Wed, May 15, 5:04 PM (72 days ago)
Catalyst Bancorp, Inc. reported a net loss of $4.7 million for Q1 2024, significantly impacted by a $5.5 million loss on the sale of investment securities. Net interest income increased by $142,000 (7.2%) year-over-year, driven by higher yields on loans and other interest-earning assets. The net interest margin rose to 3.15% from 3.10%. Total assets grew by $11.1 million (4.1%) to $282.0 million, primarily due to increased borrowings. Loans slightly decreased by $1.4 million (1.0%), while deposits rose by $4.0 million (2.4%). Non-interest expense surged by $606,000 (27.7%), mainly due to costs associated with upgrading the core processing system. Shareholders' equity declined by $3.3 million (3.9%) due to stock repurchases. The allowance for loan losses stood at 1.44% of total loans. The company maintains strong liquidity with available sources amounting to $61.2 million.