10-Q - Catalyst Bancorp, Inc. (0001849867) (Filer)

Wed, Nov 13, 8:02 PM (65 days ago)

Catalyst Bancorp, Inc. (CLST) reported its financial results for the quarter ending September 30, 2024. Total assets rose to $280.6 million, a 3.6% increase from the previous year, driven by a $21 million increase in loans to $165.9 million. However, total investment securities dropped 45.7% to $45.6 million, primarily due to significant sales resulting in a $5.5 million loss. Net interest income surged 30% to $2.5 million, with a margin of 3.86%, reflecting improved loan yields. Non-interest income doubled to $620,000, aided by a $280,000 grant. Conversely, total non-interest expenses increased by 8.6% to $2.3 million, largely due to system upgrades. The company recorded a net income of $447,000 for the quarter, contrasting with a net loss of $3.7 million for the nine months ending September 30, 2024, largely due to prior investment losses. The allowance for loan losses was $2.4 million, equating to 1.46% of total loans. The bank remains well-capitalized with a total equity of $81.7 million, though it decreased by 3.4% since year-end. Future operations may be influenced by economic conditions and interest rate fluctuations.