plan
|
|
|
(4,020)
|
|
|
(4,073)
|
|
|
|
-
|
Retained
earnings
|
|
|
52,379
|
|
|
52,240
|
|
|
|
52,270
|
Accumulated other
comprehensive income (loss)
|
|
|
(9,986)
|
|
|
(6,645)
|
|
|
|
(270)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
89,328
|
|
|
92,413
|
|
|
|
52,000
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
283,414
|
|
$
|
280,983
|
|
|
$
|
311,563
|
|
|
(1)
|
Data at September 30,
2021 is Bank-only.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(Dollars in
thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
9/30/2021(1)
|
|
9/30/2022
|
|
9/30/2021(1)
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
|
1,466
|
|
$
|
1,555
|
|
$
|
1,671
|
|
$
|
4,584
|
|
$
|
5,344
|
Investment
securities
|
|
|
381
|
|
|
352
|
|
|
172
|
|
|
1,062
|
|
|
434
|
Other
|
|
|
185
|
|
|
58
|
|
|
13
|
|
|
262
|
|
|
37
|
Total interest
income
|
|
|
2,032
|
|
|
1,965
|
|
|
1,856
|
|
|
5,908
|
|
|
5,815
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
93
|
|
|
87
|
|
|
124
|
|
|
272
|
|
|
414
|
Advances from Federal
Home Loan Bank
|
|
|
69
|
|
|
68
|
|
|
68
|
|
|
205
|
|
|
204
|
Total interest
expense
|
|
|
162
|
|
|
155
|
|
|
192
|
|
|
477
|
|
|
618
|
Net interest
income
|
|
|
1,870
|
|
|
1,810
|
|
|
1,664
|
|
|
5,431
|
|
|
5,197
|
Provision for (reversal
of) loan losses
|
|
|
(115)
|
|
|
(189)
|
|
|
-
|
|
|
(375)
|
|
|
(286)
|
Net interest income
after provision for (reversal of) loan losses
|
|
|
1,985
|
|
|
1,999
|
|
|
1,664
|
|
|
5,806
|
|
|
5,483
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
192
|
|
|
182
|
|
|
165
|
|
|
542
|
|
|
448
|
Gain (loss) on
disposals and sales of fixed assets
|
|
|
-
|
|
|
(77)
|
|
|
-
|
|
|
(77)
|
|
|
25
|
Bank-owned life
insurance
|
|
|
97
|
|
|
98
|
|
|
22
|
|
|
216
|
|
|
67
|
Federal community
development grant
|
|
|
-
|
|
|
171
|
|
|
1,826
|
|
|
171
|
|
|
1,826
|
Other
|
|
|
7
|
|
|
5
|
|
|
12
|
|
|
20
|
|
|
36
|
Total non-interest
income
|
|
|
296
|
|
|
379
|
|
|
2,025
|
|
|
872
|
|
|
2,402
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,168
|
|
|
1,218
|
|
|
1,084
|
|
|
3,647
|
|
|
3,331
|
Occupancy and
equipment
|
|
|
203
|
|
|
227
|
|
|
200
|
|
|
640
|
|
|
554
|
Data processing and
communication
|
|
|
216
|
|
|
242
|
|
|
201
|
|
|
666
|
|
|
556
|
Professional
fees
|
|
|
157
|
|
|
175
|
|
|
88
|
|
|
472
|
|
|
255
|
Directors'
fees
|
|
|
75
|
|
|
55
|
|
|
70
|
|
|
185
|
|
|
211
|
ATM and debit
card
|
|
|
76
|
|
|
59
|
|
|
48
|
|
|
184
|
|
|
137
|
Foreclosed assets,
net
|
|
|
(2)
|
|
|
(2)
|
|
|
39
|
|
|
(21)
|
|
|
74
|
Advertising and
marketing
|
|
|
36
|
|
|
109
|
|
|
14
|
|
|
187
|
|
|
35
|
Franchise and shares
tax
|
|
|
15
|
|
|
58
|
|
|
-
|
|
|
131
|
|
|
-
|
Other
|
|
|
184
|
|
|
240
|
|
|
140
|
|
|
606
|
|
|
423
|
Total non-interest
expense
|
|
|
2,128
|
|
|
2,381
|
|
|
1,884
|
|
|
6,697
|
|
|
5,576
|
Income (loss) before
income tax expense
|
|
|
153
|
|
|
(3)
|
|
|
1,805
|
|
|
(19)
|
|
|
2,309
|
Income tax expense
(benefit)
|
|
|
14
|
|
|
(21)
|
|
|
372
|
|
|
(45)
|
|
|
465
|
NET
INCOME
|
|
$
|
139
|
|
$
|
18
|
|
$
|
1,433
|
|
$
|
26
|
|
$
|
1,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
$
|
0.01
|
|
$
|
N/A
|
|
$
|
0.01
|
|
$
|
N/A
|
Diluted
|
|
|
0.03
|
|
|
N/A
|
|
|
N/A
|
|
|
0.01
|
|
|
N/A
|
|
|
(1)
|
Data for the periods
ended September 30, 2021 are Bank-only.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(Dollars in
thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
9/30/2021(1)
|
|
9/30/2022
|
|
9/30/2021(1)
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
2,032
|
|
|
$
|
1,965
|
|
|
$
|
1,856
|
|
|
$
|
5,908
|
|
|
$
|
5,815
|
|
Total interest
expense
|
|
|
162
|
|
|
|
