PR Newswire
OPELOUSAS, La.
, Jan. 23, 2025 /PRNewswire/ — Catalyst Bancorp, Inc. (Nasdaq: “CLST”) (the “Company”), the parent company for Catalyst Bank (the “Bank”) (www.catalystbank.com), reported net income of $626,000 for the fourth quarter of 2024, up $179,000, or 40%, compared to net income of $447,000 for the third quarter of 2024.
“Our loan growth momentum continued during the fourth quarter,” said Joe Zanco, President and Chief Executive Officer of the Company and Bank. “For the year, the loan portfolio increased a record $22.2 million, or 15%. I’m incredibly proud of how effectively our team worked together to fuel the expansion of local businesses.”
“Given our incredibly strong capital base,” continued Zanco, “we are well positioned to continue our growth as the South Louisiana economy gains momentum.”
Loans
Loans totaled $167.1 million at December 31, 2024, up $1.2 million, or less than 1%, from September 30, 2024. The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated.
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One- to four-family residential |
$ |
81,097 |
$ |
81,433 |
$ |
(336) |
– |
% |
||||
|
Commercial real estate |
22,108 |
22,704 |
(596) |
(3) |
||||||||
|
Construction and land |
32,941 |
30,310 |
2,631 |
9 |
||||||||
|
Multi-family residential |
2,570 |
2,622 |
(52) |
(2) |
||||||||
|
Total real estate loans |
138,716 |
137,069 |
1,647 |
1 |
||||||||
|
|
||||||||||||
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Commercial and industrial |
26,439 |
26,507 |
(68) |
– |
% |
|||||||
|
Consumer |
1,921 |
2,306 |
(385) |
(17) |
||||||||
|
Total other loans |
28,360 |
28,813 |
(453) |
(2) |
||||||||
|
Total loans |
$ |
167,076 |
$ |
165,882 |
$ |
1,194 |
1 |
|||||
The following table presents certain major segments of our commercial real estate, construction and land, and commercial and industrial loan balances as of the dates indicated.
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Retail |
$ |
4,005 |
$ |
4,154 |
$ |
(149) |
(3.6) |
% |
||||
|
Hospitality |
3,460 |
3,594 |
(134) |
(3.7) |
||||||||
|
Restaurants |
1,091 |
1,112 |
(21) |
(1.9) |
||||||||
|
Oilfield services |
402 |
411 |
(9) |
(2.2) |
||||||||
|
Other non-owner occupied |
2,658 |
2,780 |
(122) |
(4.4) |
||||||||
|
Other owner occupied |
10,492 |
10,653 |
(161) |
(1.5) |
||||||||
|
Total commercial real estate |
$ |
22,108 |
$ |
22,704 |
$ |
(596) |
(2.6) |
|||||
|
|
||||||||||||
|
Multi-family residential |
$ |
10,031 |
$ |
8,353 |
$ |
1,678 |
20.1 |
% |
||||
|
Health service facilities |
7,139 |
7,073 |
66 |
0.9 |
||||||||
|
Hospitality |
2,716 |
2,716 |
– |
– |
||||||||
|
Retail |
5,106 |
3,339 |
1,767 |
52.9 |
||||||||
|
Other commercial construction and land |
4,364 |
4,846 |
(482) |
(9.9) |
||||||||
|
Consumer residential construction and land |
3,585 |
3,983 |
(398) |
(10.0) |
||||||||
|
Total construction and land |
$ |
32,941 |
$ |
30,310 |
$ |
2,631 |
8.7 |
|||||
|
|
||||||||||||
|
Oilfield services |
$ |
14,823 |
$ |
14,010 |
$ |
813 |
5.8 |
% |
||||
|
Industrial equipment |
2,831 |
3,882 |
(1,051) |
(27.1) |
||||||||
|
Professional services |
3,127 |
2,910 |
217 |
7.5 |
||||||||
|
Other commercial and industrial |
5,658 |
5,705 |
(47) |
(0.8) |
||||||||
|
Total commercial and industrial loans |
$ |
26,439 |
$ |
26,507 |
$ |
(68) |
(0.3) |
|||||
Credit Quality and Allowance for Credit Losses
At December 31, 2024, non-performing assets (“NPAs”) totaled $1.8 million, up $214,000, or 13%, from $1.6 million at September 30, 2024 primarily due to an increase in non-accruing residential loans. The ratio of NPAs to total assets was 0.66% and 0.57% at December 31 and September 30, 2024, respectively. Non-performing loans (“NPLs”) comprised 0.98% and 0.87% of total loans at December 31 and September 30, 2024, respectively. At December 31 and September 30, 2024, 98% of total NPLs were one- to four-family residential mortgage loans.
