OPELOUSAS, La., Jan. 26,
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
fourth quarter of 2022. For the quarter, the Company reported net
income of $171,000, up $36,000, or 27%, from the third quarter of
2022.
"2022 was transformational for our company embodied by the new
Catalyst Bank name," said Joe Zanco,
President and Chief Executive Officer of the Company and the Bank.
"Our mission is to serve as catalysts for economic growth in our
communities by helping locally-owned businesses grow. Our team is
fully committed to fueling local business and improving the lives
of our neighbors."
Share Repurchase Plan
The Company announced that its Board of Directors approved the
Company's first share repurchase plan (the "2023 Repurchase Plan").
Under the 2023 Repurchase Plan, the Company may purchase up to
265,000 shares, or approximately 5% of the Company's outstanding
common stock. Share repurchases under the 2023 Repurchase Plan are
expected to commence during the first quarter of 2023 upon the
completion of share repurchases to fund the 2022 Recognition and
Retention Plan and Trust Agreement.
Loans and Credit Quality
Loans totaled $133.6 million at
December 31, 2022, up $1.7
million, or 1%, from September 30,
2022. During the fourth quarter of 2022, loan growth was
primarily driven by new originations of commercial and industrial
loans and fundings on existing construction loans, which were
partially offset by paydowns across other segments of the
portfolio.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
12/31/2022
|
|
9/30/2022
|
|
Increase
(Decrease)
|
Real estate
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
residential
|
|
$
|
87,508
|
|
$
|
88,568
|
|
$
|
(1,060)
|
|
(1)
|
%
|
Commercial real
estate
|
|
|
19,437
|
|
|
21,073
|
|
|
(1,636)
|
|
(8)
|
|
Construction and
land
|
|
|
6,172
|
|
|
4,450
|
|
|
1,722
|
|
39
|
|
Multi-family
residential
|
|
|
3,200
|
|
|
3,252
|
|
|
(52)
|
|
(2)
|
|
Total real estate
loans
|
|
|
116,317
|
|
|
117,343
|
|
|
(1,026)
|
|
(1)
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
13,843
|
|
|
11,087
|
|
|
2,756
|
|
25
|
|
Consumer
|
|
|
3,447
|
|
|
3,512
|
|
|
(65)
|
|
(2)
|
|
Total other
loans
|
|
|
17,290
|
|
|
14,599
|
|
|
2,691
|
|
18
|
|
Total loans
|
|
$
|
133,607
|
|
$
|
131,942
|
|
$
|
1,665
|
|
1
|
%
|
Non-performing assets ("NPAs") totaled $2.0 million at December 31, 2022, up
$85,000, or 4%, compared to
September 30, 2022. The ratio of NPAs
to total assets was 0.76% at December 31, 2022, compared
to 0.68% at September 30, 2022.
Non-performing loans ("NPLs") totaled $1.7
million, or 1.26% of total loans, at
December 31, 2022 and $1.6
million, or 1.21% of total loans, at September 30, 2022. At December 31, 2022, approximately 94% of total
NPLs were one- to four-family residential mortgage loans, compared
to 88% at September 30, 2022.
The allowance for loan losses totaled $1.8 million, or 1.35% of total loans, at
December 31, 2022 and $1.8
million, or 1.37% of total loans, at September 30, 2022. The Company did not record a
provision for or a reversal of loan losses during the fourth
quarter of 2022.
Net loan recoveries totaled $3,000
during the fourth quarter of 2022, compared to net loan charge-offs
of $61,000 for the third quarter of
2022. The third quarter charge-offs were primarily related to two
residential mortgage loans.
Investment Securities
Total investment securities were $93.1
million at December 31, 2022,
up $1.0 million, or 1%, from
September 30, 2022. At December 31 and September
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
$11.5 million at December 31, 2022, compared to $12.6 million at September
30, 2022. For the fourth quarter of 2022, the average yield
on the investment securities portfolio was 1.61%, up 13 basis
points from the third quarter of 2022.
Deposits
Total deposits were $165.1 million
at December 31, 2022, down $19.1
million, or 10%, from September 30,
2022. The decrease in deposits was primarily due to net
outflows from NOW accounts and a decrease in certificates of
deposit.
