Business
Catalyst Bancorp, Inc. Announces 2021 Third Quarter Results
OPELOUSAS, La., Oct. 28, 2021 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: "CLST") (the "Company"), the parent company for St Landry Homestead Federal
About this update from Catalyst Bancorp, Inc.
[{"type":"text","content":"OPELOUSAS, La., Oct. 28, 2021 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: \"CLST\") (the \"Company\"), the parent company for St Landry Homestead Federal Savings Bank, N.A. (the \"Bank\") (www.stlandryhomestead.com), reported financial results for the Bank for the third quarter of 2021. For the quarter, the Bank reported net income of $1.4 million, compared to $260,000 for the second quarter of 2021. The increase during the third quarter was primarily due to a Community Development Financial Institution (\"CDFI\") Rapid Response Program grant recognized in non-interest income.\n\n \n \n \n \n \n \n\n \n\"Upon the successful completion of our IPO, we are now at the starting line for what we expect to be a demanding and highly productive season in our 98+ year history,\" said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. \"We're focusing our investments on people and technology to build a bank known for fueling business and improving lives.\"\nCompletion of Stock Offering\nThe Company completed its initial public offering of stock in connection with the Bank's conversion from the mutual to the stock form of organization on October 12, 2021. The Company issued a total of 5,290,000 shares of its common stock (the \"Common Stock\") for an aggregate of $52,900,000 in total offering proceeds, including shares sold to the Company's employee stock ownership plan. Trading in the Common Stock commenced on the Nasdaq Capital Market on October 13, 2021 under the symbol \"CLST\".\nLoans and Credit Quality\nLoans receivable totaled $136.7 million at September 30, 2021, down $3.6 million, or 2.5%, from June 30, 2021. The reduction was primarily due to principal repayments and payoffs on one- to four-family residential mortgage loans. Small Business Administration Paycheck Protection Program (\"PPP\") loans, which are included in commercial and industrial loans, decreased $490,000 during the third quarter. The remaining balance of PPP loans was $3.4 million at September 30, 2021. \nThe following table sets forth the composition of the Bank's loan portfolio as of the dates indicated.\nSeptember 30,\nJune 30,\nIncrease/Decrease\n(Dollars in thousands)\n2021\n2021\nAmount\nPercentage\nReal estate loans\nOne- to four-family residential\n$ 88,595\n$ 91,778\n$ (3,183)\n(3)\n%\nCommercial real estate\n28,135\n28,217\...