155
|
|
|
|
192
|
|
|
|
477
|
|
|
|
618
|
|
Net interest
income
|
|
|
1,870
|
|
|
|
1,810
|
|
|
|
1,664
|
|
|
|
5,431
|
|
|
|
5,197
|
|
Provision for (reversal
of) loan losses
|
|
|
(115)
|
|
|
|
(189)
|
|
|
|
-
|
|
|
|
(375)
|
|
|
|
(286)
|
|
Total non-interest
income
|
|
|
296
|
|
|
|
379
|
|
|
|
2,025
|
|
|
|
872
|
|
|
|
2,402
|
|
Total non-interest
expense
|
|
|
2,128
|
|
|
|
2,381
|
|
|
|
1,884
|
|
|
|
6,697
|
|
|
|
5,576
|
|
Income tax expense
(benefit)
|
|
|
14
|
|
|
|
(21)
|
|
|
|
372
|
|
|
|
(45)
|
|
|
|
465
|
|
Net income
|
|
$
|
139
|
|
|
$
|
18
|
|
|
$
|
1,433
|
|
|
$
|
26
|
|
|
$
|
1,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
288,052
|
|
|
$
|
286,288
|
|
|
$
|
253,176
|
|
|
$
|
287,000
|
|
|
$
|
240,345
|
|
Total interest-earning
assets
|
|
|
270,534
|
|
|
|
268,055
|
|
|
|
235,447
|
|
|
|
270,848
|
|
|
|
224,873
|
|
Total loans
|
|
|
131,583
|
|
|
|
133,810
|
|
|
|
137,031
|
|
|
|
132,052
|
|
|
|
143,075
|
|
Total interest-bearing
deposits
|
|
|
151,571
|
|
|
|
150,582
|
|
|
|
150,726
|
|
|
|
150,006
|
|
|
|
147,085
|
|
Total interest-bearing
liabilities
|
|
|
160,697
|
|
|
|
159,661
|
|
|
|
159,692
|
|
|
|
159,086
|
|
|
|
155,992
|
|
Total
deposits
|
|
|
185,453
|
|
|
|
183,316
|
|
|
|
191,060
|
|
|
|
182,816
|
|
|
|
179,462
|
|
Total shareholders'
equity
|
|
|
92,764
|
|
|
|
93,318
|
|
|
|
50,950
|
|
|
|
94,400
|
|
|
|
50,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.19
|
%
|
|
|
0.02
|
%
|
|
|
2.25
|
%
|
|
|
0.01
|
%
|
|
|
1.03
|
%
|
Return on average
equity
|
|
|
0.60
|
|
|
|
0.08
|
|
|
|
11.16
|
|
|
|
0.04
|
|
|
|
4.86
|
|
Efficiency
ratio
|
|
|
98.24
|
|
|
|
108.78
|
|
|
|
51.06
|
|
|
|
106.25
|
|
|
|
73.38
|
|
Net interest
margin(TE)
|
|
|
2.75
|
|
|
|
2.71
|
|
|
|
2.81
|
|
|
|
2.69
|
|
|
|
3.09
|
|
Average equity to
average assets
|
|
|
32.20
|
|
|
|
32.60
|
|
|
|
20.12
|
|
|
|
32.89
|
|
|
|
21.09
|
|
Common equity Tier 1
capital ratio(2)
|
|
|
57.84
|
|
|
|
58.51
|
|
|
|
38.94
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
ratio(2)
|
|
|
28.29
|
|
|
|
28.43
|
|
|
|
20.65
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio(2)
|
|
|
59.09
|
|
|
|
59.76
|
|
|
|
40.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOANS
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
1,980
|
|
|
$
|
2,173
|
|
|
$
|
2,649
|
|
|
$
|
2,276
|
|
|
$
|
3,022
|
|
Provision for (reversal
of) loan losses
|
|
|
(115)
|
|
|
|
(189)
|
|
|
|
-
|
|
|
|
(375)
|
|
|
|
(286)
|
|
Charge-offs
|
|
|
(90)
|
|
|
|
(38)
|
|
|
|
(18)
|
|
|
|
(191)
|
|
|
|
(150)
|
|
Recoveries
|
|
|
29
|
|
|
|
34
|
|
|
|
15
|
|
|
|
94
|
|
|
|
60
|
|
Net (charge-offs)
recoveries
|
|
|
(61)
|
|
|
|
(4)
|
|
|
|
(3)
|
|
|
|
(97)
|
|
|
|
(90)
|
|
Ending
balance
|
|
$
|
1,804
|
|
|
$
|
1,980
|
|
|
$
|
2,646
|
|
|
$
|
1,804
|
|
|
$
|
2,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,221
|
|
|
$
|
1,246
|
|
|
$
|
752
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days
or more past due
|
|
|
379
|
|
|
|
41
|
|
|
|
165
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
|
|
1,600
|
|
|
|
1,287
|
|
|
|
917
|
|
|
|
|
|
|
|
|
|
Foreclosed
assets
|
|
|
320
|
|
|
|
320
|
|
|
|
399
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
|
$
|
1,920
|
|
|
$
|
1,607
|
|
|
$
|
1,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
1.21
|
%
|
|
|
0.96
|
%
|
|
|
0.67
|
%
|
|
|
|
|
|
|
|
|
Total non-performing
assets to total assets
|
|
|
0.68
|
|
|
|
0.57
|
|
|
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Data at and for the
periods ended September 30, 2021 are 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-third-quarter-results-301660579.html
SOURCE Catalyst Bancorp, Inc.