The following table sets forth the composition of the Bank's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
12/31/2022
|
|
9/30/2022
|
|
Increase
(Decrease)
|
Non-interest-bearing
demand deposits
|
|
$
|
33,657
|
|
$
|
31,988
|
|
$
|
1,669
|
|
5
|
%
|
NOW
|
|
|
36,991
|
|
|
50,547
|
|
|
(13,556)
|
|
(27)
|
|
Money market
|
|
|
15,734
|
|
|
17,129
|
|
|
(1,395)
|
|
(8)
|
|
Savings
|
|
|
26,209
|
|
|
26,874
|
|
|
(665)
|
|
(2)
|
|
Certificates of
deposit
|
|
|
52,503
|
|
|
57,689
|
|
|
(5,186)
|
|
(9)
|
|
Total
deposits
|
|
$
|
165,094
|
|
$
|
184,227
|
|
$
|
(19,133)
|
|
(10)
|
%
|
Net Interest Income
Net interest margin for the fourth quarter of 2022 was 2.96%, up
21 basis points compared to the prior quarter. The average yield on
interest-earning assets increased by 29 basis points to 3.28% for
the fourth quarter of 2022, while the average rate on
interest-bearing liabilities increased by 15 basis points to 0.55%,
compared to the third quarter of 2022.
Net interest income for the fourth quarter of 2022 was
$1.9 million, up $30,000, or 2%, from the third quarter of 2022
primarily due to an increase in interest income from loans (up
$77,000, or 5%) and investment
securities (up $37,000, or 10%).
These increases were partially offset by a decline in other
interest income and an increase in interest expense on deposits.
Lower average balances of cash and cash equivalents led to the
decline in other interest income and the increase in interest
expense on deposits was primarily the result of accounts re-pricing
to higher rates during the fourth quarter of 2022.
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
|
|
|
12/31/2022
|
|
9/30/2022
|
(Dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average Yield/
Rate
|
INTEREST-EARNING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable(1)
|
|
$
|
133,102
|
|
$
|
1,543
|
|
4.60
|
%
|
|
$
|
131,827
|
|
$
|
1,466
|
|
4.41
|
%
|
Investment
securities(TE)(2)
|
|
|
105,488
|
|
|
418
|
|
1.61
|
|
|
|
104,403
|
|
|
381
|
|
1.48
|
|
Other interest earning
assets
|
|
|
17,443
|
|
|
145
|
|
3.28
|
|
|
|
34,547
|
|
|
185
|
|
2.12
|
|
Total interest-earning
assets(TE)
|
|
$
|
256,033
|
|
$
|
2,106
|
|
3.28
|
%
|
|
$
|
270,777
|
|
$
|
2,032
|
|
2.99
|
%
|
INTEREST-BEARING
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and
savings accounts
|
|
$
|
84,157
|
|
$
|
37
|
|
0.18
|
%
|
|
$
|
91,738
|
|
$
|
29
|
|
0.13
|
%
|
Certificates of
deposit
|
|
|
54,977
|
|
|
93
|
|
0.67
|
|
|
|
59,833
|
|
|
64
|
|
0.43
|
|
Total interest-bearing
deposits
|
|
|
139,134
|
|
|
130
|
|
0.37
|
|
|
|
151,571
|
|
|
93
|
|
0.24
|
|
FHLB
advances
|
|
|
9,930
|
|
|
76
|
|
3.07
|
|
|
|
9,126
|
|
|
69
|
|
2.99
|
|
Total interest-bearing
liabilities
|
|
$
|
149,064
|
|
$
|
206
|
|
0.55
|
%
|
|
$
|
160,697
|
|
$
|
162
|
|
0.40
|
%
|
Net interest-earning
assets
|
|
$
|
106,969
|
|
|
|
|
|
|
|
$
|
110,080
|
|
|
|
|
|
|
Net interest income;
average interest rate spread(TE)
|
|
|
|
|
$
|
1,900
|
|
2.73
|
%
|
|
|
|
|
$
|
1,870
|
|
2.59
|
%
|
Net interest
margin(TE)(3)
|
|
|
|
|
|
|
|
2.96
|
%
|
|
|
|
|
|
|
|
2.75
|
%
|
|
|
(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 fourth quarter of 2022 was
$301,000, up $5,000, or 2%, from the third quarter of 2022
primarily due to an increase in fee income recorded in other
non-interest income.
Non-interest Expense
Non-interest expense for the fourth quarter of 2022 totaled
$2.0 million, down $131,000, or 6%, compared to the third quarter of
2022.
Data processing and communication expense totaled $175,000 for the fourth quarter of 2022, down
$41,000, or 19%, from the prior
quarter primarily due to a credit received from our core system
provider during the fourth quarter of 2022.
Professional fees totaled $66,000
for the fourth quarter of 2022, down $91,000, or 58%, from the prior quarter mainly
due to continued improvement in the cost of legal and auditing
services during the second half of 2022.