At December 31, 2024, the allowance for loan losses totaled $2.5 million, or 1.51% of total loans, compared to $2.4 million, or 1.46% of total loans, at September 30, 2024. A portion of the allowance for credit losses on unfunded lending commitments was transferred to the allowance for loan losses during the fourth quarter of 2024. The allowance for credit losses on unfunded lending commitments totaled $121,000 at December 31, 2024, down $110,000 from September 30, 2024. The provision for credit losses, inclusive of the provision for unfunded commitments, for the fourth quarter of 2024 was zero, compared to $337,000 for the third quarter of 2024. Net loan charge-offs totaled $2,000 during the fourth quarter of 2024, compared to net charge-offs of $131,000 for the third quarter of 2024. Net loan charge-offs during the third quarter of 2024 were primarily related to three commercial lines of credit.
Investment Securities
Total investment securities were $42.2 million, or 15% of total assets, at December 31, 2024, down $3.5 million, or 8%, compared to September 30, 2024, primarily due to pay-downs and maturities. Net unrealized losses on available-for-sale securities totaled $4.5 million at December 31, 2024, compared to net unrealized losses of $3.4 million at September 30, 2024.
At December 31, 2024 the amortized cost and fair value of pledged investment securities totaled $15.2 million and $14.2 million, respectively. These securities are pledged as collateral for public fund deposits. At September 30, 2024, the amortized cost and fair value of pledged investment securities totaled $35.3 million and $31.7 million, respectively. During the fourth quarter of 2024, the Bank’s $20.0 million Bank Term Funding Program (“BTFP”) advance was paid off, which released the pledges on securities with total amortized cost and fair value of $21.0 million and $18.0 million, respectively, at September 30, 2024.
Deposits
Total deposits were $185.7 million at December 31, 2024, up $18.2 million, or 11%, from September 30, 2024, largely due to a seasonal increase in public funds. The following table sets forth the composition of the Company’s deposits as of the dates indicated. The ratio of the Company’s total loans to total deposits was 90% at December 31, 2024, compared to 99% at September 30, 2024.
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Non-interest-bearing demand deposits |
$ |
28,281 |
$ |
27,904 |
$ |
377 |
1 |
% |
||||
|
Interest-bearing demand deposits |
48,334 |
33,751 |
14,583 |
43 |
||||||||
|
Money market |
10,729 |
13,372 |
(2,643) |
(20) |
||||||||
|
Savings |
37,639 |
36,798 |
841 |
2 |
||||||||
|
Certificates of deposit |
60,691 |
55,611 |
5,080 |
9 |
||||||||
|
Total deposits |
$ |
185,674 |
$ |
167,436 |
$ |
18,238 |
11 |
|||||
Total public fund deposits amounted to $35.6 million, or 19% of total deposits, at December 31, 2024, compared to $21.0 million, or 13% of total deposits, at September 30, 2024. At December 31, 2024, approximately 83% of our total public fund deposits consisted of non-interest-bearing and interest-bearing demand deposits from municipalities within our market. The full amount of our public fund deposits in excess of the FDIC’s insurance limit are secured by pledging investment securities and portions of a custodial letter of credit from the Federal Home Loan Bank of Dallas.
Capital and Share Repurchases
At December 31 and September 30, 2024, consolidated shareholders’ equity totaled $80.2 million, or 29.0% of total assets, and $81.7 million, or 29.1% of total assets, respectively.
The Company repurchased 120,977 shares of its common stock at an average cost per share of $11.70 during the fourth quarter of 2024, compared to 79,400 shares at an average cost per share of $11.75 during the third quarter of 2024. Under the Company’s November 2024 Repurchase Plan, 187,150 shares of the Company’s common stock were available for repurchase at December 31, 2024. Since the announcement of our first share repurchase plan on January 26, 2023 and through December 31, 2024, the Company has repurchased a total of 1,011,850 shares of its common stock, or approximately 19% of the common shares originally issued, at an average cost per share of $11.93. At December 31, 2024, the Company had common shares outstanding of 4,278,150.
