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Catalyst Bancorp, Inc. reports developments as the Louisiana bank holding company for Catalyst Bank, a community-oriented savings bank serving the Acadiana region of south-central Louisiana. Company news centers on quarterly operating results, net interest margin, loan and deposit trends, public fund deposits, and the mix of commercial real estate, construction and land, commercial and industrial, multifamily, residential, and other lending categories.
Recurring updates also cover capital actions such as common stock repurchase plans, branch-based commercial and retail banking activity, and changes in loan relationships or credit classifications within industry segments such as health services and oilfield services.
Catalyst Bancorp (Nasdaq: CLST) reported net income of $527,000 for Q2 2024, compared to a net loss of $4.7 million in Q1 2024. The improvement was largely due to the absence of a $5.5 million loss on investment securities sales and $560,000 in data conversion expenses from Q1. Loans increased by 7% to $153.3 million, with strong growth in commercial and industrial loans. The net interest margin improved to 3.72%, up 60 basis points from Q1. Total deposits grew by 6% to $180.1 million. Credit quality remained stable with non-performing assets at 0.58% of total assets. The company continued its share repurchase program, buying back 79,802 shares at an average cost of $11.88 per share during Q2.
Catalyst Bancorp, Inc. (CLST) reported a net loss of $4.7 million for Q1 2024, due to strategic moves like upgrading banking systems and selling lower-yielding securities to enhance growth prospects. The company plans to invest in new loans, higher-yielding securities, share repurchases, and debt repayments with $42.6 million in cash generated from sales.
Despite a slight decrease in loans and non-performing assets, the company's credit quality remains stable. The approval of a new share repurchase plan and increased net interest income are positive indicators for investors.
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Catalyst Bancorp, Inc. (Nasdaq: CLST) reported Q1 2023 net income of $73,000, down from $171,000 in Q4 2022. Despite the decline in net income, the bank maintained a solid capital position with a risk-based capital ratio of 57.69% and total shareholders' equity of $86.1 million, representing 31.2% of total assets. The bank is initiating a share repurchase plan allowing for the purchase of up to 252,000 shares. Total loans decreased slightly to $132.7 million, with a non-performing loan ratio of 1.27%. The bank's net interest income rose 3% to $2 million, aided by higher interest income from loans and investment securities, although non-interest income fell 2% to $294,000.
Catalyst Bancorp, Inc. (Nasdaq: CLST) reported a net income of $171,000 for Q4 2022, marking a 27% increase from Q3 2022. The company announced a new share repurchase plan allowing for the buyback of up to 265,000 shares. Total loans reached $133.6 million, a 1% rise over the previous quarter, driven by growth in commercial and industrial loans. However, total deposits fell by 10%, down to $165.1 million. The net interest margin improved to 2.96%. Non-performing assets increased to $2.0 million, with the allowance for loan losses stable at $1.8 million. Non-interest income and expenses showed slight improvements.
Catalyst Bancorp (Nasdaq: CLST) reported a net income of $139,000 for Q3 2022, an increase of $121,000 from Q2 2022. Loans receivable decreased by 1% to $131.7 million, with non-performing assets rising 19% to $1.9 million. Deposits increased 3% to $184.2 million, driven by higher NOW account balances. Net interest income rose by 3% to $1.9 million, while non-interest income fell 22% to $296,000. The allowance for loan losses decreased to $1.8 million. Total investment securities declined by 4% to $92.0 million, with net unrealized losses increasing due to rising interest rates.
Catalyst Bancorp, Inc. (Nasdaq: CLST) reported net income of $18,000 for Q2 2022, a recovery from a net loss of $131,000 in Q1 2022. The Bank completed its rebranding, incurring $208,000 in related costs but also recognized a $171,000 grant from the CDFI Fund. Total loans rose to $133.6 million, with an increase in residential mortgage and commercial loans. Non-performing assets slightly increased to $1.6 million. Net interest income grew by 3% to $1.8 million, while total deposits decreased by 2% to $178.7 million. Non-interest income surged 92% to $379,000, driven by the BEA grant.
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