The Company recorded a reversal of franchise and shares tax
expense of $16,000 during the fourth
quarter of 2022, compared to $15,000
in expense for the prior quarter. 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 $263.3 million in assets at
December 31, 2022. 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)
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
12/31/2022
|
|
9/30/2022
|
|
|
12/31/2021
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
cash
|
|
$
|
5,092
|
|
$
|
4,558
|
|
|
$
|
4,933
|
Interest-bearing cash
and due from banks
|
|
|
8,380
|
|
|
31,639
|
|
|
|
35,951
|
Total cash and cash
equivalents
|
|
|
13,472
|
|
|
36,197
|
|
|
|
40,884
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale, at fair value
|
|
|
79,602
|
|
|
78,563
|
|
|
|
88,339
|
Securities
held-to-maturity
|
|
|
13,475
|
|
|
13,480
|
|
|
|
13,498
|
Loans receivable, net
of unearned income
|
|
|
133,607
|
|
|
131,942
|
|
|
|
132,103
|
Allowance for loan
losses
|
|
|
(1,807)
|
|
|
(1,804)
|
|
|
|
(2,276)
|
Loans receivable,
net
|
|
|
131,800
|
|
|
130,138
|
|
|
|
129,827
|
Accrued interest
receivable
|
|
|
673
|
|
|
566
|
|
|
|
579
|
Foreclosed
assets
|
|
|
320
|
|
|
320
|
|
|
|
340
|
Premises and equipment,
net
|
|
|
6,303
|
|
|
6,392
|
|
|
|
6,577
|
Stock in correspondent
banks, at cost
|
|
|
1,808
|
|
|
1,799
|
|
|
|
1,793
|
Bank-owned life
insurance
|
|
|
13,617
|
|
|
13,519
|
|
|
|
3,303
|
Other assets
|
|
|
2,254
|
|
|
2,630
|
|
|
|
470
|
TOTAL
ASSETS
|
|
$
|
263,324
|
|
$
|
283,604
|
|
|
$
|
285,610
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
33,657
|
|
$
|
31,988
|
|
|
$
|
30,299
|
Interest-bearing
|
|
|
131,437
|
|
|
152,239
|
|
|
|
146,496
|
Total deposits
|
|
|
165,094
|
|
|
184,227
|
|
|
|
176,795
|
Federal Home Loan Bank
advances
|
|
|
9,198
|
|
|
9,153
|
|
|
|
9,018
|
Other
liabilities
|
|
|
558
|
|
|
706
|
|
|
|
1,245
|
TOTAL
LIABILITIES
|
|
|
174,850
|
|
|
194,086
|
|
|
|
187,058
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
53
|
|
|
53
|
|
|
|
53
|
Additional paid-in
capital
|
|
|
51,062
|
|
|
50,902
|
|
|
|
50,802
|
Unallocated common
stock held by benefit plans
|
|
|
(6,307)
|
|
|
(4,020)
|
|
|
|
(4,179)
|
Retained
earnings
|
|
|
52,740
|
|
|
52,569
|
|
|
|
52,559
|
Accumulated other
comprehensive income (loss)
|
|
|
(9,074)
|
|
|
(9,986)
|
|
|
|
(683)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
|
88,474
|
|
|
89,518
|
|
|
|
98,552
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
263,324
|
|
$
|
283,604
|
|
|
$
|
285,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
(Dollars in
thousands)
|
|
12/31/2022
|
|
9/30/2022
|
|
12/31/2021
|
|
12/31/2022
|
|
12/31/2021
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
|
1,543
|
|
$
|
1,466
|
|
$
|
1,621
|
|
$
|
6,127
|
|
$
|
6,965
|
Investment
securities
|
|
|
418
|
|
|
381
|
|
|
240
|
|
|
1,480
|
|
|
674
|
Other
|
|
|
145
|
|
|
185
|
|
|
23
|
|
|
407
|
|
|
60
|
Total interest
income
|
|
|
2,106
|
|
|
2,032
|
|
|
1,884
|
|
|
8,014
|
|
|
7,699
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
130
|
|
|
93
|
|
|
109
|
|
|
402
|
|
|
523
|
Advances from Federal
Home Loan Bank