Net Interest Income
The net interest margin for the fourth quarter of 2024 was 3.92%, up six basis points compared to the prior quarter. For the fourth quarter of 2024, the average yield on interest-earning assets was 5.57%, down three basis points from the prior quarter, while the average rate paid on interest-bearing liabilities was 2.57%, down nine basis points from the third quarter of 2024.
Net interest income for the fourth quarter of 2024 was $2.5 million, down $60,000, or 2%, compared to the third quarter of 2024. Total interest income was down $160,000, or 4%, while total interest expense decreased $100,000, or 9%, in the fourth quarter of 2024 compared to the prior quarter. The changes in interest income and interest expense were largely due to the use of interest-earning cash to pay-off of the Bank’s $20.0 million BTFP advance during the fourth quarter of 2024.
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.
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Loans receivable(1) |
$ |
167,187 |
$ |
2,814 |
6.70 |
% |
$ |
161,410 |
$ |
2,717 |
6.70 |
% |
||||||
|
Investment securities(2) |
47,764 |
273 |
2.30 |
48,517 |
255 |
2.11 |
||||||||||||
|
Other interest earning assets |
36,107 |
424 |
4.66 |
51,142 |
699 |
5.45 |
||||||||||||
|
Total interest-earning assets |
$ |
251,058 |
$ |
3,511 |
5.57 |
$ |
261,069 |
$ |
3,671 |
5.60 |
||||||||
|
|
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Demand deposits, money market, and |
$ |
85,118 |
$ |
394 |
1.84 |
% |
$ |
85,164 |
$ |
382 |
1.78 |
% |
||||||
|
Certificates of deposit |
57,031 |
465 |
3.24 |
55,910 |
448 |
3.19 |
||||||||||||
|
Total interest-bearing deposits |
142,149 |
859 |
2.40 |
141,074 |
830 |
2.34 |
||||||||||||
|
Borrowings |
18,663 |
180 |
3.85 |
29,502 |
309 |
4.17 |
||||||||||||
|
Total interest-bearing liabilities |
$ |
160,812 |
$ |
1,039 |
2.57 |
$ |
170,576 |
$ |
1,139 |
2.66 |
||||||||
|
|
$ |
90,246 |
$ |
90,493 |
||||||||||||||
|
|
$ |
2,472 |
3.00 |
% |
$ |
2,532 |
2.94 |
% |
||||||||||
|
|
3.92 |
3.86 |
||||||||||||||||
|
(1) Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process. |
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(2) Average investment securities does not include unrealized holding gains/losses on available-for-sale securities. |
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(3) Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%. |
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Non-interest Income
For the fourth quarter of 2024, non-interest income totaled $337,000, down $283,000 from $620,000 for the third quarter of 2024. During the third quarter of 2024, the Company recognized as income a $280,000 Bank Enterprise Award (“BEA”) Program grant from the Community Development Financial Institution (“CDFI”) Fund.
Non-interest Expense
Non-interest expense for the fourth quarter of 2024 totaled $2.0 million, down $222,000, or 10%, compared to the third quarter of 2024.
Data processing and communication expense totaled $179,000 for the fourth quarter of 2024, down $59,000, or 25%, compared to the third quarter of 2024. The decline in this expense was primarily driven by our transition to a new internet provider and a new contract for our loan document management solution.
Professional fees totaled $94,000 for the fourth quarter of 2024, down $57,000, or 38%, from the prior quarter. During the third quarter of 2024, professional fees associated with obtaining the BEA Program grant totaled $42,000.
Other noninterest expense totaled $167,000 for the fourth quarter of 2024, down $92,000, or 36%, from the prior quarter primarily due to declines in loan collection related expenses and lower fraud losses.
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 $276.7 million in assets at December 31, 2024. 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 Bancorp and Catalyst Bank, visit www.catalystbank.com, or the website of the Securities and Exchange Commission, www.sec.gov.
