Catalyst Bancorp, Inc., a Louisiana-based banking company, announced its financial results for the fourth quarter ended December 31, 2024. The company reported net income of $626,000 for the quarter, reflecting a 40% increase compared to the third quarter of 2024 when net income stood at $447,000.
Loan Growth and Financial Position
During the fourth quarter, Catalyst Bancorp continued its loan growth momentum. The loan portfolio increased by a robust $22.2 million, marking a 15% growth for the year. Total loans reached $167.1 million at the end of December 2024, showing a slight increase from the previous quarter.
Consolidated shareholders’ equity for Catalyst Bancorp stood at $80.2 million, accounting for 29.0% of total assets. The company repurchased 120,977 shares of its common stock during the fourth quarter, with 187,150 shares remaining available for repurchase under the November 2024 Repurchase Plan.
Credit Quality and Allowance for Credit Losses
Non-performing assets totaled $1.8 million at the end of December 2024, up by 13% from the previous quarter. The ratio of NPAs to total assets was 0.66% at the end of the fourth quarter. The allowance for loan losses was $2.5 million, representing 1.51% of total loans.
Investment Securities and Deposits
Total investment securities amounted to $42.2 million, equivalent to 15% of total assets at the close of December 2024. Deposits grew to $185.7 million, marking an 11% increase from the previous quarter, largely driven by a seasonal rise in public funds.
Net Interest Income and Non-Interest Income
The net interest margin for the fourth quarter of 2024 was 3.92%. Net interest income for the period was $2.5 million, with total interest income at $3.5 million. Non-interest income for the quarter was $337,000, reflecting a decrease from the previous quarter.
Non-Interest Expense
Non-interest expense for the fourth quarter totaled $2.0 million, down by 10% from the third quarter of 2024. The decline was attributed to lower expenses in data processing and communication, professional fees, and other non-interest expenses.
About Catalyst Bancorp, Inc.
Catalyst Bancorp, Inc., the parent company of Catalyst Bank, reported a solid performance for the fourth quarter of 2024. Catalyst Bank operates six full-service branches in the Acadiana region of south-central Louisiana, focusing on commercial and retail banking products.
Forward-looking Statements
The company emphasized that forward-looking statements included in the report are subject to risks and uncertainties that may cause actual results to differ from anticipated expectations. Catalyst Bancorp stressed the importance of not solely relying on forward-looking statements due to changing industry conditions and financial risks.
Disclaimer: The numbers and data presented are based on the Announced 8-K filing by Catalyst Bancorp, Inc. Investors and analysts are encouraged to refer to the original documents for accurate and complete information.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Catalyst Bancorp’s 8K filing here.
Catalyst Bancorp Company Profile
Catalyst Bancorp, Inc operates as a holding company for Catalyst Bank that provides various banking services to individuals and businesses in Louisiana. The company accepts various deposit products, including savings accounts, demand and NOW accounts, money market accounts, and certificates of deposit.
Further Reading
- Five stocks we like better than Catalyst Bancorp
- Stock Market Sectors: What Are They and How Many Are There?
- Market Momentum: 3 Stocks Poised for Significant Breakouts
- How is Compound Interest Calculated?
- Kinder Morgan’s Uptrend is Only Half Over: New Highs Are Coming
- ETF Screener: Uses and Step-by-Step Guide
- Momentum Builders: 3 Stocks Positioned to Shine This Quarter