|
|
|
76
|
|
|
69
|
|
|
68
|
|
|
281
|
|
|
272
|
Total interest
expense
|
|
|
206
|
|
|
162
|
|
|
177
|
|
|
683
|
|
|
795
|
Net interest
income
|
|
|
1,900
|
|
|
1,870
|
|
|
1,707
|
|
|
7,331
|
|
|
6,904
|
Provision for (reversal
of) loan losses
|
|
|
-
|
|
|
(115)
|
|
|
(374)
|
|
|
(375)
|
|
|
(660)
|
Net interest income
after provision for (reversal of) loan losses
|
|
|
1,900
|
|
|
1,985
|
|
|
2,081
|
|
|
7,706
|
|
|
7,564
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
189
|
|
|
192
|
|
|
193
|
|
|
731
|
|
|
641
|
Gain (loss) on
disposals and sales of fixed assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(77)
|
|
|
25
|
Bank-owned life
insurance
|
|
|
98
|
|
|
97
|
|
|
23
|
|
|
314
|
|
|
90
|
Federal community
development grant
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
171
|
|
|
1,826
|
Other
|
|
|
14
|
|
|
7
|
|
|
8
|
|
|
34
|
|
|
44
|
Total non-interest
income
|
|
|
301
|
|
|
296
|
|
|
224
|
|
|
1,173
|
|
|
2,626
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,175
|
|
|
1,168
|
|
|
1,300
|
|
|
4,822
|
|
|
4,631
|
Occupancy and
equipment
|
|
|
193
|
|
|
203
|
|
|
220
|
|
|
833
|
|
|
774
|
Data processing and
communication
|
|
|
175
|
|
|
216
|
|
|
221
|
|
|
841
|
|
|
777
|
Professional
fees
|
|
|
66
|
|
|
157
|
|
|
133
|
|
|
538
|
|
|
388
|
Directors'
fees
|
|
|
117
|
|
|
75
|
|
|
68
|
|
|
302
|
|
|
279
|
ATM and debit
card
|
|
|
61
|
|
|
76
|
|
|
64
|
|
|
245
|
|
|
201
|
Foreclosed assets,
net
|
|
|
5
|
|
|
3
|
|
|
8
|
|
|
5
|
|
|
90
|
Advertising and
marketing
|
|
|
53
|
|
|
36
|
|
|
8
|
|
|
240
|
|
|
43
|
Franchise and shares
tax
|
|
|
(16)
|
|
|
15
|
|
|
-
|
|
|
115
|
|
|
-
|
Other
|
|
|
173
|
|
|
184
|
|
|
185
|
|
|
779
|
|
|
608
|
Total non-interest
expense
|
|
|
2,002
|
|
|
2,133
|
|
|
2,207
|
|
|
8,720
|
|
|
7,791
|
Income (loss) before
income tax expense
|
|
|
199
|
|
|
148
|
|
|
98
|
|
|
159
|
|
|
2,399
|
Income tax expense
(benefit)
|
|
|
28
|
|
|
13
|
|
|
20
|
|
|
(21)
|
|
|
484
|
NET
INCOME
|
|
$
|
171
|
|
$
|
135
|
|
$
|
78
|
|
$
|
180
|
|
$
|
1,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
$
|
0.03
|
|
$
|
0.02
|
|
$
|
0.04
|
|
$
|
0.39
|
Diluted
|
|
|
0.04
|
|
|
0.03
|
|
|
N/A
|
|
|
0.04
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATALYST BANCORP,
INC. AND SUBSIDIARY
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
(Dollars in
thousands)
|
|
12/31/2022
|
|
9/30/2022
|
|
12/31/2021
|
|
12/31/2022
|
|
12/31/2021
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
2,106
|
|
|
$
|
2,032
|
|
|
$
|
1,884
|
|
|
$
|
8,014
|
|
|
$
|
7,699
|
|
Total interest
expense
|
|
|
206
|
|
|
|
162
|
|
|
|
177
|
|
|
|
683
|
|
|
|
795
|
|
Net interest
income
|
|
|
1,900
|
|
|
|
1,870
|
|
|
|
1,707
|
|
|
|
7,331
|
|
|
|
6,904
|
|
Provision for (reversal
of) loan losses
|
|
|
-
|
|
|
|
(115)
|
|
|
|
(374)
|
|
|
|
(375)
|
|
|
|
(660)
|
|
Total non-interest
income
|
|
|
301
|
|
|
|
296
|
|
|
|
224
|
|
|
|
1,173
|
|
|
|
2,626
|
|
Total non-interest
expense
|
|
|
2,002
|
|
|
|
2,133
|
|
|
|
2,207
|
|
|
|
8,720
|
|
|
|
7,791
|
|
Income tax expense
(benefit)
|
|
|
28
|
|
|
|
13
|
|
|
|
20
|
|
|
|
(21)
|
|
|
|
484
|
|
Net income
|