Forward-looking Statements
This news release reflects industry conditions, Company performance and financial results and contains “forward-looking statements,’ which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company’s actual results and experience to differ materially from the anticipated results and expectation expressed in such forward-looking statements.
Factors that could cause our actual results to differ materially from our forward-looking statements are described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Supervision and Regulation” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC’s website and the Company’s website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology.
Forward-looking statements represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
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Non-interest-bearing cash |
$ |
4,076 |
$ |
3,625 |
$ |
3,654 |
||||
|
Interest-bearing cash and due from banks |
40,219 |
42,128 |
15,357 |
|||||||
|
Total cash and cash equivalents |
44,295 |
45,753 |
19,011 |
|||||||
|
Investment securities: |
||||||||||
|
Securities available-for-sale, at fair value |
28,712 |
32,196 |
70,540 |
|||||||
|
Securities held-to-maturity |
13,447 |
13,450 |
13,461 |
|||||||
|
Loans receivable, net of unearned income |
167,076 |
165,882 |
144,920 |
|||||||
|
Allowance for loan losses |
(2,522) |
(2,414) |
(2,124) |
|||||||
|
Loans receivable, net |
164,554 |
163,468 |
142,796 |
|||||||
|
Accrued interest receivable |
851 |
815 |
906 |
|||||||
|
Foreclosed assets |
194 |
173 |
60 |
|||||||
|
Premises and equipment, net |
6,085 |
6,135 |
6,072 |
|||||||
|
Stock in correspondent banks, at cost |
1,961 |
1,939 |
1,878 |
|||||||
|
Bank-owned life insurance |
14,489 |
14,370 |
14,026 |
|||||||
|
Other assets |
2,109 |
2,318 |
2,182 |
|||||||
|
|
$ |
276,697 |
$ |
280,617 |
$ |
270,932 |
||||
|
|
||||||||||
|
Deposits: |
||||||||||
|
Non-interest-bearing |
$ |
28,281 |
$ |
27,904 |
$ |
28,183 |
||||
|
Interest-bearing |
157,393 |
139,532 |
137,439 |
|||||||
|
Total deposits |
185,674 |
167,436 |
165,622 |
|||||||
|
Borrowings |
9,558 |
29,513 |
19,378 |
|||||||
|
Other liabilities |
1,261 |
2,001 |
1,373 |
|||||||
|
|
196,493 |
198,950 |
186,373 |
|||||||
|
|
||||||||||
|
Common stock |
43 |
44 |
48 |
|||||||
|
Additional paid-in capital |
39,561 |
40,847 |
45,020 |
|||||||
|
Unallocated common stock held by benefit plans |
(5,702) |
(5,777) |
(6,221) |
|||||||
|
Retained earnings |
49,860 |
49,234 |
52,949 |
|||||||
|
Accumulated other comprehensive income (loss) |
(3,558) |
(2,681) |
(7,237) |
|||||||
|
|
80,204 |
81,667 |
84,559 |
|||||||
|
|
$ |
276,697 |
$ |
280,617 |
$ |
270,932 |
||||
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|
Loans receivable, including fees |
$ |
2,814 |
$ |
2,717 |
$ |
2,066 |
$ |
10,128 |
$ |
7,238 |
|||||
|
Investment securities |
273 |
255 |
400 |
1,063 |
1,643 |
||||||||||
|
Other |
424 |
699 |
137 |
2,671 |
780 |
||||||||||
|
Total interest income |
3,511 |
3,671 |
2,603 |
13,862 |
9,661 |
||||||||||
|
|
|||||||||||||||
|
Deposits |
859 |
830 |
545 |
3,229 |
1,637 |
||||||||||
|
Borrowings |
180 |
309 |
114 |
1,088 |
319 |
||||||||||
|
Total interest expense |
1,039 |
1,139 |
659 |
4,317 |
1,956 |
||||||||||
|
Net interest income |
2,472 |
2,532 |
1,944 |
9,545 |
7,705 |
||||||||||
|
Provision for credit losses |
– |
337 |
128 |
531 |
128 |
||||||||||
|
Net interest income after provision for |
2,472 |
2,195 |
1,816 |
9,014 |
7,577 |
||||||||||
|
|
|||||||||||||||
|
Service charges on deposit accounts |
201 |
200 |
201 |
798 |
774 |
||||||||||
|
Bank-owned life insurance |
119 |
118 |
109 |
463 |
409 |
||||||||||
|
Loss on sales of investment securities |
– |
– |
(92) |
(5,507) |
(92) |
||||||||||
|
Gain (loss) on disposals and sales of |
– |
– |
– |
6 |
– |
||||||||||
|
Federal community development grant |
– |
280 |
437 |
280 |
437 |
||||||||||
|
Other |
17 |
22 |
17 |
120 |
61 |
||||||||||
|
Total non-interest income (loss) |
337 |
620 |
672 |
(3,840) |
1,589 |
||||||||||
|
|
|||||||||||||||
|
Salaries and employee benefits |
1,227 |
1,200 |
1,149 |
4,830 |
4,671 |
||||||||||
|
Occupancy and equipment |
193 |
193 |
193 |
765 |
802 |
||||||||||
|
Data processing and communication |
179 |
238 |
236 |
1,349 |
911 |
||||||||||
|
Professional fees |
94 |
151 |
140 |
469 |
486 |
||||||||||
|
Directors’ fees |
116 |
116 |
118 |
461 |
463 |
||||||||||
|
ATM and debit card |
17 |
24 |
63 |
141 |
250 |
||||||||||
|
Foreclosed assets, net |
7 |
33 |
5 |
74 |
72 |
||||||||||
|
Advertising and marketing |
17 |
31 |
23 |
129 |
100 |
||||||||||
|
Franchise and shares tax |
21 |
15 |
10 |
67 |
81 |
||||||||||
|
Other |
167 |
259 |
185 |
872 |
743 |
||||||||||
|
Total non-interest expense |
2,038 |
2,260 |
2,122 |
9,157 |
8,579 |
||||||||||
|
Income (loss) before income tax |
771 |
555 |
366 |
(3,983) |
587 |
||||||||||
|
Income tax expense (benefit) |
145 |
108 |
59 |
(894) |
61 |
||||||||||
|
|
$ |
626 |
$ |
447 |
$ |
307 |
$ |
(3,089) |
$ |
526 |
|||||
|
Earnings (loss) per share: |
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|
Basic |
$ |
0.16 |
$ |
0.11 |
$ |
0.08 |
$ |
(0.78) |
$ |
0.12 |
|||||
|
Diluted |
0.16 |
0.11 |
0.08 |
(0.78) |
0.12 |
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|
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|
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|
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|
|
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|
Total interest income |
$ |
3,511 |
$ |
3,671 |
$ |
2,603 |
$ |
13,862 |
$ |
9,661 |
||||||||||
|
Total interest expense |
1,039 |
1,139 |
659 |
4,317 |
1,956 |
|||||||||||||||
|
Net interest income |
2,472 |
2,532 |
1,944 |
9,545 |
7,705 |
|||||||||||||||
|
Provision for credit losses |
– |
337 |
128 |
531 |
128 |
|||||||||||||||
|
Total non-interest income (loss) |
337 |
620 |
672 |
(3,840) |
1,589 |
|||||||||||||||
|
Total non-interest expense |
2,038 |
2,260 |
2,122 |
9,157 |
8,579 |
|||||||||||||||
|
Income tax expense (benefit) |
145 |
108 |
59 |
(894) |
61 |
|||||||||||||||
|
Net income (loss) |
$ |
626 |
$ |
447 |
$ |
307 |
$ |
(3,089) |
$ |
526 |
||||||||||
|
|
||||||||||||||||||||
|
Total loans |
$ |
167,187 |
$ |
161,410 |
$ |
140,757 |
$ |
155,867 |
$ |
135,713 |
||||||||||
|
Total interest-earning assets |
251,058 |
261,069 |
248,673 |
261,654 |
252,616 |
|||||||||||||||
|
Total assets |
272,443 |
282,440 |
261,695 |
281,817 |
266,693 |
|||||||||||||||
|