|
$
|
171
|
|
|
$
|
135
|
|
|
$
|
78
|
|
|
$
|
180
|
|
|
$
|
1,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
270,121
|
|
|
$
|
288,244
|
|
|
$
|
289,118
|
|
|
$
|
282,931
|
|
|
$
|
252,840
|
|
Total interest-earning
assets
|
|
|
256,033
|
|
|
|
270,777
|
|
|
|
275,117
|
|
|
|
267,300
|
|
|
|
237,739
|
|
Total loans
|
|
|
133,102
|
|
|
|
131,827
|
|
|
|
137,456
|
|
|
|
132,503
|
|
|
|
141,860
|
|
Total interest-bearing
deposits
|
|
|
139,134
|
|
|
|
151,571
|
|
|
|
146,620
|
|
|
|
147,266
|
|
|
|
146,968
|
|
Total interest-bearing
liabilities
|
|
|
149,064
|
|
|
|
160,697
|
|
|
|
155,609
|
|
|
|
156,560
|
|
|
|
155,895
|
|
Total
deposits
|
|
|
170,952
|
|
|
|
185,453
|
|
|
|
185,660
|
|
|
|
179,826
|
|
|
|
181,024
|
|
Total shareholders'
equity
|
|
|
88,558
|
|
|
|
92,956
|
|
|
|
93,151
|
|
|
|
93,074
|
|
|
|
61,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.25
|
%
|
|
|
0.19
|
%
|
|
|
0.11
|
%
|
|
|
0.06
|
%
|
|
|
0.76
|
%
|
Return on average
equity
|
|
|
0.76
|
|
|
|
0.58
|
|
|
|
0.33
|
|
|
|
0.19
|
|
|
|
3.11
|
|
Efficiency
ratio
|
|
|
90.99
|
|
|
|
98.44
|
|
|
|
114.34
|
|
|
|
102.55
|
|
|
|
81.76
|
|
Net interest
margin(TE)
|
|
|
2.96
|
|
|
|
2.75
|
|
|
|
2.47
|
|
|
|
2.75
|
|
|
|
2.91
|
|
Average equity to
average assets
|
|
|
32.78
|
|
|
|
32.25
|
|
|
|
32.22
|
|
|
|
32.90
|
|
|
|
24.34
|
|
Common equity Tier 1
capital ratio(1)
|
|
|
56.25
|
|
|
|
57.84
|
|
|
|
63.51
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
ratio(1)
|
|
|
30.37
|
|
|
|
28.29
|
|
|
|
27.38
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio(1)
|
|
|
57.50
|
|
|
|
59.09
|
|
|
|
64.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOANS
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
|
1,804
|
|
|
$
|
1,980
|
|
|
$
|
2,646
|
|
|
$
|
2,276
|
|
|
$
|
3,022
|
|
Provision for (reversal
of) loan losses
|
|
|
-
|
|
|
|
(115)
|
|
|
|
(374)
|
|
|
|
(375)
|
|
|
|
(660)
|
|
Charge-offs
|
|
|
(19)
|
|
|
|
(90)
|
|
|
|
-
|
|
|
|
(210)
|
|
|
|
(150)
|
|
Recoveries
|
|
|
22
|
|
|
|
29
|
|
|
|
4
|
|
|
|
116
|
|
|
|
64
|
|
Net (charge-offs)
recoveries
|
|
|
3
|
|
|
|
(61)
|
|
|
|
4
|
|
|
|
(94)
|
|
|
|
(86)
|
|
Ending
balance
|
|
$
|
1,807
|
|
|
$
|
1,804
|
|
|
$
|
2,276
|
|
|
$
|
1,807
|
|
|
$
|
2,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing
loans
|
|
$
|
1,494
|
|
|
$
|
1,221
|
|
|
$
|
890
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days
or more past due
|
|
|
191
|
|
|
|
379
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans
|
|
|
1,685
|
|
|
|
1,600
|
|
|
|
891
|
|
|
|
|
|
|
|
|
|
Foreclosed
assets
|
|
|
320
|
|
|
|
320
|
|
|
|
340
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets
|
|
$
|
2,005
|
|
|
$
|
1,920
|
|
|
$
|
1,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans
|
|
|
1.26
|
%
|
|
|
1.21
|
%
|
|
|
0.67
|
%
|
|
|
|
|
|
|
|
|
Total non-performing
assets to total assets
|
|
|
0.76
|
|
|
|
0.68
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
multimedia:https://www.prnewswire.com/news-releases/catalyst-bancorp-inc-announces-2022-fourth-quarter-results-and-approval-of-share-repurchase-plan-301731094.html
SOURCE Catalyst Bancorp, Inc.