Total interest-bearing deposits |
142,149 |
141,074 |
134,181 |
143,250 |
136,321 |
|||||||||||||||
|
Total interest-bearing liabilities |
160,812 |
170,576 |
147,197 |
169,643 |
146,529 |
|||||||||||||||
|
Total deposits |
170,991 |
169,437 |
165,102 |
172,092 |
170,677 |
|||||||||||||||
|
Total shareholders’ equity |
80,988 |
81,307 |
82,265 |
81,480 |
84,777 |
|||||||||||||||
|
|
||||||||||||||||||||
|
Return on average assets |
0.91 |
% |
0.63 |
% |
0.47 |
% |
(1.10) |
% |
0.20 |
% |
||||||||||
|
Return on average equity |
3.08 |
2.18 |
1.49 |
(3.79) |
0.62 |
|||||||||||||||
|
Efficiency ratio |
72.54 |
71.72 |
81.07 |
160.51 |
92.29 |
|||||||||||||||
|
Net interest margin(TE) |
3.92 |
3.86 |
3.12 |
3.65 |
3.06 |
|||||||||||||||
|
Average equity to average assets |
29.73 |
28.79 |
31.44 |
28.91 |
31.79 |
|||||||||||||||
|
Common equity Tier 1 capital ratio(1) |
45.81 |
45.71 |
52.34 |
|||||||||||||||||
|
Tier 1 leverage capital ratio(1) |
28.73 |
27.43 |
31.67 |
|||||||||||||||||
|
Total risk-based capital ratio(1) |
47.07 |
46.97 |
53.59 |
|||||||||||||||||
|
|
||||||||||||||||||||
|
Total employees (full-time equivalent) |
49 |
48 |
48 |
|||||||||||||||||
|
Common shares issued and outstanding, |
4,278,150 |
4,399,127 |
4,761,326 |
|||||||||||||||||
|
(1) Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change. |
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Beginning balance |
$ |
2,414 |
$ |
2,215 |
$ |
2,036 |
$ |
2,124 |
$ |
1,807 |
||||||||||
|
CECL adoption impact |
– |
– |
– |
– |
209 |
|||||||||||||||
|
Provision for (reversal of) loan losses |
110 |
330 |
151 |
667 |
87 |
|||||||||||||||
|
Charge-offs |
(28) |
(184) |
(76) |
(392) |
(102) |
|||||||||||||||
|
Recoveries |
26 |
53 |
13 |
123 |
123 |
|||||||||||||||
|
Net (charge-offs) recoveries |
(2) |
(131) |
(63) |
(269) |
21 |
|||||||||||||||
|
Ending balance |
$ |
2,522 |
$ |
2,414 |
$ |
2,124 |
$ |
2,522 |
$ |
2,124 |
||||||||||
|
|
||||||||||||||||||||
|
Beginning balance |
231 |
224 |
280 |
257 |
– |
|||||||||||||||
|
CECL adoption impact |
– |
– |
– |
– |
216 |
|||||||||||||||
|
Provision for (reversal of) losses on |
(110) |
7 |
(23) |
(136) |
41 |
|||||||||||||||
|
Ending balance |
$ |
121 |
$ |
231 |
$ |
257 |
$ |
121 |
$ |
257 |
||||||||||
|
Total allowance for credit losses, end of |
$ |
2,643 |
$ |
2,645 |
$ |
2,381 |
$ |
2,643 |
$ |
2,381 |
||||||||||
|
Total provision for credit losses |
– |
337 |
128 |
531 |
128 |
|||||||||||||||
|
|
||||||||||||||||||||
|
Non-accruing loans |
$ |
1,567 |
$ |
1,423 |
$ |
1,967 |
||||||||||||||
|
Accruing loans 90 days or more past due |
64 |
15 |
24 |
|||||||||||||||||
|
Total non-performing loans |
1,631 |
1,438 |
1,991 |
|||||||||||||||||
|
Foreclosed assets |
194 |
173 |
60 |
|||||||||||||||||
|
Total non-performing assets |
$ |
1,825 |
$ |
1,611 |
$ |
2,051 |
||||||||||||||
|
Total non-performing loans to total loans |
0.98 |
% |
0.87 |
% |
1.37 |
% |
||||||||||||||
|
Total non-performing assets to total assets |
0.66 |
0.57 |
0.76 |
|||||||||||||||||
|
(1) Credit quality data and ratios are as of the end of each period presented. |
||||||||||||||||||||
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-2024-fourth-quarter-results-302357938.html
SOURCE Catalyst Bancorp, Inc.
